A recent IRS- and academic-based study found households accrued about $116 trillion in total capital gains from 1954 to 2021, but less than a fifth of that was ever reported on tax returns as a realized gain. The study also found that households had around $16.2 trillion in total capital gains in 2021, which equates to about 94% of net national income and exceeds total wages, dividends, and interest income.
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Alexander is the only child of Toni Jo Friedmann, a Tennessean, and Victor Friedmann, who grew up in Denver, where his parents, Croatian Jews, landed after fleeing the Nazis. Victor attended Harvard and was completing a master’s in the Department of Aeronautics and Astronautics at M.I.T. when Alexander was born, in 1969. The family moved to Saudi Arabia, where Victor worked as a geophysicist at Aramco. They lived in the company’s gated community in Dhahran.