Index

advanced countries. See also specific country transition matrices, 134–35, 136t age of firms in, 131–33, 132t, 133f AEG, 70 displacement of firms in, 94–96 Africa foreign direct investment, 96, 96f size of firms in, 59 globalization and, 107t, 107–11 sources of wealth in, 31, 44–45 inequality in, 145–61 superrich in, 34t, 34–45, 35f, 37t–41t, philanthropy in, 175–77 44–45 resource allocation in, 53 age size of firms in, 55–56, 56f of firms, 130–34, 132t unproductive wealth in, 172–80 of superrich, 7–8, 127–30, 129f, 130f wealth distribution in, 157–160, 159f, Alakija, Foloronsho, 17, 125 159t Alekporov, Vagit, 24 advanced-country billionaires. See also Alibaba, 1, 31, 53, 63, 108 specific person Allianz, 70 admiration of, 145 allocative efficiency. See resource allocation age of, 127–28, 129f, 130f Almarai, 44 female, 118, 119t–122t Altrad, Mohed, 44 list of, 113t–114t Amazon, 53, 131 number of Ambani, Mukesh, 50 versus emerging markets, 21, 22f–23f Ambev, 96 by region, 34t, 34–45, 35f, 37t–41t American Airlines, 176 by sector, 32–34, 33t, 39t–41t American Tobacco, 72 real net worth, 32, 32f Angelini Group, 126 sources of wealth, 2–3, 16–29 (See also Angelini Rossi, Patricia, 126 inherited wealth; self-made wealth) Angelini Rossi, Roberto, 126 versus emerging markets, 27, 28t, Anglo countries. See also specific country 34–45 inequality in, 150–51 stability index, 136–38, 137t–138t superrich in, 34t, 34–45, 35f, 37t–41t

189

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html Anheuser-Busch, 53, 72 development in, 71f, 71–72 Apple, 62, 105, 105t, 106f employees per firm in, 87, 88f Arab Spring, 156–57 mega firms in, 65, 66f, 67 Arango, Jeronimo, 87 philanthropy in, 177 Arcelik, 2 sources of wealth in, 41–43, 42t Argentina, 79 Brito, Carlos, 96 Arnall, Sue Ann, 25 Buffett, Warren, 62, 145 Asia. See also specific country Burch, Tory, 125 crony capitalism in, 77–78, 81 bureaucracy, 164–65 globalized firms in, 108 business climate, 9, 163–72 size of firms in, 75–79 business networks, 123–24 sources of wealth in, 31, 35–36, 45 Byanyima, Winnie, 15 superrich in, 34, 34t, 35f, 35–36, 37t–41t, 45 Cadogan Estates, 131n Association of Southeast Asian Nations Calderon Rojas, Francisco, 87 (ASEAN), 36 Calderon Rojas, Jose, 87 Aventis (Hoechst), 69 California Packing (Del Monte), 72 Campbell Soup, 73 Baidu, 35, 63, 94, 108 capital Bangladesh, 88 allocation of (See resource allocation) BASF, 69, 70 returns to, 100–101 Bayer, 69, 70 capitalism, 86 Bayer, Friedrich, 70 capital markets, development of, 171–72 Ben Ali, 80–81 Caraco Pharma, 101 Benetton, Giuliana, 125 Carlsberg, 74 Benz, Karl, 70 Carnegie, Andrew, 72, 173, 176, 178 Bermuda, 173 , 80 Bestseller, 75 Carter, Amon, 176 Botelho, Mauricio, 171 Casino, 80 Bettencourt, Liliane, 18, 118 Celtel, 44 Bharat Forge, 50–51 , 80, 87 big firms. See mega firms CEOs, 62–65 billionaire class. See superrich Cevital, 44 Birkeland, Kristian, 75 chaebol, 76, 86, 168 Blakely, Sara, 120, 125 Chandler, Alfred, 6 Blavatnik, Leonard, 177 Chang, Leslie, 88 Bombardier, 171 Chang Yun Chung, 77 Bozano, Julio, 171 Chan Laiwa, 118 Chapman, James, 176 despachante, 165 Chaudhary, Binod, 45 development in, 71f, 71–72 Cheezheng Tibetan Medicine, 117 employees per firm in, 87, 88f Chen, Leo, 127 industrial policy in, 170–71 Chery, 78–79 mega firms in, 65, 66f, 67 Cheung Yan, 35 philanthropy in, 177 Chile, 80, 102–103 regulation in, 165 China sources of wealth in, 41, 42t banking sector in, 94 BRF, 87 competition policy in, 83 BRICS countries. See also specific country crony capitalism in, 77–78

