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How Did the Wealthiest Australians Get So Rich?

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  • Siegfried, John J
  • Round, David K

Abstract

Two hundred sixty-three of the largest Australian fortunes are classified by date and industry of origination. More began in property development, sheep ranching and clothing manufacturing than in other industries. First generation immigrants own more than twice the number of fortunes as would be expected on the basis of their proportion of the population. A panel of experts judged that three-quarters of the fortunes originated in competitive industries. One explanation for large fortunes accumulating in competitive industries is extraordinary returns to disequilibrium (innovation and product differentiation). Other explanations include the assumption of risk and the return to scarce entrepreneurial and managerial skills. Progress in communication and transport technology have made it possible to leverage modest Ricardian rents into large profits via chain operations. Copyright 1994 by The International Association for Research in Income and Wealth.

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Bibliographic Info

Article provided by International Association for Research in Income and Wealth in its journal Review of Income & Wealth.

Volume (Year): 40 (1994)
Issue (Month): 2 (June)
Pages: 191-204

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Handle: RePEc:bla:revinw:v:40:y:1994:i:2:p:191-204

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Cited by:
  1. Tim Hazledine, 1998. "Rationalism Rebuffed? Lessons from Modern Canadian and New Zealand Competition Policy," Review of Industrial Organization, Springer, vol. 13(1), pages 243-264, April.
  2. Eric Neumayer, 2004. "The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires," Applied Economics Letters, Taylor & Francis Journals, vol. 11(13), pages 793-796.
  3. Marcelo Medeiros, 2006. "Poverty, inequality and redistribution: A methodology to define the rich," Working Papers 18, International Policy Centre for Inclusive Growth.

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