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How Did The Wealthiest Australians Get So Rich?

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  • John J. Siegfried
  • David K. Round

Abstract

Two hundred sixty‐three of the largest Australian fortunes are classified by date and industry of origination. More began in property development, sheep ranching and clothing manufacturing than in other industries. First generation immigrants own more than twice the number of fortunes as would be expected on the basis of their proportion of the population. A panel of experts judged that three‐quarters of the fortunes originated in competitive industries. One explanation for large fortunes accumulating in competitive industries is extraordinary returns to disequilibrium (innovation and product differentiation). Other explanations include the assumption of risk and the return to scarce entrepreneurial and managerial skills. Progress in communication and transport technology have made it possible to leverage modest Ricardian rents into large profits via chain operations.

Suggested Citation

  • John J. Siegfried & David K. Round, 1994. "How Did The Wealthiest Australians Get So Rich?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 40(2), pages 191-204, June.
    • Handle: RePEc:bla:revinw:v:40:y:1994:i:2:p:191-204
    DOI: 10.1111/j.1475-4991.1994.tb00058.x
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    Cited by:

    1. Sałach, Katarzyna & Brzeziński, Michał, 2022. "Political connections and the super-rich in Poland," Economic Systems, Elsevier, vol. 46(4).
    2. Lachlan Hotchin & Andrew Leigh, 2024. "Inequality and Market Concentration: New Evidence from Australia," CAMA Working Papers 2024-12, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    3. Jason Potts, 2006. "How Creative are the Super-Rich?," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 13(4), pages 339-350.
    4. Aloys Prinz, 2016. "Do capitalistic institutions breed billionaires?," Empirical Economics, Springer, vol. 51(4), pages 1319-1332, December.
    5. Eric Neumayer, 2004. "The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires," Applied Economics Letters, Taylor & Francis Journals, vol. 11(13), pages 793-796.
    6. Tim Hazledine, 1998. "Rationalism Rebuffed? Lessons from Modern Canadian and New Zealand Competition Policy," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 13(1), pages 243-264, April.
    7. Saibal Ghosh, 2016. "Billionaire Wealth, Firm Performance and Financial Crisis: An Empirical Analysis for India," South Asian Journal of Macroeconomics and Public Finance, , vol. 5(2), pages 133-156, December.
    8. Marcelo Medeiros, 2006. "Poverty, inequality and redistribution: A methodology to define the rich," Working Papers 18, International Policy Centre for Inclusive Growth.
    9. Benno Torgler & Marco Piatti, 2013. "Extraordinary Wealth, Globalization, And Corruption," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59(2), pages 341-359, June.
    10. Beck Hanno & Prinz Aloys, 2014. "Willkommen in Schumpeters Hotel: Zur Dynamik der Vermögensverteilung / Welcome to Schumpeter's hotel – On the dynamics of the distribution of wealth," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 65(1), pages 263-278, January.
    11. Andrew Leigh & Adam Triggs, 2016. "Markets, Monopolies and Moguls: The Relationship between Inequality and Competition," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 49(4), pages 389-412, December.
    12. Schüssler, Reinhard & Funke, Claudia, 2002. "Vermögensbildung und Vermögensverteilung: Der Prozess der Vermögensbildung und die Vermögensverteilung bei den Privaten Haushalten in Deutschland. Analyse und Zukunftsszenarien," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 74, number 74, March.
    13. Pamela Katic & Andrew Leigh, 2016. "Top Wealth Shares in Australia 1915–2012," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(2), pages 209-222, June.

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