190 RICH PEOPLE POOR COUNTRIES

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html development in, 71–72, 71f–72f, 167 Dangote, Aliko, 44 employees per firm in, 87, 88f death of CEO, 64 globalization and, 108 Del Monte (California Packing), 72 inequality in, 150–51 democracy, 85–86 insurance industry in, 83 Denmark, 74–75 mega firms in, 65–67, 66f, 77–79, 78t despachante, 165 philanthropy in, 177 developed countries. See advanced countries private sector in, 66 developing countries. See emerging markets size of firms in, 58, 58f development superrich in, 35–36 history of (See historical experiences) company leaders, 63 inequality and (See inequality) female, 117–18, 121t, 124 philanthropy in, 176 sources of wealth, 42t promotion of, 163–72 turnover of, 137–38 role of wealth in, 3–7, 49–52, 82–86, 97f, Cho, Heather, 143–44 97–98 Cifra, 87 size of firms and, 49–52, 57–58, 58f, Coca-Cola, 72 74–79 Cohen, Steven, 26 stages of, 71–72 Collins, Edward, 72 structural transformation (See structural Coloplast, 75 transformation) communication technology, 16–17 trade correlation, 110f, 110–11 communism, 70 Diana Project, 123 Compania Manufacturera de Papeles y discrimination, gender, 120–24 Cartones (CMPC), 102–103, 103f Dominican Republic, 168 company executives. See executives Duke, James B., 72 company founders, 23–24. See also specific person ease of entry, 9, 164–65 in advanced countries, 16 East Hope Group, 78 distribution of, 27, 28t eBay, 131 in emerging markets, 1–3, 16, 36 ECCO, 75 female, 119, 121t–122t economic development. See development versus inherited wealth, 20–22 Economist’s Big Mac index, 166n job creation by, 91–93, 93t Egypt, 156 political connections of, 23–24 , 170–71 regional differences, 31, 34–45, 37t–38t emerging markets. See also specific country company leaders, 62–65 age of firms in, 130–34, 132t, 133f, 134f comparative advantage, 62n aversion to large firms in, 54 competition, 51–52, 79–84, 94–96, 168 development in (See development) concessional financing, 9 foreign direct investment, 96, 96f Corporate Knights’ sustainable companies globalization and, 107t, 107–11 list, 63 inequality in, 145–61 corruption, 26–27 mega firms in, 65–67, 66f Costa Rica, 167, 168 philanthropy in, 176–78 crony capitalism, 10, 54, 77–78, 81 resource allocation in, 53 Cullen, Hugh Roy, 176 share of superrich in, 89, 89t unproductive wealth in, 172–80 Daewoo, 76 wealth distribution in, 158–60, 159f, 159t Daimler, Gottlieb, 70 emerging-market billionaires. See also specific Daimler Benz, 70 person

