In our final episode, we look back at the century of wealth we've explored and look forward to the century to come. We synthesize the key themes of our series: the evolution of power from industrial muscle to financial engineering to data and algorithms. We trace the recurring patterns of monopoly, disruption, scandal, and the constant, often-successful, effort by the ultra-wealthy to translate their economic power into political influence.

We then turn our eyes to the future. Who will be the billionaires of the next generation? Will they come from fields we can barely imagine today, like artificial intelligence, genetic engineering, or asteroid mining? We explore the new ethical dilemmas that will arise with these new fortunes and ask whether our current systems of governance and taxation are equipped to handle a world with trillionaires. Will new models of philanthropy and social responsibility, like those championed by MacKenzie Scott, become the norm or remain the exception?

This finale is a reflection on everything we've learned and a sober look at the challenges ahead. The names and the industries may change, but the fundamental questions about the concentration of wealth, the nature of power, and the responsibilities of the rich to the society that created them will remain more urgent than ever. The story of the billionaire is far from over.

The rise of cryptocurrencies created a new, wild-west frontier of wealth, minting a generation of overnight, digital-native billionaires. This episode dives into the volatile world of crypto, focusing on some of its most prominent and controversial figures. We profile Changpeng Zhao ("CZ"), the founder of the world's largest crypto exchange, Binance, who built a massive, unregulated financial empire before facing intense scrutiny and legal trouble from governments around the world.

The centerpiece of our story is the spectacular rise and catastrophic fall of Sam Bankman-Fried (SBF), the wunderkind founder of the exchange FTX. We explore how SBF became the friendly, public face of the crypto industry, attracting billions in investment and celebrity endorsements, all while secretly funneling customer funds to his own private hedge fund. We then chronicle the stunning collapse of his empire in a matter of days, exposing one of the largest financial frauds in recent history and wiping out billions of dollars in wealth.

The story of the crypto billionaires is a cautionary tale of hype, greed, and the dangers of an unregulated market. It captures the dizzying boom and the devastating bust of a new technological gold rush. Their fortunes were built on a new kind of asset, but their downfall was a classic story of old-fashioned fraud.

In the late 1990s, Sara Blakely, a fax machine salesperson, had an idea for a new kind of undergarment but only $5,000 in savings to her name. This episode tells the incredible story of how she turned that idea into Spanx, a billion-dollar global brand, without ever taking a dime of outside investment. We follow her scrappy, relentless journey as she navigated the male-dominated worlds of manufacturing and venture capital, facing constant rejection but refusing to give up on her vision.

We explore her unconventional and brilliant approach to marketing and branding. From using her own friends as models to her big break on The Oprah Winfrey Show, Blakely built her company through authentic storytelling and a deep connection with her customers. Her success made her the youngest self-made female billionaire in the world and a new icon of female entrepreneurship. She proved that a massive company could be built by solving a real-world problem that established players had ignored.

Sara Blakely's story is an inspiring tale of grit, creativity, and perseverance. It represents a new model for building a billion-dollar business, one that prioritizes organic growth and profitability over the venture-backed, "growth-at-all-costs" mindset. She didn't just build a company; she built it on her own terms.

In 2019, MacKenzie Scott's divorce from Jeff Bezos left her with a fortune of over $35 billion, making her one of the richest women in the world. This episode tells the story of what she did next, embarking on one of the most rapid and revolutionary philanthropic sprees in history. We explore her decision to sign the Giving Pledge and her commitment to give away the majority of her wealth "until the safe is empty."

We analyze her unique and disruptive approach to philanthropy. Instead of creating a large, bureaucratic foundation in her own name, she and her team quietly research and identify non-profits and then give them massive, unrestricted grants with no strings attached. This model shows a deep trust in community-led organizations and stands in stark contrast to the top-down, metric-obsessed approach of many other mega-donors. In just a few years, she has given away billions of dollars, more than most foundations give in a decade.

MacKenzie Scott's story is a direct challenge to the very nature of modern philanthropy. Her actions force a critical conversation about the role of billionaires in society and the responsibilities that come with extreme wealth. She is not just giving away money; she is trying to give away power.

