 The International Mobility of BillionairesNo 904, Working Paper Series from Research Institute of Industrial Economics Abstract: Relying on Forbes Magazine annual rankings for two decades, 1625 billionaires and their countries of birth and residence are identified, most of whom are self-made entrepreneurs. 13 percent of billionaires reside in a country other than that of their birth. Migration is linked to distance, to cultural ties and to the per capita income of the respective source and host country. Capital taxes have a statistically significant though economically modest effect. 80 percent of those who moved migrated from a lower per capita income to a higher per capita income country and 70 percent from a higher tax country to a lower tax country. Self-made billionaires are more likely to move to countries with larger market sizes. Overall surprisingly few billionaire entrepreneurs migrate. Previous research has found that self-employed tend to work in their home community at higher rates than employees. Entrepreneurship too appears to be local, with private equity be characterized by a home bias. One explanation may be the wide dispersion and local nature of information as emphasized by Hayek. Keywords: Entrepreneurship; Migration; Taxes (search for similar items in EconPapers) Published as Sanandaji, Tino, 'The International Mobility of Billionaires' in Small Business Economics, 2014, pages 329-338. Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:hhs:iuiwop:0904 Access Statistics for this paper More papers in Working Paper Series from Research Institute of Industrial Economics Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden. Contact information at EDIRC. |
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