advanced countries. See also specific country
age of firms in, 131–33, 132t, 133f
displacement of firms in, 94–96
foreign direct investment, 96, 96f
globalization and, 107t, 107–11
resource allocation in, 53
unproductive wealth in, 172–80
wealth distribution in, 157–160, 159f, 159t
advanced-country billionaires. See also specific person
admiration of, 145
number of
versus emerging markets, 21, 22f–23f
by region, 34t, 34–45, 35f, 37t–41t
by sector, 32–34, 33t, 39t–41t
sources of wealth, 2–3, 16–29 (See also inherited wealth; self-made wealth)
versus emerging markets, 27, 28t, 34–45
stability index, 136–38, 137t–138t
transition matrices, 134–35, 136t
AEG, 70
Africa
size of firms in, 59
sources of wealth in, 31, 44–45
superrich in, 34t, 34–45, 35f, 37t–41t, 44–45
age
of superrich, 7–8, 127–30, 129f, 130f
Alekporov, Vagit, 24
Allianz, 70
allocative efficiency. See resource allocation
Almarai, 44
Altrad, Mohed, 44
Ambani, Mukesh, 50
Ambev, 96
American Airlines, 176
American Tobacco, 72
Angelini Group, 126
Angelini Rossi, Patricia, 126
Angelini Rossi, Roberto, 126
Anglo countries. See also specific country
superrich in, 34t, 34–45, 35f, 37t–41t
Arango, Jeronimo, 87
Arcelik, 2
Argentina, 79
Arnall, Sue Ann, 25
Asia. See also specific country
crony capitalism in, 77–78, 81
globalized firms in, 108
sources of wealth in, 31, 35–36, 45
superrich in, 34, 34t, 35f, 35–36, 37t–41t, 45
Association of Southeast Asian Nations (ASEAN), 36
Aventis (Hoechst), 69
Bangladesh, 88
Bayer, Friedrich, 70
Benetton, Giuliana, 125
Benz, Karl, 70
Bermuda, 173
Bestseller, 75
Botelho, Mauricio, 171
big firms. See mega firms
billionaire class. See superrich
Birkeland, Kristian, 75
Blavatnik, Leonard, 177
Bombardier, 171
Bozano, Julio, 171
Brazil
despachante, 165
employees per firm in, 87, 88f
philanthropy in, 177
regulation in, 165
BRF, 87
BRICS countries. See also specific country
employees per firm in, 87, 88f
philanthropy in, 177
sources of wealth in, 41–43, 42t
Brito, Carlos, 96
Burch, Tory, 125
Byanyima, Winnie, 15
Cadogan Estates, 131n
Calderon Rojas, Francisco, 87
Calderon Rojas, Jose, 87
California Packing (Del Monte), 72
Campbell Soup, 73
capital
allocation of (See resource allocation)
capitalism, 86
capital markets, development of, 171–72
Caraco Pharma, 101
Carlsberg, 74
Carnegie, Andrew, 72, 173, 176, 178
Carrefour, 80
Carter, Amon, 176
Casino, 80
Celtel, 44
Cevital, 44
Chandler, Alfred, 6
Chang, Leslie, 88
Chang Yun Chung, 77
Chan Laiwa, 118
Chapman, James, 176
Chaudhary, Binod, 45
Cheezheng Tibetan Medicine, 117
Chen, Leo, 127
Cheung Yan, 35
China
banking sector in, 94
competition policy in, 83
development in, 71–72, 71f–72f, 167
employees per firm in, 87, 88f
globalization and, 108
insurance industry in, 83
mega firms in, 65–67, 66f, 77–79, 78t
philanthropy in, 177
private sector in, 66
company leaders, 63
sources of wealth, 42t
Cifra, 87
Coca-Cola, 72
Cohen, Steven, 26
Collins, Edward, 72
Coloplast, 75
communication technology, 16–17
communism, 70
Compania Manufacturera de Papeles y Cartones (CMPC), 102–103, 103f
company executives. See executives
company founders, 23–24. See also specific person
in advanced countries, 16
in emerging markets, 1–3, 16, 36
versus inherited wealth, 20–22
political connections of, 23–24
regional differences, 31, 34–45, 37t–38t
comparative advantage, 62n
competition, 51–52, 79–84, 94–96, 168
concessional financing, 9
Corporate Knights’ sustainable companies list, 63
crony capitalism, 10, 54, 77–78, 81
