IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper

The International Mobility of Billionaires

Relying on Forbes Magazine annual rankings for two decades, 1625 billionaires and their countries of birth and residence are identified, most of whom are self-made entrepreneurs. 13 percent of billionaires reside in a country other than that of their birth. Migration is linked to distance, to cultural ties and to the per capita income of the respective source and host country. Capital taxes have a statistically significant though economically modest effect. 80 percent of those who moved migrated from a lower per capita income to a higher per capita income country and 70 percent from a higher tax country to a lower tax country. Self-made billionaires are more likely to move to countries with larger market sizes. Overall surprisingly few billionaire entrepreneurs migrate. Previous research has found that self-employed tend to work in their home community at higher rates than employees. Entrepreneurship too appears to be local, with private equity be characterized by a home bias. One explanation may be the wide dispersion and local nature of information as emphasized by Hayek.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.ifn.se/wfiles/wp/wp904.pdf
Download Restriction: no

Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 904.

as
in new window

Length: 9 pages
Date of creation: 06 Mar 2012
Date of revision: 02 Dec 2014
Publication status: Published as Sanandaji, Tino, 'The International Mobility of Billionaires' in Small Business Economics, 2014, pages 329-338.
Handle: RePEc:hhs:iuiwop:0904
Contact details of provider: Postal:
Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden

Phone: +46 8 665 4500
Fax: +46 8 665 4599
Web page: http://www.ifn.se/
Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Michelacci, Claudio & Silva, Olmo, 2006. "Why So Many Local Entrepreneurs?," CEPR Discussion Papers 5828, C.E.P.R. Discussion Papers.
  2. RosalindS. Hunter & Andrew J. Oswald & Bruce G. Charlton, 2009. "The Elite Brain Drain," Economic Journal, Royal Economic Society, vol. 119(538), pages F231-F251, 06.
  3. David M. Hart & Zoltan J. Acs, 2011. "High-Tech Immigrant Entrepreneurship in the United States," Economic Development Quarterly, , vol. 25(2), pages 116-129, May.
  4. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 503-530.
  5. George J. Borjas & Bernt Bratsberg, 1994. "Who Leaves? The Outmigration of the Foreign-Born," NBER Working Papers 4913, National Bureau of Economic Research, Inc.
  6. Jennifer Hunt & Marjolaine Gauthier-Loiselle, 2008. "How Much Does Immigration Boost Innovation?," NBER Working Papers 14312, National Bureau of Economic Research, Inc.
  7. Jennifer Hunt, 2011. "Which Immigrants Are Most Innovative and Entrepreneurial? Distinctions by Entry Visa," Journal of Labor Economics, University of Chicago Press, vol. 29(3), pages 417 - 457.
  8. Austan Goolsbee, 2000. "What Happens When You Tax the Rich? Evidence from Executive Compensation," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 352-378, April.
  9. Henrik Jacobsen Kleven & Camille Landais & Emmanuel Saez, 2013. "Taxation and International Migration of Superstars: Evidence from the European Football Market," American Economic Review, American Economic Association, vol. 103(5), pages 1892-1924, August.
  10. Coomes, Paul A. & Hoyt, William H., 2008. "Income taxes and the destination of movers to multistate MSAs," Journal of Urban Economics, Elsevier, vol. 63(3), pages 920-937, May.
  11. Jon Bakija & Joel Slemrod, 2004. "Do the Rich Flee from High State Taxes? Evidence from Federal Estate Tax Returns," NBER Working Papers 10645, National Bureau of Economic Research, Inc.
  12. Kenneth R. French & James M. Poterba, 1991. "Investor Diversification and International Equity Markets," NBER Working Papers 3609, National Bureau of Economic Research, Inc.
  13. Jon Gruber & Emmanuel Saez, 2000. "The Elasticity of Taxable Income: Evidence and Implications," NBER Working Papers 7512, National Bureau of Economic Research, Inc.
  14. Guillaume Gaulier & Soledad Zignago, 2010. "BACI: International Trade Database at the Product-Level. The 1994-2007 Version," Working Papers 2010-23, CEPII research center.
  15. James R. Hines, 2010. "Treasure Islands," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 103-26, Fall.
  16. Thomas Liebig & Alfonso Sousa-Poza, 2006. "The influence of taxes on migration: evidence from Switzerland," Cambridge Journal of Economics, Oxford University Press, vol. 30(2), pages 235-252, March.
  17. Kathleen Day & Stanley Winer, 2006. "Policy-induced internal migration: An empirical investigation of the Canadian case," International Tax and Public Finance, Springer, vol. 13(5), pages 535-564, September.
  18. William R. Kerr, 2005. "Ethnic Scientific Communities and International Technology Diffusion," Harvard Business School Working Papers 06-022, Harvard Business School, revised Apr 2007.
  19. Young, Cristobal & Varner, Charles, 2011. "Millionaire Migration And State Taxation Of Top Incomes: Evidence From A Natural Experiment," National Tax Journal, National Tax Association, vol. 64(2), pages 255-83, June.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:hhs:iuiwop:0904. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elisabeth Gustafsson)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.