May 8, 2024 - Economy

Rich people are getting happy

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Illustration: Natalie Peeples/Axios

Axios editor Dan Primack spent a day this week among the masters of the universe at the annual Milken Global Conference in Los Angeles and walked away with one overriding thought: Most everyone was quite satisfied with the current state of affairs.

The big picture: Yes, there were mentions of Israel/Gaza, Ukraine/Russia, climate change, national debt, and the growing toxicity of domestic politics.

  • But most of it was said as a perfunctory aside — almost as if it was done more for the sake of being polite than of being real.

State of play: These are the people who have internalized the economic data that the Biden administration keeps trying to highlight, without being stung much by inflation.

Behind the scenes: Sure, some of this was people talking their book to a reporter.

The bottom line: Positivity was palpable. Not just because almost everyone there is fabulously wealthy, but because they sincerely expect to get even richer in the year ahead.

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