Hello, welcome to The Investor’s Bookshelf. Today, the book we are going to explore is The Future of Wealth. This book mainly answers one fundamental question: In the future economic society, what will truly count as wealth?
At this point in time, you may often feel that it’s getting harder and harder to understand the economic environment we live in.
For example, in the field of technology, developments like big data, cloud computing, blockchain, the Internet of Things, and 5G are advancing at a breathtaking pace. In the field of economics, new phenomena such as influencer-driven economies, platform economies, sharing economies, and rating economies keep emerging. Sometimes, before we even figure out what the last new buzzword means or how it works, the next one is already upon us.
We can clearly feel that we are living in an era of profound transformation. Whether for society or for individuals, the path of wealth accumulation is filled with more and more choices, and the changes are happening faster and faster. So, in such an uncertain era, is it possible for us to find patterns amid the changes, and thereby discover the secret to wealth growth in the future? This book offers us an inspiring perspective on that question.
The author of this book is Japanese entrepreneur Kōyō Satō. He founded the internationally influential listed company Metaps, as well as the SPIKE online payment service, and was named by Forbes as one of “10 Entrepreneurs Who Will Save Japan.” What is most astonishing is that he was born in 1986, and had not even turned thirty when he achieved these accomplishments.
As a child, Kōyō Satō grew up in very difficult circumstances, raised by a single mother who had to support three children on her own. As a result, from a very young age, Satō began to ponder the mechanisms behind money and wealth, and how one could accumulate wealth and change one’s destiny through individual effort. During his university years, he started his entrepreneurial journey, continuously drawing insights from business operations, the capital markets, and economic trends both at home and abroad. At the same time, his reflections on “wealth” deepened. The book we are discussing today, The Future of Wealth, brings together the results of his thinking over the past fifteen years about three key variables: money, value, and wealth.
In the book, he argues that the numerous emerging economic phenomena of recent years, which appear to be different, are in fact often part of the same trend—just expressed at different levels. Starting from this observation, he identifies two major transformations now underway in economic society: first, the shift from centralization to decentralization; and second, the gradual divergence between money and value. On this foundation, he paints a picture of what the future of wealth looks like in his eyes.
As I was reading this book, I noticed that although most of the author’s examples come from Japan or other countries, it’s quite easy to find similar patterns in the economic and social context of the United States. Therefore, in the next twenty minutes or so, I will connect the book’s ideas to the economic environment we are currently in, and discuss the two major trends of economic change it highlights, as well as what the key will be for individuals to grasp wealth in the future.
Part One
First, let’s talk about the first major change in today’s economic society highlighted in the book: the shift from centralization to decentralization. As we just mentioned, in recent years, technologies such as big data, cloud computing, blockchain, and the Internet of Things have advanced at an astonishing pace, with new terms emerging every year.
The author argues that if we track these technological hot spots one by one, we may end up seeing nothing clearly. But if we change our perspective—rather than focusing on the technologies themselves, instead paying attention to the changes they bring to the economic and social landscape—we will discover that all of these technologies are collectively driving a disruptive transformation. That is, a shift from centralization to decentralization.
So, what exactly does this mean? Let’s start with “centralization.”
The key feature of a centralized system is the presence of a central node, to which all information within the system converges. For example, some global supermarket chains, such as Walmart and Carrefour, purchase goods worldwide, transport them to retail outlets around the globe, and then sell them to consumers.
Or consider certain food processing brands: they establish central factories in different cities, and each factory distributes products wholesale to supermarkets, convenience stores, and other retail terminals within its maximum market radius.
Likewise, in traditional industries like oil, steel, and automobiles, we find extensive supply chain systems. In each system, there is typically a large central enterprise that grips upstream suppliers with one hand and downstream distributors with the other, holding the most comprehensive information within the system.
In modern society, whether in international trade, retail chains, supply chains, or corporate management, we can see the vital role that “centralization” has played in countless economic systems. The author believes that the reason we need such centralized systems is that the central node, by holding the most complete information, can manage and control the whole system. Once a problem arises anywhere, it can respond quickly. In an environment where information does not flow smoothly, allowing a central node to concentrate information becomes the most efficient way to allocate resources.
