Nurturing Billionaires (Manila Standard Today)

Manila Standard Today discusses CPS report SuperEntrepreneurs.

To read the full article, visit the Manila Standard Today website.

“There is, however, another side to the question of entrepreneurship and that is a policy question. What nobody seems to dispute is that entrepreneurship is the primary engine for growth for most economies of the world. The question of nurturing entrepreneurship is one that is important to many countries. In April of 2014, the UK Centre for Policy Studies released a report promising to shed light on precisely this question.

The report is entitled SuperEntrepreneurs (Sanandaji & Sanandaji). The study adopts economist Joseph Schumpeter definition of entrepreneurship: the creation of innovative and growth-oriented firms. To identify the creators of the most successful innovative companies, the researchers mined the list of Forbes list of richest people between 1996 and 2000, identify 1000 self-made billionaires, the SuperEntrepreneurs.

The study provides some very interesting observations. The “SuperEntrepreneurs” founded half of the largest new firms since the end of the Second World War. 42 percent of Western European billionaires in the sample are self-made, sharply contrasting with 70 percent in the US and almost 100 percent in China. The proportion of SuperEntrepreneurs vary significantly by country, with Hong Kong (3 per million), Israel, the US, Switzerland, and Singapore topping the list.”

To read the full article, visit the Manila Standard Today website.

Date Added: Friday 6th March 2015