On a headline basis EM financial wealth has continued to rocket upwards over the past decade, reaching US$180 trillion or nearly 40% of the global total as of end-2025.

Much of that is "fiction", however. As before the overwhelming bulk of share gains since 2010 have come from China, in the form of an ongoing money and debt bubble that is artificially locked behind tight capital walls ... and whose notional dollar value would collapse if those walls were removed.