Extraordinary Wealth, Globalization, and Corruption
AbstractThe billionaires of the world attract significant attention from the media and the public. The popular press is full of books selling formulas on how to become rich. Surprisingly, only a limited number of studies have explored empirically the determinants of extraordinary wealth. Using a large data set we explore whether globalization and corruption affect extreme wealth accumulation. We find evidence that an increase in globalization increases super-richness. In addition, we also find that an increase in corruption leads to an increase in the creation of super fortune. This supports the argument that in kleptocracies large sums are transferred into the hands of a small group of individuals.
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Bibliographic InfoPaper provided by School of Economics and Finance, Queensland University of Technology in its series School of Economics and Finance Discussion Papers and Working Papers Series with number 247.
Length: 16 pages
Date of creation: 23 Mar 2009
Date of revision:
Globalization; Extraordinary Wealth; Corruption; Superstars;
Other versions of this item:
- Benno Torgler & Marco Piatti, 2013. "Extraordinary Wealth, Globalization, And Corruption," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59(2), pages 341-359, 06.
- Benno Torgler & Marco Piatti, 2009. "Extraordinary Wealth, Globalization, and Corruption," CREMA Working Paper Series 2009-04, Center for Research in Economics, Management and the Arts (CREMA).
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