The murky money sloshing around the favoured plutocratic playgrounds of New York, London and Paris is nothing new
Save time by listening to our audio articles as you multitask. In 2014devised a crony-capitalism index to measure whether the world was experiencing a new gilded age, characterised by the modern equivalent of the robber barons in late-19th-century America. In 2016, when we last visited our index, we found that crony-capitalists had thrived during the 2000s but were beginning to feel the heat from trustbusters in the rich world and anti-corruption purges in developing countries.
Our index uses 25 years of data from Forbes’s annual stock-take of the world’s billionaires. In 2021 the publication listed 2,755 individuals with total estimated wealth of $13trn. We have classified the main source of each billionaire’s wealth into crony and non-crony sectors. Our crony sectors include a host of industries that are vulnerable to rent-seeking because of their proximity to the state, such as banking, casinos, defence, extractive industries and construction.
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