Bifurcation of society with fewer and fewer people moving upward in social status. The poor have nothing. The bar of assets required to not become poor continues to raise.
For example, let’s say you have 5M NW, and 75% of it is in an uninsurable residential real estate. Your house is at high risk of being destroyed, and if it does you barely have the assets required to rebuild. If this happens twice you are have nothing poor.
That seems unrealistic. Can you give us an example of a specific residential property that is both uninsurable, and recently sold for ~$4M? Being uninsurable tends to crush value.
For example, let’s say you have 5M NW, and 75% of it is in an uninsurable residential real estate. Your house is at high risk of being destroyed, and if it does you barely have the assets required to rebuild. If this happens twice you are have nothing poor.