The Impact of Globalization and Corruption on Extraordinary Wealth: An Empirical Analysis

Torgler, Benno & Piatti, Marco (2009) The Impact of Globalization and Corruption on Extraordinary Wealth: An Empirical Analysis. In 2009 annual meeting of swiss society of economics and statistics: globalization patterns and challenges, 26-27 June 2009, Switzerland, Geneva.

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.

Impact and interest:

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ID Code: 32378
Item Type: Conference Paper
Refereed: Yes
Keywords: Extraordinary wealth, Globalization, Corruption, Superstars
Subjects: Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200) > Economic Development and Growth (140202)
Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200) > Applied Economics not elsewhere classified (140299)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Deposited On: 22 Jan 2015 00:08
Last Modified: 22 Jan 2015 00:08

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