The Israeli Silicon Valley is being flooded with cash as a result of the tech boom, exposing divisions.

Wix.com hired Nir Zohar as an office gopher in 2007. He owns at least $56 million in shares in the Tel Aviv-based website designer, according to current market valuations.

As a result of Israel’s thriving technology sector, a new generation of Israelis, such as the 43-year-old wearing shorts and a T-shirt to work, is transforming Tel Aviv.

It will be easier to make a living in this city, regardless of your background, because there is plenty of money available to be spent.”

Mr. Zohar stated this in his own words.

The tech boom has fueled a surge in building and investment in entertainment and leisure in places like San Francisco and Austin in the United States. Tel Aviv’s skyline, which is home to Israel’s technology industry, is rapidly changing. Five of the city’s skyscrapers will be among the top ten tallest in the world when completed.

However, housing and living costs have risen as a result of the boom, and the wealth disparity threatens to exacerbate Israel’s cultural, religious, and political fault lines, potentially pushing Arab and ultraorthodox minorities further to the margins and causing long-term problems for Prime Minister Naftali Bennett’s new government.

Lower-income Arab residents of Jaffa are being displaced as house prices and the cost of living rise. In May, Jaffa was the site of clashes between Jews and Arabs. Tel Aviv-based According to Abed Abou Shhadeh, 33, a Jaffa city council member, most Arab citizens are unable to benefit from the tech boom because they refuse to serve in the military, where many Israelis gain the skills and social network required to thrive in the industry.

There is a fundamental problem here: people believe the government is out to get them.”

Mr. Abou Shhadeh claims 

According to PitchBook Data, Israel hasn’t had a unicorn, or a private company valued at $1 billion or more, in five years. The vast majority of the capital has been contributed by the United States. As the pandemic has accelerated the shift to digital services, private companies have received $15.1 billion in new funding through August 4 this year, compared to $10.7 billion for the entire year 2020. There are also ten Israeli public tech companies with a market capitalization of $1 billion or more, according to the non-profit organisation, in addition to numerous unicorns based in Israel.

Jobs in sales, marketing, operations, and accounting have opened up as the tech market matured, in contrast to computer engineers and coding geniuses. Mr. Zohar is included in this.

According to IBI Capital, a company that offers employee stock ownership plans, 35,000 Israelis have stock equity worth $14 billion, or $400,000 on average (ESOP). Following a record 48 listings and special-purpose acquisition transactions in the first half of 2021, IBI CEO Tal Dori predicts that the equity wealth of Israelis working in public companies will more than double over the next two years.

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