Cullen, Hugh Roy, 176
Daewoo, 76
Daimler, Gottlieb, 70
Daimler Benz, 70
Dangote, Aliko, 44
death of CEO, 64
Del Monte (California Packing), 72
despachante, 165
developed countries. See advanced countries
developing countries. See emerging markets
development
history of (See historical experiences)
inequality and (See inequality)
philanthropy in, 176
role of wealth in, 3–7, 49–52, 82–86, 97f, 97–98
size of firms and, 49–52, 57–58, 58f, 74–79
structural transformation (See structural transformation)
trade correlation, 110f, 110–11
Diana Project, 123
discrimination, gender, 120–24
Dominican Republic, 168
Duke, James B., 72
East Hope Group, 78
eBay, 131
ECCO, 75
economic development. See development
Economist’s Big Mac index, 166n
Egypt, 156
emerging markets. See also specific country
age of firms in, 130–34, 132t, 133f, 134f
aversion to large firms in, 54
development in (See development)
foreign direct investment, 96, 96f
globalization and, 107t, 107–11
resource allocation in, 53
share of superrich in, 89, 89t
unproductive wealth in, 172–80
wealth distribution in, 158–60, 159f, 159t
emerging-market billionaires. See also specific person
admiration of, 145
versus advanced countries, 21, 22f–23f
by region, 34t, 34–45, 35f, 37t–41t
by sector, 32–34, 33t, 39t–41t
role in economic development, 3–7, 49–52
sources of wealth, 2–3, 16–29 (See also inherited wealth; self-made wealth)
versus advanced countries, 27, 28t, 34–45
stability index, 136–38, 137t–138t
transition matrices, 134–35, 136t
versus US robber barons, 73, 74t, 83
employment
effect of mega firms on, 87–88, 88f
job creation, 51, 60, 91–93, 93t
size of firms and, 55–57, 56f–57f, 60
structural transformation and, 89–91, 90f
Engelhorn, Friedrich, 70
entrepreneurship. See also company founders
estate taxes
per capita GDP and, 174f, 174–75
philanthropy promoted by, 175–78
Europe. See also specific country
female billionaires in, 121t
globalized firms in, 108
philanthropy in, 176
property rights in, 84
size of firms in, 55–56, 56f, 60–61, 74–75
superrich in, 34, 34t, 35f, 37t–41t, 41–43
executives, 24
exports. See also trade
superrich correlation, 108, 108f
extreme wealth. See superrich
Exxon, 72
female billionaires, 7–8, 117–26
example of, 117
inherited wealth, 118, 119t, 125–26
resource allocation and, 124
sources of wealth, 118–19, 120t
support for, 125
Femsa, 87
financial sector billionaires
distribution and wealth of, 26–27, 28t, 31, 33, 33t
regional differences, 34–45, 37t–38t
unproductive wealth of, 178–79
Financial Times (FT) Emerging Market 500 list, 50, 66, 87, 91
Financial Times (FT) Global 500 list, 87, 88f
financing
concessional, 9
firm size, 52–67. See also mega firms; specific company
in advanced countries, 55–56, 56f
economic development correlation, 49–52, 57–58, 58f, 74–79
growth-employment correlation, 57, 57f
lists of largest companies, 3
superrich correlation, 66, 67f
Fontbona, Iris, 118
Forbes Global 2000 list, 3, 49–50, 66, 67f, 94
Forbes measures of inequality, 153, 155
Forbes World’s Billionaires List, 3, 10, 19–20, 107, 130
Ford, 72
foreign direct investment (FDI), 96, 96f, 167–68
foreign markets. See globalization; trade
Fortune 500 list, 3, 11, 65, 67
Foshan Haitian Flavoring Company, 131
FT Emerging Market 500 list, 50, 66, 87, 91
Fu Wah International Group, 118
Gates, Bill, 145
GDP growth
trade correlation, 110f, 110–11
wealth correlation, 146, 147f, 152 f, 152–54
GDP per capita
estate taxes and, 174f, 174–75
number of billionaires by, 6, 7f
