Here is something I haven't come across in the literature I've read. The question is, how to define global wealth, what determines global wealth, and what is the nature of its volatility? First some explanation. Wealth consists of money plus the value of assets, calculated so as to avoid double-counting. Assets are worth money, but their value is not itself money. We all know what M2 is, what determines it (credit-created money pyramiding on central bank "base" or "high-powered" money), and how it fluctuates (a lot, but slowly). But what are the determinants and volatility of non-money asset wealth? Note that 1) the various asset markets are much more volatile than the money supply, and 2) at any given moment the ups don't necessarily balance the declines. On the contrary, the world's many and varied markets often rise and fall with a high degree of correlation. And correlation keeps rising due to global connectedness. That is, total asset wealth balloons and deflates a lot, and quickly. I think said volatility is increasing. This may affect us investors as much as the volatility in the individual assets we happen to own or short. Why? Does anyone measure it? What are the limits to this aspect of volatility, black swan-wise? What is the take-away, if any, in how investors should invest?