The backgrounds of 1,000 self-made men and women who have earned at least $1 billion dollars through entrepreneurship – the SuperEntrepreneurs – are examined in SuperEntrepreneurs – and how your country can get them, by Tino and Nima Sanandaji.
See an introductory infographic by clicking here.
- Nima Sanandaji, Daily Telegraph: Entrepreneurs power the best economies
- Daily Telegraph front page story: Britain must cut taxes and red tape to produce more entrepreneurs
- The Times: Who wants to be a billionaire? Follow this simple guide
- Daily Mail: Who wants to be a billionaire? New study reveals the secrets of the 1,000 people who turned an idea into a fortune
- Daily Mail: Britain's high taxes and red tape are keeping it out of world league for entrepreneurs, warns think tank
- Sunday Times: How to get rich, by those who've done it
- NBC News: Billionaires: Where and why they thrive
- Richard Branson, Virgin: Long-term thinking needed to support entrepreneurs
- Entrepreneur.com: Self-Made Billionaires Around the Globe: Where and Why They Thrive (Infographic)
- Times of India: Here's why the US is so good at producing self-made billionaires
- Robert Peston, BBC News: UK 'a tax haven for multinationals'
- Business Insider: The Countries Where It's Easiest To Become A Self-Made Billionaire
- Today.com: Self-Made Billionaires Around the Globe: Where and Why They Thrive (Infographic)
- Lewis Brown, City A.M.: How Britain can nurture the next generation of super-entrepreneurs
- Georgia News Day: Who wants to be a billionaire? New study reveals the secrets of the 1,000 people who turned an idea into a fortune
- MSN News: Britain 'holding back whizz kids'
- The Mirror: Does Britain have too few “self-made billionaires”?
- Yahoo! Hong Kong: 在港創業最易變億萬富豪
- City A.M. Letters: Super-billionaires
- Daily Telegraph: How can we encourage British entrepreneurs?
- Contrepoints: Le rôle des "super entrepreneurs"
- MSN News: What Las Vegas can teach us about backing entrepreneurs
- Huffington Post Deutschland: Vom Tellerwäscher zum Milliardär - in diesen Ländern werden Sie am schnellsten reich
- CNBC: Self-made billionaire: The how-to guide
- International Business Times: 'UK Should Scrap 45p Tax Rate and Reduce CGT to Boost Britain's Billionaire Entrepreneurs', says CPS
- The Australian: To make billions, get a PhD, then go to Hong Kong
- Business Spectator Australia: If we can’t create jobs, should we instead create entrepreneurs?
- Voice of Russia: Britain is "shackling creativity and wealth-creation"
- Times of Isreal: Want to be a billionaire? Come to Israel
- Generation Libre, France: Superentrepreneurs
- Herald Scotland: UK misses out on top billionaire rankings
- Taxpayers’ Alliance: Cut taxes to encourage investment and entrepreneurship
- Guernsey Press: Britain 'holding back whizz kids'
- Huffington Post: Iain Duncan Smith Warned Benefit Cuts Won't Create Entrepreneurs
- Politics Home: Red tape 'harming Britain's entrepreneurs' - think tank
- Finance Monthly: SuperEntrepreneurs
- Management Today: How to get a billion dollars
- Inc.com: 3 Traits You Actually Might Have in Common With the World's Richest Entrepreneurs
- Real Business: Scrap the 45p tax rate and reduce CGT to boost entrepreneurship, says top think tank
- Condo.ca: How to become a billionaire entrepreneur
- Capitalism Is Freedom: This New Study Reveals Secrets of How to Become a Billionaire
- The Local (Sweden): Too Few of Sweden’s Billionaires are Self-Made
- The Week: The Business: Monday April 28 2014
- People Inside (France): Révélations: Comment Devenir Milliardaire?
- Tax Assist Accountants: Government urged to scrap 45p tax rate and reduce CGT to aid 'super entrepreneurs'
- Black Business Now: Who are the self-made billionaires and why are they so successful?
- Taiwan Today: Taiwan ranks 8th in world for super-entrepreneurs
- USA News: Britain must cut taxes and red tape to produce more entrepreneurs
- Oman Daily Observer: High taxes ‘stifle UK entrepreneurs’
- Crunch: Thinktank finds UK lacking in “SuperEntrepreneurs”
- 7 Sur, Belgium: Comment devenir milliardaire?
- PageSay: SuperEntrepreneurs are the Cinderellas of the business world
- Kiwi Blog: Entrepreneurship
- Allo Dakar: How to become a billionaire?