sectoral composition of employment and, 89–90
superrich correlation, 97f, 97–98
gender. See female billionaires
General Electric, 72
geographical region. See also specific region
female billionaires by, 121t–122t
stability index by, 136–38, 137t–138t
superrich classified by, 34t, 34–45, 35f, 37t–41t
GE Plastics, 96
German chemicals industry, 69–70
German Ebbinghaus, 102
global growth incidence curve, 148, 149f
globalization, 16–17, 99–114. See also trade
regional differences, 108
superrich correlation, 107–11, 108f–110f
trickle-down wealth, 105, 105t, 106f
GM, 53
Google, 108
government connections. See political connections
foreign direct investment, 167–68
Great Wall Motors, 93
Grendene, 41
Grendene Bartelle, Alexandre, 41
Grisham, John, 165
Grosvenor Group, 131n
Groupon, 131
growth. See development
Grupo Boticario, 31
Halske, Johann Georg, 70
Halyk Bank, 50
Hamami, Achmad, 36
Hamm, Harold G., 25
Hayek, Nicholas, 44
Hayek Engineering, 44
hedge fund wealth, 9
Heinz, 73
Hewlett-Packard, 167
economic effects of wealth, 82–86
government policies, 164
H&M, 103
Ho, Pansy, 118
Hoechst (Aventis), 69
Home Credit, 26
Hyde, Sam, 75
ICBC, 94
Imperial Tobacco, 73
income distribution. See inequality
India
development in, 71f, 71–72, 167
employees per firm in, 87, 88f
inequality in, 150
mega firms in, 65, 66, 66f, 67
philanthropy in, 177
superrich in
company leaders, 64
Indonesia, 81
industrialization, 70–76, 89–91
global income distribution, 148, 149f
income versus wealth, 151–52, 152f, 160–61
wealth correlation, 152–53, 153f–155f,155
Infosys, 45
age factors, 128–33, 129f, 132t
female billionaires, 118, 119t, 125–26
regional differences, 31–45, 37t–41t
versus self-made wealth, 20–22
taxes (See estate taxes)
innovation, promotion of, 163–80
Interbrew, 96
international markets. See globalization; trade
International Paper Company, 72
Israel, 43n
Ivanishvili, Boris, 85n
Jaguar Land Rover, 94, 96, 144
Jiangxi Copper, 94
Jefferson, Thomas, 85
Jianjun Wei, 93
João da Silva, Eggon, 99
job creation, 51, 60, 91–93, 93t
Jobs, Steve, 62
Jollibee, 36
JYSK, 75
keiretsu, 76
Khodorkovsky, Mikhail, 85, 128
Knight Frank, 19
Koç Holdings, 2
Korea
estate taxes in, 172
Korean Air, 143
Koum, Jan, 23
Kovner, Bruce, 26
Krigsner, Miguel, 31
Krupp, Friedrich, 70
Kulibaev, Timur, 50
labor allocation. See resource allocation
Lai Changxing, 128
Latin America. See also specific country
globalized firms in, 108
political connections in, 31
resource-related wealth in, 31
size of firms in, 59
superrich in, 34, 34t, 35f, 36–41, 37t–41t
Lean In (Sandberg), 125
Lego, 75
Leg Up, 125
Lei Jun, 131
Lens Technology, 117
LG, 168
“lifting the small boats” speech (Lagarde), 149–50
Li Ka-shing, 145
Lim Oon Kuin, 77
Liu Yongxing, 78
L’Oréal, 18
Lozick, Catherine, 125
Lucchini, 96
Lukoil, 24
Luxembourg Wealth Survey (LWS), 152
Mabrouk, Marouane, 80
Madison, James, 85
Magnitogorsk Iron and Steel, 94
Ma Huateng, 85
Makarov, Igor, 17
Marcos family, 81
Mars, Jacqueline, 118
massive open online courses (MOOCs), 100
Mata Pires, Cesar, 17
Matte, Eliodoro, 103
Mazumdar-Shaw, Kiran, 123
McDonald’s, 81
Medvedev, Dmitry, 170
mega firms, 49–68. See also firm size; specific company
in advanced countries, 55–56, 56f, 94, 95f
aversion to, 54
competition between, 94–96, 95f
in emerging markets, 65–67, 66f, 94, 95f
role in development, 5–6, 49–52
structural transformation and, 87–88, 148
superrich correlation, 66, 67f
Mexico, 168
middle class, 4
Middle East and North Africa (MENA). See also specific country