INDEX 191

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html admiration of, 145 executives, 24 age of, 127–30, 129f, 130f distribution of, 27, 28t female, 117–19, 119t–122t job creation, 91–93, 93t job creation, 91–93, 93t regional differences, 37t–38t list of, 113t–114t exports. See also trade number of, 2–3, 6, 7f size of firms and, 60–62, 61f versus advanced countries, 21, superrich correlation, 108, 108f 22f–23f extreme wealth. See superrich by region, 34t, 34–45, 35f, 37t–41t Exxon, 72 by sector, 32–34, 33t, 39t–41t real net worth, 32, 32f Facebook, 17, 24, 108, 127 role in economic development, 3–7, female billionaires, 7–8, 117–26 49–52 barriers for, 120–24 sources of wealth, 2–3, 16–29 (See also in China, 117–18, 121t, 124 inherited wealth; self-made wealth) example of, 117 versus advanced countries, 27, 28t, inherited wealth, 118, 119t, 125–26 34–45 by region, 121t–122t stability index, 136–38, 137t–138t resource allocation and, 124 transition matrices, 134–35, 136t by sector, 118–19, 120t versus US robber barons, 73, 74t, 83 sources of wealth, 118–19, 120t employment support for, 125 effect of mega firms on, 87–88, 88f Femsa, 87 job creation, 51, 60, 91–93, 93t financial sector billionaires size of firms and, 55–57, 56f–57f, 60 distribution and wealth of, 26–27, 28t, structural transformation and, 89–91, 31, 33, 33t 90f female, 118–19, 120t wages, 100–101 regional differences, 34–45, 37t–38t energy price, 25f, 25–26 sources of wealth, 179, 179t Engelhorn, Friedrich, 70 unproductive wealth of, 178–79 entrepreneurship. See also company financial systems, 171–72 founders Financial Times (FT) Emerging Market 500 promotion of, 163–72 list, 50, 66, 87, 91 as source of wealth, 16–17 Financial Times (FT) Global 500 list, 87, 88f equity, promotion of, 163–80 financing estate taxes access to, 123–24, 171–72 per capita GDP and, 174f, 174–75 concessional, 9 philanthropy promoted by, 175–78 firm entry, 9, 164–65 raising or imposing, 172–75 firm size, 52–67. See also mega firms; specific wealth correlation, 175, 175f company Europe. See also specific country in advanced countries, 55–56, 56f age of firms in, 130–31 company management and, 62–65 female billionaires in, 121t by country, 77, 78t globalized firms in, 108 economic development correlation, philanthropy in, 176 49–52, 57–58, 58f, 74–79 property rights in, 84 exporting, 60–62, 61f size of firms in, 55–56, 56f, 60–61, 74–75 growth-employment correlation, 57, 57f sources of wealth in, 31, 42 lists of largest companies, 3 superrich in, 34, 34t, 35f, 37t–41t, 41–43 mid-sized firms, 58–60 exchange rate, 166–67 superrich correlation, 66, 67f

192 RICH PEOPLE POOR COUNTRIES

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html wealth and, 70–73, 81–82 talent differences, 100–101 Fontbona, Iris, 118 trickle-down wealth, 105, 105t, 106f Forbes Global 2000 list, 3, 49–50, 66, 67f, 94 GM, 53 Forbes measures of inequality, 153, 155 Goi, Sam, 63, 98 Forbes World’s Billionaires List, 3, 10, Gonda Rivera, Eva, 87, 118 19–20, 107, 130 Google, 108 Ford, 72 Gou, Terry, 31, 50 foreign direct investment (FDI), 96, 96f, government connections. See political 167–68 connections foreign markets. See globalization; trade government policies, 163–80 Fortune 500 list, 3, 11, 65, 67 ease of entry, 164–65 Foshan Haitian Flavoring Company, 131 exchange rate, 166–67 Foxconn, 31, 50, 88 foreign direct investment, 167–68 Freeland, Chrystia, 127–28 industrial policy, 168–72 FT Emerging Market 500 list, 50, 66, 87, 91 trade openness, 165–66 FT Global 500 list, 87, 88f Great Wall Motors, 93 Fu Wah International Group, 118 Grendene, 41 Grendene Bartelle, Alexandre, 41 Gates, Bill, 145 Grisham, John, 165 GDP growth Grosvenor Group, 131n employment share and, 57, 57f Groupon, 131 trade correlation, 110f, 110–11 growth. See development wealth correlation, 146, 147f, 152 f, Grupo Boticario, 31 152–54 GDP per capita Halske, Johann Georg, 70 development and, 72, 73f Halyk Bank, 50 estate taxes and, 174f, 174–75 Hamami, Achmad, 36 export share and, 60–61, 61f Hamm, Harold G., 25 number of billionaires by, 6, 7f Hayek, Nicholas, 44 sectoral composition of employment Hayek Engineering, 44 and, 89–90 hedge fund wealth, 9 superrich correlation, 97f, 97–98 Heinz, 73 GEMS Education, 20–21 Hewlett-Packard, 167 gender. See female billionaires He Xiangjian, 17, 99 General Electric, 72 historical experiences, 69–86 geographical region. See also specific region Asia, 75–79 female billionaires by, 121t–122t competition, 79–81 stability index by, 136–38, 137t–138t economic effects of wealth, 82–86 superrich classified by, 34t, 34–45, 35f, Europe, 74–75 37t–41t government policies, 164 GE Plastics, 96 Soviet Union, 81–82 German chemicals industry, 69–70 United States, 70–73 German Ebbinghaus, 102 H&M, 103 Gini index, 155f , 155 Ho, Pansy, 118 global growth incidence curve, 148, 149f Hoechst (Aventis), 69 globalization, 16–17, 99–114. See also trade Home Credit, 26 examples of, 101–105 Hudson’s Bay Company, 130–31 regional differences, 108 Hyde, Sam, 75 superrich correlation, 107–11, 108f–110f Hyundai, 76, 168

