The Silicon Valley Index Report has dropped, and shocker, it’s not great news for those of us not in the millionaire bubble.

Let’s kick things off with the realities of wealth here: nine individuals control a whopping 15% of the Bay Area’s riches. Meanwhile, a mere 9,000 people, yes, that’s a group small enough to fit in a stadium, hold nearly half the wealth in our beloved tech paradise. If that doesn’t scream ‘capitalism at its finest,’ I don’t know what does.

The report did not pull any punches on income inequality. Silicon Valley boasts the nation’s highest wage and income gaps. Yes, if you’re wondering where your friends who couldn’t afford a San Francisco studio are now, well, they’ve likely become part of the 19,000 who skedaddled out of town last year.

In a twisted irony, the average per capita income is a jaw-dropping $157,000. That might sound nice until you remember that many locals are making the choice between ramen or going back to their childhood bedrooms. Jocelyn Barker from San Jose puts it bluntly: “A lot of friends from growing up have had to move out”.

The demographic shift here is wild, too, 21% of Valley residents are foreign-born, and two-thirds of local techies hail from other countries. We love diversity, but when immigrants are the backbone of your workforce while many locals are shown the door, it’s hard not to feel the pain.

And speaking of tech, here’s a fun twist: while tech companies are raking in profits like they’re giving away free tacos, they’re actually hiring fewer people. Russell Hancock, CEO of Joint Ventures Silicon Valley, nails it: “It used to be this race to growth, and now it’s this efficiency push”. So, brace yourself for a stagnant future where the rich get richer, and we’re left to navigate the gig economy.

Hovering way above this mess is the eye-popping statistic on venture capital, which has doubled just since last year. So, while the tech bros are laughing all the way to the bank, the rest of us are left asking for crumbs, or would we prefer the whole pie? Because honestly, we deserve better than a system that rewards the top with all the wealth while letting the majority scramble for change.

In the end, this report is yet another reminder that the tech boom isn’t benefitting everyone. And let’s not sugarcoat it: it’s kind of a disaster for anyone not named Jeff or Elon.