sources of wealth in, 31, 43f, 43–44, 97–98, 157
superrich in, 34t, 34–45, 35f, 37t–41t, 43–44
Milken, Michael, 26
Milner, Yuri, 127
Mitsubishi, 75
Mitsui, 75
Mittal, Aditya, 127
Mobil, 72
monopoly power, 83
Monroe, James, 85
Moskovitz, Dustin, 127
Motorola, 167
Multifiber Agreement, 104
Murphy, Bobby, 127
natural resources. See resource-related sector
Nazarbayev, Nursultan, 50
Nestlé, 18
age of billionaires in, 127–30
female billionaires in, 119, 120t
nontradable sector, 33, 33t, 41, 114t
female billionaires in, 119, 120t
North. See advanced countries
OAS, 17
O’Brien, Denis, 24
Occupy movement, 150
Open Gate Foundation, 178
Ortega, Amancio, 17, 103–104, 104f
Pacific International Lines, 77
Pareto distribution, 158
Park Chung-hee, 168
Paulmann, Horst, 80
PayPal, 26
Pepkor, 31
Peralto, Carlos, 18
Perkin, William, 69
Persson, Liselott, 103
Persson, Stefan, 103
Philippines, 81
Ping An Insurance, 83
political connections
of female billionaires, 119, 123
regional differences, 31, 34–45, 77–78
size of firms and, 54
as source of wealth, 3, 10, 24–27, 28t
political correctness bias, 149
Poo, Murdaya, 26
Poonawalla, Cyrus, 31
Poroshenko, Petro, 42
Premji, Azim, 17
private sector, role of, 4
privatized firms, 4
as source of wealth, 24–25, 27, 28t, 42
production, integration of, 105, 106f
productivity
Qihoo 360, 23
Qi Xiangdong, 23
Rathenau, Walther, 70
real estate sector billionaires
distribution and wealth of, 26–27, 33t, 33–34
unproductive wealth of, 179–80
Rebrab, Issad, 44
Reliance Industries, 50
examples of, 17
inequality and, 157
size of firms and, 54
as source of wealth, 17, 24–27, 28t
resource allocation, 4–5, 49–67
in advanced countries, 55–56, 56f
economic development correlation, 57–58, 58f
efficient, promotion of, 163
female entrepreneurs and, 124
growth-employment correlation, 57, 57f
indicators of, 53
job creation and, 60
resource-related sector, 3, 24
female billionaires in, 119, 120t
list of billionaires in, 113t
regional differences, 31–32, 33t, 34–45, 37t–38t
revolutions, inequality and, 156–57
Rockefeller, John D., 72
Rong Yiren, 36n
Rose of Sharon Foundation, 125
Rostneft, 17
Rouge Steel, 96
Rowling, J. K., 125
Russia
employees per firm in, 87, 88f
industrial policy in, 170
philanthropy in, 177
sources of wealth in, 42t, 42–43
SAC Capital Advisors, 26
Samsung, 53, 62–63, 76, 126, 167, 168
Saudi Basic Industries Corporation, 96
sector. See also specific sector
age of billionaires by, 130, 130f
female billionaires by, 118–19, 120t
industrial policy focus on, 170–71
list of superrich by, 113t–114t
superrich classified by, 32–34, 33t, 39t–41t
self-made wealth
age factors, 127–33, 129f, 132t
company founders (See company founders)
executives (See executives)
external factors affecting, 25f, 25–26
female billionaires, 118, 119t
financial sector (See financial sector billionaires)
government connections (See political connections)
versus inherited wealth, 20–22
real estate sector (See real estate sector billionaires)
by region, 34t, 34–45, 35f, 37t–41t
rent extraction (See rent seeking)
resources (See resource-related sector)
by sector, 31–34, 33t, 39t–41t
superstardom, 16–17, 24, 147–48
Serum Institute, 31
Severstal, 97
Shanghvi, Dilip, 1, 101–102, 102f
Sherman Antitrust Act, 83
Siemens AG, 70
Sitorus, Martua, 99
size of firms. See firm size
Skolkovo Innovation Center, 170
Slater, Samuel, 70
Slim, Carlos, 86
small and medium-size enterprises (SMEs), 59–60
Snapchat, 127
Solorz-Zak, Zygmunt, 42
Sorrell, Martin, 15
