If there are many job openings, but little actual hiring, then there is no real demand. If there were real demand, businesses would actually be filling those supposedly open jobs and figuring out how to make use of who they hired. Cherry picking with open job ads does not in itself show demand.
If wages are rising for people who make more than 400K, it's because demand for people who fill those jobs is real. That may be because businesses have decided that maxing out on employees who almost literally make money is better business than maxing out on the people who are effectively tools for the 400K+ crowd.
> If there are many job openings, but little actual hiring, then there is no real demand.
Or there is demand but inadequate supply. I've heard several people on HN talk about their companies having openings, getting 10 times the resumes that they did in 2007, but seeing significantly fewer qualified applicants overall.
If wages are rising for people who make more than 400K, it's because demand for people who fill those jobs is real. That may be because businesses have decided that maxing out on employees who almost literally make money is better business than maxing out on the people who are effectively tools for the 400K+ crowd.