However, after entering the 21st century, this omnipresent state of “centralization” began to change.
First, the widespread adoption of the Internet accelerated the flow of information, increased transparency across society, and enabled individuals to access more information than ever before. This meant that in many cases, individuals no longer needed the help of a central node; they could spontaneously exchange and allocate resources among themselves—sometimes even more efficiently than when a central node was in place.
For instance, a term that was extremely popular some years ago: P2P networking, short for “peer-to-peer networking.” In simple terms, P2P allows data to be transmitted directly between network users, without passing through a central server. In such networks, every participant is both a provider and a receiver of resources, services, and content.
BitTorrent is a classic example of this. If you download a movie on BitTorrent, the movie is not stored on the company’s central servers. Instead, the file is divided into many small fragments scattered across the computers of hundreds or thousands of users. When you click “download,” the BitTorrent client looks for who has those fragments and pulls them simultaneously from multiple users. Once all the pieces are gathered, your computer reassembles them into a complete movie. What’s the result? —The more people involved, the faster it gets. This is the magic of “decentralization”: rather than relying on the company’s servers to bear all the traffic, users contribute bandwidth and storage to one another.
This is very different from the traditional economic model. In traditional business, you almost always rely on a central hub—whether it’s a store, a warehouse, or a bank. Everyone must go through that hub to buy, sell, or deposit.
As a transactional structure that allows users to serve themselves, P2P powerfully illustrates the Internet’s disruptive impact on the real world: it set our economic society on the path from centralization toward decentralization.
Later, the arrival of smartphones accelerated this trend even further. By putting the Internet into everyone’s pocket, smartphones eliminated more barriers to information, giving each individual the ability to mobilize broader social resources online.
Gradually, people were no longer satisfied with only exchanging information or money online; they wanted the convenience of direct resource allocation across all areas of life. To meet this demand, new business models emerged. The author highlights three typical examples: the platform economy, the sharing economy, and the influencer economy. If you look at them together, you’ll notice that they don’t primarily provide tangible goods, but rather connections between people.
For example, unlike traditional supermarkets that stock up from suppliers and then resell to customers, platforms like Taobao and Amazon hold no inventory. Instead, they list countless supplier shops on their platforms for users to browse and order from—directly connecting sellers and buyers. Similarly, pioneers of the sharing economy, such as Uber and Airbnb, connect unused seats in people’s cars or spare rooms in their homes with those who need them. TikTok and YouTube, the architects of the influencer economy, connect content creators with audiences, giving every participant the opportunity to “be seen by the world” and potentially become an influencer.
All of these economic activities rely not on centralized systems of allocation but on connections among countless individuals. They illustrate the trend in today’s economy from centralization to decentralization. As we discussed, the Internet first sparked this trend, and smartphones intensified it further. The underlying logic is that as barriers to information between individuals gradually crumble, connections become more direct, closer, and more efficient—giving each individual the power to exchange and allocate resources directly. In this situation, the power once held by the central node disperses into the hands of individuals within the network. This is the essence of “decentralization.”
The book emphasizes that in the future economy, this logic will only grow stronger and evolve further. And what supports it are the very technologies we mentioned at the start. For instance, with cloud servers, we can upload and manage massive amounts of data online. With blockchain, every node in the network can maintain a complete record. With sensors and the Internet of Things, all devices can communicate with one another. These technologies, developing individually yet triggering chain reactions with one another, enable constant, direct connections between people, information, and objects—leading us toward a more thoroughly decentralized networked society.
Part Two
Just now we talked about the first major change in today’s economy—shifting from centralization to decentralization. The effect of that change is that the power of resource allocation in some systems has gradually begun to disperse from central nodes into the hands of individuals across the network. Next, let’s move on to the second change described in the book: the gradual divergence of money and value. Put more simply, money is becoming less and less capable of accurately reflecting the true value of things in the real world.
