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Extraordinary Wealth, Globalization, and Corruption

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Author Info
Benno Torgler
Marco Piatti

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Abstract

The 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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File URL: http://www.bus.qut.edu.au/faculty/schools/economics/documents/discussionPapers/2009/DiscussionPaperandWorkingPaperSeries247.pdf
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Publisher Info
Paper 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.

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Length: 16 pages
Date of creation: 23 Mar 2009
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Handle: RePEc:qut:dpaper:247

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Web page: http://www.bus.qut.edu.au/faculty/schools/economics/
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Related research
Keywords: Globalization; Extraordinary Wealth; Corruption; Superstars;

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References listed on IDEAS
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  1. Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December. [Downloadable!] (restricted)
  2. Wojciech Kopczuk & Emmanuel Saez, 2004. "Top Wealth Shares in the United States: 1916-2000: Evidence from Estate Tax Returns," NBER Working Papers 10399, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Axel Dreher, 2006. "Does globalization affect growth? Evidence from a new index of globalization," Applied Economics, Taylor and Francis Journals, vol. 38(10), pages 1091-1110, June. [Downloadable!] (restricted)
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This page was last updated on 2009-11-29.

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