Extraordinary Wealth, Globalization, and Corruption
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.
|Date of creation:||23 Mar 2009|
|Contact details of provider:|| Postal: GPO Box 2434, BRISBANE QLD 4001|
Web page: http://www.bus.qut.edu.au/faculty/economics/
More information through EDIRC
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.:
- Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-858, December.
- Daniel Kaufmann & Aart Kraay & Massimo Mastruzzi, 2003.
"Governance Matters III: Governance Indicators for 1996-2002,"
Development and Comp Systems
- Daniel Kaufmann & Aart Kraay & Massimo Mastruzzi, 2003. "Governance Matters III: Governance Indicators for 1996-2002," Macroeconomics 0308006, EconWPA.
- 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.
- Kopczuk, Wojciech & Saez, Emmanuel, 2004. "Top Wealth Shares in the United States, 1916-2000: Evidence From Estate Tax Returns," National Tax Journal, National Tax Association, vol. 57(2), pages 445-487, June.
- Levin, Mark & Satarov, Georgy, 2000. "Corruption and institutions in Russia," European Journal of Political Economy, Elsevier, vol. 16(1), pages 113-132, March.
- Tim Hazledine & John Siegfried, 1997. "How did the wealthiest New Zealanders get so rich?," New Zealand Economic Papers, Taylor & Francis Journals, vol. 31(1), pages 35-47.
- Eric Neumayer, 2004.
"The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires,"
LSE Research Online Documents on Economics
16702, London School of Economics and Political Science, LSE Library.
- 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.
- Axel Dreher, 2006.
"Does globalization affect growth? Evidence from a new index of globalization,"
Taylor & Francis Journals, vol. 38(10), pages 1091-1110.
- Axel Dreher, 2005. "Does Globalization Affect Growth? Evidence from a new Index of Globalization," TWI Research Paper Series 6, Thurgauer Wirtschaftsinstitut, Universitï¿½t Konstanz.
- Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2003. "Government matters III : governance indicators for 1996-2002," Policy Research Working Paper Series 3106, The World Bank.
- Siegfried, John J & Round, David K, 1994. "How Did the Wealthiest Australians Get So Rich?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 40(2), pages 191-204, June.
When requesting a correction, please mention this item's handle: RePEc:qut:dpaper:247. 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: (Angela Fletcher)
If references are entirely missing, you can add them using this form.