We know that from the moment money was invented, it carried an inherent function—serving as a measuring scale for the value of all things. So why does the book argue that in recent years, money and value have started drifting apart?
The author gives two main reasons:
First reason: in recent years, there has been more and more money in the market, but fewer and fewer things of genuine value. This logic is even more apparent now than when the book was written. Let’s look at it in detail.
To boost demand in society, the middle class is the main force. But we all observed that around 2020–2021, due to the pandemic, middle-class wealth shrank globally. As a result came “insufficient effective demand” worldwide, along with sluggish economic growth. So, after 2020, central banks across multiple countries launched “unprecedented” monetary easing to stimulate demand and boost the economy.
The consequence was that the amount of money in circulation skyrocketed, while good investment opportunities became increasingly scarce. Capital began to scour the world for valuable investment targets, chasing frantically after assets perceived as high-quality. Put bluntly: more and more money, fewer and fewer things of real value. This is the first reason behind the divergence between money and value.
Second reason: more and more types of value can no longer be measured by money.
The author argues that in the past, people primarily cared about utility value. For goods, that meant practical functionality; for people, it meant the material output they could produce. This kind of value was relatively easy to measure in monetary terms. But in recent years, as societies have grown wealthier and material needs near saturation, the importance of utility value has gradually diminished. Meanwhile, two kinds of value that used to be overlooked have gained importance.
One is social value. For organizations, this refers to contributions made to social progress. For instance, activities carried out by nonprofits like the China Charity Federation or the China Foundation for Poverty Alleviation, or corporate donations to disaster relief, targeted poverty alleviation, and tree-planting efforts—all of these embody social value. Many companies now also define missions and visions for themselves. Apple’s mission to “change the world,” Disney’s to “create happiness,” or China Mobile’s mission to “create an infinite communications world and be the backbone of the information society”—these are all efforts to enhance their social value. For individuals, social value refers to the value they contribute within their social networks: connections, reputational credit, contributions to others and society, and so on.
Another is intrinsic value, which relates to people’s mental and emotional well-being. Feelings like excitement, joy, affection, or delight have no direct utility, but they matter deeply to our inner lives. For example, when people talk about the service at Haidilao hot pot restaurants, the blind-box toys from Pop Mart, or the witty advertising slogans of Jiangxiaobai liquor, they often mention the “emotional value” provided. That is a form of intrinsic value. Compared with utility value, both social and intrinsic value are non-material, which used to make them seem abstract and intangible. But now, with smartphones and digital technologies, these values can also be visualized and managed. The so-called “rating economy” reflects this phenomenon.
On platforms like Douban, Taobao, Meituan, or Dianping, you’ll see products and merchants accompanied by scores that represent public trust and appreciation. Open a store’s page on Taobao, and you’ll even find detailed breakdowns of good and bad reviews, categorized by keywords—for instance, “38 reviews say size is accurate,” “22 say fabric is good,” “8 say customer service was poor.”
On social media platforms like Weibo or TikTok (Douyin), the attention, interest, and affection one receives from others can be tracked in real time through metrics like follower counts, likes, views, and comments. Weibo even added an emotional reaction feature: long-press the like button and you can choose from five expressive emojis. For example, when the Chinese sportswear company Erke donated 50 million yuan to flood relief in Henan, nearly ten thousand users clicked the “tearfully moved” emoji. When diver Quan Hongchan won gold at the Tokyo Olympics, the reactions were mostly smiley faces and heart icons.
So, to sum up: since the beginning of the 21st century, on one hand, there’s been more money chasing fewer valuable assets; on the other hand, more and more types of value cannot be captured in monetary terms. Together, these trends explain the second transformation of today’s economic society: the divergence of money and value.
Going further, the author points out that under this trend, people are gradually moving from “money-ism” toward “value-ism.” In other words, from focusing on money itself to focusing on the underlying sources of value behind money. And value here includes not only utility value, but also social and intrinsic value.
For example, young people today spend heavily on video game add-ons, live-streaming tips, or supporting idols—purchases with little utility but plenty of emotional reward. The reason is that for many young people, utility value is everywhere, but what truly matters are the intrinsic values that touch their hearts.
