[torginus]

I wonder what percentage of that wealth is tied up in speculative assets, such as stocks whose value is predicated on the company being worth that much at some point in the future, or 'land', as in things like real estate that used to cost a whole lot less, but now that speculative wealth created a lot of spending power for a scare resource, it now costs a whole lot more.

I would say an absolutely non-trivial amount, especially in the developed world.