INDEX 193

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html Ibrahim, Mo, 44, 177 Jiangxi Copper, 94 ICBC, 94 Japan, 75–76 Imperial Tobacco, 73 Jefferson, Thomas, 85 income distribution. See inequality Jianjun Wei, 93 income effects, 93, 109–10 João da Silva, Eggon, 99 India job creation, 51, 60, 91–93, 93t development in, 71f, 71–72, 167 Jobs, Steve, 62 employees per firm in, 87, 88f Jollibee, 36 inequality in, 150 JYSK, 75 mega firms in, 65, 66, 66f, 67 philanthropy in, 177 Kalyani, Baba, 50–51 size of firms in, 58f, 58–59 keiretsu, 76 superrich in Kellner, Petr, 26, 177–78 company leaders, 64 Khodorkovsky, Mikhail, 85, 128 sources of wealth, 2, 42t, 45 Knight Frank, 19 turnover of, 137–38 Koç Holdings, 2 Inditex, 103–104, 104f Korea Indonesia, 81 chaebol, 76, 86, 168 industrialization, 70–76, 89–91 development in, 76, 85–86 industrial policy, 168–72 estate taxes in, 172 inequality, 8–9, 145–61 industrial policy in, 168–69 Arab Spring and, 156–57 Korean Air, 143 global income distribution, 148, 149f Koum, Jan, 23 income versus wealth, 151–52, 152f, Kovner, Bruce, 26 160–61 Krigsner, Miguel, 31 wealth correlation, 152–53, Krupp, Friedrich, 70 153f–155f,155 Kulibaev, Timur, 50 within-country, 149–50 Infosys, 45 labor allocation. See resource allocation inherited wealth, 3, 18 Lagarde, Christine, 149–50 age factors, 128–33, 129f, 132t Lai Changxing, 128 combined with work, 21–22 Latin America. See also specific country distribution of, 27, 28t globalized firms in, 108 family control and, 143–44 industrial policy in, 168–71 female billionaires, 118, 119t, 125–26 political connections in, 31 job creation, 91–93, 93t resource-related wealth in, 31 regional differences, 31–45, 37t–41t size of firms in, 59 versus self-made wealth, 20–22 superrich in, 34, 34t, 35f, 36–41, 37t–41t taxes (See estate taxes) leadership, 62–65 innovation, promotion of, 163–80 Lean In (Sandberg), 125 Intel, 62, 167 Lee Kuan Yew, 76–77 , 96 Lee Kun-hee, 22, 62–63, 126 international markets. See globalization; Lego, 75 trade Leg Up, 125 International Paper Company, 72 Lei Jufang, 117, 124, 125 Israel, 43n Lei Jun, 131 Ivanishvili, Boris, 85n Lens Technology, 117 LG, 168 Jaguar Land Rover, 94, 96, 144 Li, Robin, 35, 63, 85, 94