Oprah Winfrey’s story is one of the most remarkable and inspiring in modern American history. This episode chronicles her journey from a childhood of poverty and trauma to becoming the queen of daytime television and the first Black female billionaire in America. We explore the revolutionary impact of The Oprah Winfrey Show, which transformed the talk show format from a spectacle of conflict into a platform for empathy, self-improvement, and authentic connection.

We then analyze her brilliant transition from a television host into a full-fledged media mogul. We dissect the creation of her empire, which includes her own production company, Harpo Studios, O, The Oprah Magazine, and the Oprah Winfrey Network (OWN). She didn't just build a brand; she built a deep, personal, and trusted relationship with her audience, which she then leveraged into a multi-billion-dollar business. Her recommendation could create a best-selling author overnight, a phenomenon known as the "Oprah Effect."

Oprah's story represents a different model of wealth creation, one built on authenticity and emotional connection rather than ruthless consolidation or financial engineering. She proved that a fortune could be made by empowering an audience, not just by selling to it. She is the undisputed empress of a media kingdom she built in her own image.

After ninety-four episodes exploring the lives of billionaires, we pause to ask a fundamental question: is it possible for any great fortune to be truly "clean"? This special thematic episode examines the concept of "primitive accumulation," the idea that behind every massive fortune lies a great crime, a forgotten injustice, or a hidden exploitation. We revisit the stories from our series, connecting the dots between the different eras of wealth creation.

We draw a line from the monopolistic practices of John D. Rockefeller and the violent union-busting of Andrew Carnegie to the crony capitalism of the Russian oligarchs and the exploitative labor conditions at modern retail and tech giants. We explore the hidden costs, externalities, and societal consequences that are rarely accounted for on a billionaire's balance sheet. From the slave labor that built early American fortunes to the environmental damage caused by industrial empires, wealth is rarely created in a vacuum.

This episode is a critical reflection on the very nature of capitalism and the moral compromises that seem inherent in the pursuit of extreme wealth. We challenge the "self-made" myth and ask our listeners to consider the systems, sacrifices, and sins that are baked into the foundations of the world's greatest fortunes. This is the balance sheet they don't want you to see.

The casino industry creates billionaires who wield a unique and potent form of political power. This episode focuses on the two titans who transformed Las Vegas and Macau and used their fortunes to become kingmakers in American politics: Sheldon Adelson and Steve Wynn. We explore how Adelson, the founder of Las Vegas Sands, revolutionized the industry with his focus on conventions and his massive expansion into Asia, becoming one of the largest donors to the Republican party, single-handedly financing political campaigns with his immense wealth.

We then turn to Steve Wynn, the visionary who created the modern Las Vegas mega-resort with properties like The Mirage and the Bellagio. He was seen as the elegant, artistic face of the industry until a devastating 2018 report detailed a decades-long pattern of sexual misconduct and abuse against his female employees. The scandal exposed a dark side to the glamour of his empire and led to his complete downfall and resignation from the company that bore his name.

The stories of Adelson and Wynn reveal the immense power that flows from the casino floor into the halls of government. They show how fortunes built on gambling can be used to shape public policy and how the industry's glittering facade can hide a much darker reality. They were the kings of a world of high stakes and deep secrets.

While some billionaires build empires, others profit from their destruction. This episode enters the shadowy world of international arms dealing, focusing on two of its most notorious figures: Adnan Khashoggi and Viktor Bout. We first profile Khashoggi, the lavish Saudi arms dealer of the 1970s and 80s who brokered massive weapons deals between the United States and the Saudi monarchy, living a life of unimaginable opulence and becoming a central figure in the Iran-Contra affair.

We then descend into the post-Cold War chaos to tell the story of Viktor Bout, the Russian ex-military officer known as the "Merchant of Death." We reveal how Bout used a fleet of aging Soviet cargo planes to transport weapons to war zones across Africa, Asia, and South America, fueling brutal civil wars and arming some of the world's most violent regimes and terrorist groups. His story culminates in a dramatic DEA sting operation in Thailand that led to his capture and eventual imprisonment in the United States.

These are the merchants of death, the men who turned conflict into a multi-billion-dollar business. Their stories expose the dark, unregulated underbelly of global politics, a world where fortunes are made by fueling humanity's most violent impulses. They are the ultimate profiteers of war.