WWII asset regulations: US top marginal tax rate hit 94% (UK 98%), with FX controls, ownership restrictions, and corporate profit limits across all major powers. The US was unique in keeping equity markets open. For investors: wartime financial repression is the norm — the US experience of open markets was the outlier, explained by the US being the dominant winning power and geographically insulated from direct conflict. Holding assets across multiple jurisdictions reduced (but did not eliminate) expropriation risk; only US-held assets avoided both market closure and currency collapse among major powers.