194 RICH PEOPLE POOR COUNTRIES

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html “lifting the small boats” speech (Lagarde), inequality in, 156–57, 157f 149–50 sources of wealth in, 31, 43f, 43–44, Li Ka-shing, 145 97–98, 157 Lim Oon Kuin, 77 superrich in, 34t, 34–45, 35f, 37t–41t, Liu Yongxing, 78 43–44 L’Oréal, 18 Midea, 17, 87, 99 Lozick, Catherine, 125 mid-sized firms, 58–60 Lucchini, 96 Milken, Michael, 26 Lukoil, 24 Milner, Yuri, 127 Luxembourg Wealth Survey (LWS), 152 Mitsubishi, 75 Mitsui, 75 Ma, Jack, 1, 31, 63, 85 Mittal, Aditya, 127 Mabrouk, Marouane, 80 Mobil, 72 Madison, James, 85 monopoly power, 83 Magnitogorsk Iron and Steel, 94 Monroe, James, 85 Ma Huateng, 85 Moskovitz, Dustin, 127 Makarov, Igor, 17 Motorola, 167 management, 62–65 Multifiber Agreement, 104 Marcos family, 81 Murphy, Bobby, 127 market distortion, 171–72 Mars, Jacqueline, 118 Natura Cosmeticos, 63, 103 massive open online courses (MOOCs), 100 natural resources. See resource-related Mata Pires, Cesar, 17 sector Matte, Eliodoro, 103 Nazarbayev, Nursultan, 50 Matte, Luis, 102–103, 103f Nestlé, 18 Mazumdar-Shaw, Kiran, 123 new sector, 33, 33t, 113t McDonald’s, 81 age of billionaires in, 127–30 Medvedev, Dmitry, 170 age of firms in, 134, 135f mega firms, 49–68. See also firm size; specific female billionaires in, 119, 120t company nontradable sector, 33, 33t, 41, 114t in advanced countries, 55–56, 56f, 94, 95f age of firms in, 134, 135f aversion to, 54 female billionaires in, 119, 120t competition between, 94–96, 95f Norsk Hydro, 74, 75 by country, 77, 78t North. See advanced countries in emerging markets, 65–67, 66f, 94, 95f Norway, 74–75 employment effects of, 87–88 number of, 49–50 OAS, 17 role in development, 5–6, 49–52 Obama, Barack, 145, 160 structural transformation and, 87–88, O’Brien, Denis, 24 148 Occupy movement, 150 superrich correlation, 66, 67f Open Gate Foundation, 178 wealth without, 70, 79–81 openness to trade, 9, 164–66 without wealth, 70, 81–82 Ortega, Amancio, 17, 103–104, 104f Mexico, 168 Microsoft, 104–105 Pacific International Lines, 77 middle class, 4 Pareto distribution, 158 Middle East and North Africa (MENA). See Park Chung-hee, 168 also specific country Paulmann, Horst, 80 development in, 97–98 PayPal, 26

INDEX 195

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html Pepkor, 31 size of firms and, 54 Peralto, Carlos, 18 as source of wealth, 17, 24–27, 28t Perkin, William, 69 resource allocation, 4–5, 49–67 Persson, Liselott, 103 in advanced countries, 55–56, 56f Persson, Stefan, 103 company management and, 62–65 philanthropy, 175–78 economic development correlation, Philippines, 81 57–58, 58f Piketty, Thomas, 146–47, 154 efficient, promotion of, 163 Ping An Insurance, 83 exporting and, 60–62, 61f political connections female entrepreneurs and, 124 of company founders, 23–24 growth-employment correlation, 57, 57f development and, 80–81 indicators of, 53 of female billionaires, 119, 123 job creation and, 60 regional differences, 31, 34–45, 77–78 size of firms and, 58–60 size of firms and, 54 resource-related sector, 3, 24 as source of wealth, 3, 10, 24–27, 28t female billionaires in, 119, 120t political correctness bias, 149 job creation in, 91–93, 93t political power, 9, 84–86 list of billionaires in, 113t Poo, Murdaya, 26 regional differences, 31–32, 33t, 34–45, Poonawalla, Cyrus, 31 37t–38t Poroshenko, Petro, 42 return to capital, 100–101 Premji, Azim, 17 revolutions, inequality and, 156–57 private sector, role of, 4 Rinehart, Gina, 20, 118 privatized firms, 4 robber barons, 73, 74t, 83 job creation, 91–93, 93t Rockefeller, John D., 72 as source of wealth, 24–25, 27, 28t, 42 Rong Yiren, 36n production, integration of, 105, 106f Rose of Sharon Foundation, 125 productivity Rostneft, 17 gains, 4–5, 7, 51–53 Rouge Steel, 96 promotion of, 163–72 Rowling, J. K., 125 property rights, 84, 164 Russia Putin, Vladimir, 145, 170 development in, 71f, 71–72 employees per firm in, 87, 88f Qihoo 360, 23 industrial policy in, 170 Qi Xiangdong, 23 mega firms in, 65, 66f, 67 philanthropy in, 177 Rathenau, Walther, 70 sources of wealth in, 42t, 42–43 real estate sector billionaires distribution and wealth of, 26–27, 33t, SAC Capital Advisors, 26 33–34 Samsung, 53, 62–63, 76, 126, 167, 168 female, 118–19, 120t Sandberg, Sheryl, 24, 125 unproductive wealth of, 179–80 Saudi Basic Industries Corporation, 96 Rebrab, Issad, 44 Seabra, Antonio Luiz, 63, 103 redistribution, 146–48 sector. See also specific sector regulation, 164–65 age of billionaires by, 130, 130f Reliance Industries, 50 age of firms by, 134, 135f rent seeking, 3, 11 female billionaires by, 118–19, 120t examples of, 17 industrial policy focus on, 170–71 inequality and, 157 list of superrich by, 113t–114t

