Extraordinary wealth, globalization, and corruption

Torgler, Benno & Piatti, Marco (2013) Extraordinary wealth, globalization, and corruption. The Review of Income and Wealth, 59(2), pp. 341-359.

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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.

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ID Code: 59025
Item Type: Journal Article
Refereed: Yes
Keywords: corruption, extraordinary wealth, globalization, superstars
DOI: 10.1111/roiw.12027
ISSN: 1475-4991
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Deposited On: 10 Apr 2013 22:22
Last Modified: 02 Jan 2014 04:51

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