In career choices, the United States shows similar generational differences. I came across 2019 survey data from the Pew Research Center and the National Center for Education Statistics (NCES), covering thousands of members of Generation Z (born roughly after 2000) and their university major preferences.
When I went to college in 2014, the most popular majors were business, finance, and accounting—anything linked to “money.” But for Gen Z, the picture is completely different. According to the survey, business, marketing, and even traditional finance are now among the least popular fields.
So what are their favorites? Among humanities, the top choices are surprisingly history, museum studies, and archaeology—fields that used to be considered obscure. Among STEM subjects, the top three are psychology, forensic science, and mathematics. Education researchers offered an interesting interpretation: the trend is strongly influenced by popular culture. TV shows like American Crime Story and Mindhunter have fueled interest in psychology and forensic science. The Indiana Jones movies, Smithsonian documentaries, and films like National Treasure boosted the appeal of history and archaeology.
From a value perspective, these pop culture works have been quietly raising the intrinsic value of these fields. Students now see them as cool, meaningful, and valuable—making them more willing to choose them as careers. In other words, in Gen Z’s worldview, we can already see the shift from money-ism to value-ism.
And it’s not just Gen Z. We can also observe this shift in Millennials (those born in the ’80s and ’90s).
For instance, from the lens of money-ism, a top university graduate who gets an offer from an elite company but turns it down to pursue a dream in literature, music, or nonprofit work seems irrational. But from the lens of value-ism, that decision can make perfect sense, because the added intrinsic and social value may far outweigh the loss of utility value.
Another example: today, if you ask a young person whether they’d prefer one million dollars in cash or one million active YouTube subscribers, many would choose the latter. That’s because a YouTuber with one million engaged fans can easily earn far more than a million dollars through sponsorships and appearances over the following year. And as we often see, the more popular influencers become, the more afraid they are of losing fans—not of running out of money. They know full well that their value lies in audience attention, and that money is merely a convertible form of that value.
From cases like these, we can see that today’s environment for transforming personal value into income is becoming increasingly robust. It’s now easier for personal value to be monetized. That’s why the author reminds us: in the future, individual income need not depend on a single employer. For people who truly hold value, companies will be just one of many channels through which they can express and realize their worth.
Part Three
So far, we’ve talked about the two major changes unfolding in today’s economic society. Now comes the most crucial question: in the future, how should ordinary people like us grasp wealth? In fact, after everything we’ve discussed, the answer is already taking shape. Look: the trend from centralization to decentralization transfers information and power from central nodes into the hands of individuals; the trend of money and value diverging shifts people from money-ism toward value-ism.
If we extract the key terms from those two sentences, we arrive at one of the book’s core ideas: in the future, the key to mastering wealth lies in personal value. This includes not only utility value such as skills and experience, but also intrinsic value like emotions and goodwill, and social value such as credibility, networks, and contributions to others.
The author emphasizes that in the future, we need to pay special attention to social value and intrinsic value. At present, these two forms of value are mainly emphasized by companies. We often hear that in business operations, companies must focus on market image, social responsibility, and credit building; in marketing, they stress brand IP value, product emotional value, or the entertainment value of advertising. But in the future, individuals too must consciously build these forms of value. The book offers several suggestions on how.
For social value, the author suggests that beyond entrepreneurship or working for nonprofits, a more universally applicable way is to first define your own social vision, and then join a company whose vision aligns with yours. In other words, integrate your personal social value with the social value of the company, so that your personal growth follows the company’s mission. In reality, many companies attract top talent not just with high salaries and benefits, but also by defining a social mission that resonates with like-minded employees, giving their work a sense of greater meaning. For example, Google defined its mission as “to organize the world’s information,” while Facebook’s mission is “to make the world more open and connected.” These missions address social challenges, thereby infusing employees’ work with deeper social significance.
As for intrinsic value, the author argues that the key is to find a pursuit you truly love, so that your motivation shifts from “making money” to “following passion.”
