Robinhood founder Vlad Tenev recently sparked controversy when he told the New York Times that lower participation in equity markets by younger Americans “ultimately contributed to the sort of the massive inequalities that we’re seeing in society.” In his 2015 book "The Economics of Inequality," Thomas Piketty argues that when the growth rate of invested capital outpaces the growth of GDP (and the average per-capita earnings), income inequality will increase. Where Vlad Tenev missed the mark is neglecting to note that while participation in equity markets is key to building wealth, a prerequisite to investment is having capital to invest in the first place.
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