female billionaires, 118–19, 120t
inheritance (See inherited wealth)
self-made (See self-made wealth)
South. See emerging markets
South Korea. See Korea
Spanx, 120
Spiegel, Evan, 127
spillover effects, 93, 105, 105t, 106f, 167
stability index, 136–38, 137t–138t
Standard Oil, 72
Statoil, 74
state-owned firms, 4
as source of wealth, 24–25, 27, 28t, 42
Stolper-Samuelson effect, 100–101
structural transformation, 87–97
inequality and, 148
regional differences in, 89
wealth correlation, 6–7, 89–91, 90f, 92f
Suharto family, 81
Sultan bin Mohammed bin Saud al Kabeer, 44
Sun Pharmaceutical Industries, 1, 101–102, 102f
superrich. See also specific person
admiration of, 145
in advanced countries (See advanced-country billionaires)
age of, 7–8, 127–30, 129f, 130f
classification of, 5
by region, 34t, 34–45, 37t–41t
by sector, 32–34, 33t, 39t–41t
by sources of wealth (See sources of wealth)
in emerging markets (See emerging-market billionaires)
female (See female billionaires)
firm size correlation, 66, 67f
globalization correlation, 108–109, 108f–110f
inequality correlation, 8–9, 153–55, 153f–155f
political power of, 9–10, 84–86
role in economic development, 3–7, 49–52, 97f, 97–98
stability index, 136–38, 137t–138t
transition matrices, 134–35, 136t
wealth distribution among, 158–60, 159f, 159t
superstar theory, 16–17, 24, 147–48
Swagelok, 125
Swatch, 44
Tan, Tony, 36
Taoufik Chaibi, 80
Tata, J. R. D., 144
Tata Company, 144
taxes
estate (See estate taxes)
on unproductive activities, 178–80
Tazreen Fashion factory, 88
technological change, 16–17, 100–101, 127–30
Telmex, 86
Tencent, 108
The Testament (Grisham), 165
Tetley Tea, 144
Texas Instruments, 167
Thiel, Peter, 26
Thyssen, August, 70
Thyssen-Krupp Steel, 70
Tory Burch Foundation, 125
Toyota, 53
tradable sector, 33, 33t, 114t
female billionaires in, 119, 120t
trade. See also globalization
superrich correlation, 108f–110f, 108–11
trickle-down wealth, 105, 105t, 106f
Ulysse Trading and Industrial Companies (UTIC), 80
United Nations Conference on Trade and Development (UNCTAD), 96
United States
female billionaires in, 118, 122t
income inequality in, 150–54, 151f, 160
industrialization in, 70–73, 72f
political power in, 85
self-made man myth in, 54
size of firms in, 56–57, 57f, 60
unproductive wealth, 9, 172–80
US Steel, 72
value added, size of firms and, 55–56, 56f
Vanderbilt, Cornelius, 72
Vardanian, Ruben, 177
Varkey, Sunny, 21
Vietnam, 167
von Finck, Wilhelm, 70
von Siemens, Werner, 69
Votorantim Group, 36
VW, 53
Wallenberg family, 75
Walton, Alice, 118
Walton, Christy, 118
Wanda, 27
Wang Gongquan, 85
Wang Jianlin, 27
Washington, George, 85
wealth. See also superrich
contested versus uncontested, 79–81
distribution of, 158–60, 159f, 159t
economic effects of, 3–7, 49–52, 82–86, 97f, 97–98
estate tax correlation, 175, 175f
GDP growth correlation, 146, 147f, 152, 152f
inequality correlation, 152–55, 153f–154f, 155f
policies to limit, 9
sources of (See sources of wealth)
structural transformation and, 6–7, 89–91, 90f, 92f
wealth inequality, 151–52, 152f, 160–61
Wen Jiabao, 83
Wiese, Christoffel, 31
Wilmar International, 99
Wipro, 17
women. See female billionaires
Wong Kwong Yu, 27
World Bank
Doing Business project, 164–65
Gender at Work report, 124
World Economic Forum Panel, 15
World Top Incomes Database, 150, 153
Xiaomi Tech, 131
Xi Jinping, 145
Yahoo!, 131
Yandex, 44
Yang Huiyan, 118
Yasuda, 75
Yevtushenkov, Vladimir, 42
zaibatsu, 75
Zhou Hongyi, 23
Zhou Qunfei, 117
Zorlu Group, 2
Zulily, 131