The Wealth of the Elite Toward a New Gilded Age
This book analyses the processes through which the modern forms of large fortunes are amassed. Despite the recent spate of governmental and non-governmental interest in inequality (be it wealth or income), the most privileged and fortunate have not genera
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The Wealth of the Elite
Stamatios Tsigos • Kevin Daly
The Wealth of the Elite Toward a New Gilded Age
Stamatios Tsigos Melbourne, Australia
Kevin Daly Western Sydney University Campbelltown, NSW, Australia
ISBN 978-981-15-2147-8 ISBN 978-981-15-2148-5 (eBook) https://doi.org/10.1007/978-981-15-2148-5 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Singapore Pte Ltd. 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Contents
1 Introduction 1 Introduction 1 Objectives of the Book 4 Limitations of the Study 7 Organisation of the Book and Main Findings 8 Contributions 10 References 11 2 Literature Review: The Wealthy as a Sui Generis 15 Introduction 15 Conceptualising Wealth 17 Review of Scholarship on the Rich 26 Theoretical Studies of the Rich 26 Contemporary Empirical Studies of Wealth 31 Summary 34 References 35 3 Trends in Wealth and the Rise of the Elite 39 Introduction 39 Methodology and Data 40 Analysing Trends and Assigning Causality 40 Constructing the Billionaires Database 41 Macroeconomic Data on Wealth and Income Distribution 45
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vi Contents
An Initial Exploration of Wealth and the Global Rich 46 Comparison of Wealth-Income Ratios Across Advanced Economies 46 The Return on Wealth and National Income Growth 49 Trends in Billionaire Wealth Holdings 53 The Impact of the GFC on Billionaire Numbers 58 Regional Trends 61 Inheritance and Self-Made Wealth 65 Summary 70 References 71 4 The Rise of the Dual Economy: Wealth Accumulation and Inequality 75 Introduction 75 Conceptu
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