Land is 35% of global real wealth, 2x the value of all listed companies

Joseph Stiglitz has written on how the economy is shifting from tangible to intangible capital. He has also written on how inequality is being driven by increasing rents, particularly what he calls "exploitation rents" and land rents.

(https://academiccommons.columbia.edu/doi/10.7916/d8-rhav-9g40/download)

A report from McKinsey makes a direct link between the two, saying:

"the historic link between the growth of net worth and the growth of GDP no longer holds. While economic growth has been tepid over the past two decades in advanced economies, balance sheets and net worth that have long tracked it have tripled in size. This divergence emerged as asset prices rose—but not as a result of 21st-century trends like the growing digitization of the economy.

Rather, in an economy increasingly propelled by intangible assets like software and other intellectual property, a glut of savings has struggled to find investments offering sufficient economic returns and lasting value to investors. These savings have found their way instead into real estate, which in 2020 accounted for two-thirds of net worth"

And

"Of the net worth gains tied to real estate at the global level, some 55 percent derived from higher land prices"

https://www.mckinsey.com/industries/financial-services/our-insights/the-rise-and-rise-of-the-global-balance-sheet-how-productively-are-we-using-our-wealth

This means, contrary to popular belief, the role of land monopoly in wealth inequality is becoming more important, not less, as companies are digitising and investing more in intangible capital.