He explains: in the era of money-ism, the secret of success was maximizing personal gain around economic interests. But in the era of value-ism—an era where intrinsic value itself can drive the economy—the situation may be completely different. The more you chase money as your goal, the less likely you are to earn it. By contrast, those who genuinely love what they do are the ones who maximize the benefits. Whether it’s creating videos, livestreaming, or writing novels, those who enjoy the process and love it deeply not only find it easier to persist, but also to attract popularity.
I think what the author wants to highlight here is that intrinsic value cannot be faked. If you cannot convince yourself, you cannot inspire others emotionally or psychologically. At its core, the growth of intrinsic value follows a logic of “light attracts light”: you must first ignite your own flame before you can draw others to it. Only by elevating your intrinsic value to yourself can you elevate your intrinsic value in the marketplace.
Finally, let’s discuss the author’s most important piece of advice: when facing life choices and personal growth, we must shift from price thinking to value thinking.
For example, in the context of job hunting, price thinking tells you to choose based on which company pays more or can provide stable income for longer. But value thinking suggests you should prioritize environments that allow your personal value to grow the fastest. If someone works at a large, high-paying company where the job is repetitive and uncreative, their personal talent value may stagnate—or even decline, eventually replaced by machines. On the other hand, if a job is unstable and doesn’t pay much, but allows you to acquire valuable skills, unleash your passion and creativity, and connect with people you couldn’t reach before, then from a value-thinking perspective, you’ve already tapped into the pulse of wealth—because you are enhancing your personal value on multiple levels.
So, how can we judge whether a job enhances personal value? The simplest way is to imagine yourself at the moment of leaving the job, and compare that future self with your present self. Evaluate your growth across the three dimensions of utility value, social value, and intrinsic value. For instance, picture yourself three years into your current role—how much personal growth would you realistically gain compared to now? If the result looks unimpressive, then from a value-thinking perspective, it may be time to seriously consider alternative paths or other ways to accelerate your value accumulation.
Fortunately, as we noted earlier, in the future personal income won’t have to depend on a single employer; likewise, personal value accumulation won’t rely solely on your job. For those who can clearly identify their points and paths of value growth, work will be just one of many channels for developing and expressing personal value. And these channels can often be compatible. In recent years, ideas frequently discussed online—like “monetizing leisure time,” “slash careers,” and “IP development”—all aim to explore multiple avenues and possibilities for growing personal value.
But no matter what path you take, I believe one principle is most important for individuals: do not get trapped by the price others are willing to pay you in the moment. Instead, focus on long-term self-growth. Focus on building your own future of wealth around personal value.
Conclusion
The above is the key content from this book that I wanted to share with you. To summarize: in The Future of Wealth, the author points out that today’s economy is undergoing two major transformations. The first is the shift from centralization to decentralization, which transfers information and power from central nodes into the hands of individuals. The second is the divergence of money and value, which is pushing people from money-ism toward value-ism.
Building on this, the author further proposes that in the future, personal value will replace money as the new form of wealth. For ordinary people, the key to mastering wealth lies in continuous self-appreciation—especially through the accumulation of social value and intrinsic value. When facing life choices and personal growth, we must shift from price thinking to value thinking.
At its core, The Future of Wealth reminds us that once a society reaches a basic level of material abundance, we must take a step further and redefine the meaning and goals it should pursue.
According to Maslow’s hierarchy of needs, after satisfying physiological and safety needs, people strive for belonging and love, esteem, and self-actualization. Beyond that lies the “transcendence need,” where motivation surpasses the self and turns into an altruistic drive to help the world. These higher-level needs correspond precisely to what we have called intrinsic value and social value.
In a world no longer lacking material satisfaction, people will increasingly seek spiritual fulfillment, making personal feelings and the meaning of life more precious. Wealth accumulation will no longer be limited to the material level, but will expand upward into dimensions such as personal credibility, IP value, and social contribution. I believe that as this trend accelerates, each of us should broaden our vision to embrace these higher dimensions of value—and in doing so, welcome the quietly emerging future of wealth.
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