In the context of my comments on wealth taxation the following, which comes from an FT email this morning, seems pertinent:

A trifecta of benchmark US equity indices hit record highs on the same day for the first time since 1999, as investors – hampered by a growing world of negative yielding debt – turn to US stocks in a hunt for yield.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all closed at record levels on Thursday, buoyed by a surge in oil prices and a string of better than expected results from several of the country’s department stores.

And remember, most of this is due to QE around the world - a direct boost to private wealth from governments.