2013/03/12 by BENNO TORGLER, Benno Torgler, MARCO PIATTI +1 · 1 citation
Social Sciences · Computer Science · #Corruption and Economic Development #Economic Growth and Development #Culture, Economy, and Development Studies
paper · doi:10.1111/roiw.12027
The billionaires of the world attract significant attention from the media and the public. Surprisingly, only a limited number of studies have explored empirically the determinants of extraordinary wealth. Using a large dataset we investigate whether globalization and corruption affect extreme wealth accumulation. We find evidence that an increase in globalization increases super‐affluence. 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.