196 RICH PEOPLE POOR COUNTRIES

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html superrich classified by, 32–34, 33t, South Africa, 31, 45, 71 39t–41t South Korea. See Korea self-made wealth Soviet Union, 81–82 age factors, 127–33, 129f, 132t Spanx, 120 classification of, 22–28 Spiegel, Evan, 127 company founders (See company spillover effects, 93, 105, 105t, 106f, 167 founders) stability index, 136–38, 137t–138t distribution of, 27, 28t Standard Oil, 72 executives (See executives) Statoil, 74 external factors affecting, 25f, 25–26 state-owned firms, 4 female billionaires, 118, 119t job creation, 91–93, 93t financial sector (See financial sector as source of wealth, 24–25, 27, 28t, 42 billionaires) Stolper-Samuelson effect, 100–101 government connections (See political structural transformation, 87–97 connections) inequality and, 148 versus inherited wealth, 20–22 job creation, 91–93, 93t job creation, 91–93, 93t mega firms and, 87–88, 148 real estate sector (See real estate sector regional differences in, 89 billionaires) wealth correlation, 6–7, 89–91, 90f, 92f by region, 34t, 34–45, 35f, 37t–41t Suharto family, 81 rent extraction (See rent seeking) Sultan bin Mohammed bin Saud al Kabeer, resources (See resource-related sector) 44 by sector, 31–34, 33t, 39t–41t Sun Pharmaceutical Industries, 1, 101–102, superstardom, 16–17, 24, 147–48 102f Serum Institute, 31 superrich. See also specific person Severstal, 97 admiration of, 145 Shanghai-GM, 78–79 in advanced countries (See advanced- Shanghvi, Dilip, 1, 101–102, 102f country billionaires) Sherman Antitrust Act, 83 age of, 7–8, 127–30, 129f, 130f Siemens AG, 70 classification of, 5 Singapore, 76–77, 98, 167 by region, 34t, 34–45, 37t–41t Sitorus, Martua, 99 by sector, 32–34, 33t, 39t–41t size of firms. See firm size by sources of wealth (See sources of Skolkovo Innovation Center, 170 wealth) Slater, Samuel, 70 in emerging markets (See emerging- Slim, Carlos, 86 market billionaires) small and medium-size enterprises (SMEs), female (See female billionaires) 59–60 firm size correlation, 66, 67f Snapchat, 127 gender of, 7–8 Solorz-Zak, Zygmunt, 42 globalization correlation, 108–109, Soros, George, 127, 177 108f–110f Sorrell, Martin, 15 inequality correlation, 8–9, 153–55, sources of wealth, 2–3, 16–29 153f–155f age factors, 127–30, 129f number of, 6, 7f female billionaires, 118–19, 120t political power of, 9–10, 84–86 inheritance (See inherited wealth) psychology of, 127–28, 143–44 regional differences, 34–45 real net worth, 32, 32f self-made (See self-made wealth) role in economic development, 3–7, South. See emerging markets 49–52, 97f, 97–98

