The reveal
Who really controls the money?
Most people picture billionaires. The truth is stranger — most of the world's biggest money is ordinary savings, pooled and passed up a chain few ever see. Follow that chain, and you find who really steers it.
Reveal the answer →It is institutions, not individuals. A handful of giant asset managers — led by BlackRock and Vanguard — invest the world's pooled savings and pensions. BlackRock alone steers about US$14 trillion, most of it ordinary people's retirement money.
See exactly how the money flows up the chain →The guide
Six parts, one machine
Six self-contained parts, one idea per page. Begin at the beginning with Start reading above, or jump straight to whatever you are most curious about.
The chapters
Part 1 · spreads 1–5
The Story of Money
Barter, the first money, trust, old Singapore, and the cashless world.
Read →Part 2 · spreads 6–11
How Money Really Works
How banks work, the trick that creates money, central banks, inflation, crypto, bubbles.
Read →Part 3 · spreads 12–23
Companies & Markets
Companies, shares, IPOs, the exchange backend, brokers, indexes, ETFs.
Read →Part 4 · spreads 24–31
The Big Players
Who controls the money, investment banks, hedge funds, private equity, sovereign wealth.
Read →Part 5 · spreads 32–39
How Wealth Really Works
How fortunes are made, owners vs earners, family offices, trusts, succession.
Read →Part 6 · spreads 40–45
The Big Picture & Mindset
Incentives, booms and busts, debt, risk, money myths, and the last word.
Read →