Low interest rates decade made this pattern seemingly no longer hold, but I think we are getting right back to the old pattern for sure.

The next question is what to do about it. Wealth tax is controversial and hard to implement. It seems to me that simplifying the tax code such that capital gains and various forms of non-salary income didn't have preferential treatment would be an important first step. Further, an actual meaningful inheritance tax that isn't easily avoided by various trust schemes.