INDEX 197

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html stability index, 136–38, 137t–138t United Nations Conference on Trade and talent, 100–101, 178 Development (UNCTAD), 96 transition matrices, 134–35, 136t United States wealth distribution among, 158–60, 159f, estate taxes in, 172–75 159t female billionaires in, 118, 122t superstar theory, 16–17, 24, 147–48 income inequality in, 150–54, 151f, 160 supply chain, 105, 106f industrialization in, 70–73, 72f Swagelok, 125 philanthropy in, 175–77 Swatch, 44 political power in, 85 robber barons in, 73, 74t, 83 talent, 100–101, 178 self-made man myth in, 54 Tan, Tony, 36 size of firms in, 56–57, 57f, 60 Taoufik Chaibi, 80 unproductive wealth, 9, 172–80 Tata, J. R. D., 144 US Steel, 72 Tata, Ratan, 22, 144, 145 Tata Company, 144 value added, size of firms and, 55–56, 56f Tata Motors, 94–96 Vanderbilt, Cornelius, 72 taxes Vardanian, Ruben, 177 estate (See estate taxes) Varkey, Sunny, 21 on unproductive activities, 178–80 Vestel Group, 2, 62 Taxis family, 130–31 Vietnam, 167 Tazreen Fashion factory, 88 von Finck, Wilhelm, 70 technological change, 16–17, 100–101, von Siemens, Werner, 69 127–30 von Thurn family, 130–31 Telmex, 86 Votorantim Group, 36 Tencent, 108 VW, 53 The Testament (Grisham), 165 Tetley Tea, 144 wages, 100–101 Texas Instruments, 167 Wallenberg family, 75 Thiel, Peter, 26 Walmart, 60, 87 Thyssen, August, 70 Walmex, 53, 87 Thyssen-Krupp Steel, 70 Walton, Alice, 118 Tory Burch Foundation, 125 Walton, Christy, 118 Toyota, 53 Wanda, 27 tradable sector, 33, 33t, 114t Wang Gongquan, 85 age of firms in, 134, 135f Wang Jianlin, 27 female billionaires in, 119, 120t Washington, George, 85 trade. See also globalization wealth. See also superrich GDP correlation, 110f, 110–11 contested versus uncontested, 79–81 openness to, 9, 164–66 distribution of, 158–60, 159f, 159t size of firms and, 60–62, 61f economic effects of, 3–7, 49–52, 82–86, superrich correlation, 108f–110f, 108–11 97f, 97–98 trickle-down wealth, 105, 105t, 106f estate tax correlation, 175, 175f Tunisia, 80–81, 156 GDP growth correlation, 146, 147f, 152, tycoonomics, 3–5 152f inequality correlation, 152–55, 153f–154f, Ulysse Trading and Industrial Companies 155f (UTIC), 80 mega firms without, 70, 81–82 policies to limit, 9

198 RICH PEOPLE POOR COUNTRIES

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html sources of (See sources of wealth) Gender at Work report, 124 structural transformation and, 6–7, World Economic Forum Panel, 15 89–91, 90f, 92f World Top Incomes Database, 150, 153 trickle-down, 105, 105t, 106f unproductive, 9, 172–80 Xiaomi Tech, 131 without mega firms, 70, 79–81 Xi Jinping, 145 wealth inequality, 151–52, 152f, 160–61 Wealth-X, 19, 21, 177 Yahoo!, 131 WEG, 50, 99 Yandex, 44 Wen Jiabao, 83 Yang Huiyan, 118 WhatsApp, 23, 131 Yasuda, 75 Wiese, Christoffel, 31 Yevtushenkov, Vladimir, 42 Wilmar International, 99 Winfrey, Oprah, 120, 125, 145 zaibatsu, 75 Wipro, 17 Zara, 17, 103–104 women. See female billionaires Zhou Hongyi, 23 Wong Kwong Yu, 27 Zhou Qunfei, 117 working conditions, 87–88 Zorlu, Ahmet Nazif, 1–2, 62 World Bank Zorlu Group, 2 Doing Business project, 164–65 Zuckerberg, Mark, 17, 127 Enterprise Surveys, 57–58 Zulily, 131

INDEX 199

© Peterson Institute for International Economics | www.piie.com http://bookstore.piie.com/book-store/7038.html