- Bolsamania: Como los ´super empresarios´ ganan más de mil millones
- Govt Today: Call to cut taxes and regulation to boost entrepreneurship
- Diario de León: Como los ´super empresarios´ ganan más de mil millones
- Newsbeat.gr: Ποιος θέλει να γίνει δισεκατομμυριούχος
- News Sina: Chinese language report
- UK Chinese.com: Britain accused of tax cuts need to create more entrepreneurs
- Contrepoints: Super Entrepreneurs, comment les attirer?
- Inc42.com: Super Entrepreneurs And How Your Country Can Get Them
- Journalism.co.uk: long-term support is needed for British entrepreneurs to maintain economic growth in the UK
- Jewish Business News: Israel Produces The Second Most Self Made Billionaires In The World
- Jerusalem Post: Study: Israel ranks second in world in self-made billionaires
- sVd: Entreprenörskap som en svensk framgångssaga
- Swedish Wire: Hong Kong best place to become billionaire
- Bilan: Swiss super-entrepreneurs at the foot of the world podium
- Business Insider India: Here's Why The US Is So Good At Producing Self-Made Billionaires
- Shanghaiist: Hong Kong is the best place in the world to become a self-made billionaire
- Irish Independent: Make it rich in Hong Kong
- Asia First: Hong Kong considered as most billionaire-friendly place on earth
- Social Times: Do You Have What it Takes to be a Successful Entrepreneur? [Infographic]
- Affars Varlden: Länderna där flest entreprenörer blir miljardärer
- Huffington Post: Pressure Group Makes the Case for the Self-Employed
- Zinlica: Yunanistan
- Qoos News: 智庫研究：在港創業 最易變億萬富豪
- STNN: 智库研究：在港创业最易变亿万富豪
- NTDTV: 亿万富翁白手起家 三要素一个不能少
- Hurriyet: Milyarder olmanın formulü açıklandı
- News Tomato: 자수성가한 억만장자 사업가들의 공통점은?
- Bao Moi: Muốn thành tỷ phú tự thân, hãy tới Hong Kong và Israel
- NewsAt: In diesen Ländern werden Sie am schnellsten reich
- Nashagazeta: Швейцарские супер-предприниматели
- Manila Standard Today: Nurturing Billionaires
Their original research (see below for the endorsements of the academic paper on which it is based) shows these men and women founded half the largest new firms created since the end of the Second World War. They authors find that:
- The proportion of SuperEntrepreneurs varies significantly across countries. Hong Kong has the most, with around three SuperEntrepreneurs per million inhabitants, followed by Israel, the US, Switzerland and Singapore. The US is roughly four times more entrepreneurial than Western Europe and three times more entrepreneurial than Japan.
- There is a strong correlation between high rates of SuperEntrepreneurship in a country and low tax rates and a low regulatory burden.
- Countries with high rates of SuperEntrepreneurship also enjoy a high rate of philanthropy.
- Countries with an Anglo-Saxon legal tradition also have the highest rates of SuperEntrepreneurship. Their rate of SuperEntrepreneurship is over twice that of those with German legal origins, three times that of countries with Scandinavian legal traditions and five times that of French legal origins.
The authors also find active government and supranational programmes to encourage entrepreneurship – such as the EU’s Lisbon Strategy – largely fail. Yet governments can encourage entrepreneurialism by lowering taxes (particularly capital gains taxes which have a particularly high impact on entrepreneurialism while raising relatively insignificant revenues); by reducing regulations; and by vigorously enforcing property rights.
SuperEntrepreneurs tend to be well-educated:
- Only 16% of US SuperEntrepreneurs lack a college degree, compared to 53% of the self-employed and 54% of salaried workers.
- SuperEntrepreneurs in the US are five times more likely to hold a PhD degree as the general population.
- 33% of US SuperEntrepreneurs have degrees from the 14 top US universities, compared to 1% of the general population.
Self-employment ≠ entrepreneurship
High rates of self-employment and innovative entrepreneurship are both important for the economy. Yet they are not synonymous; policy makers should not assume policies which encourage self-employment necessarily promote entrepreneurship.
- While many successful entrepreneurs started small companies, not all self-employed people are innovative entrepreneurs (in the sense of developing successful new products and services).
- Thus self-employment is high in countries such as Greece, Turkey, Spain, Portugal and Italy, countries with low rates of innovative entrepreneurship. The US has significantly lower rates of self-employment. The self-employment rate in Silicon Valley is half that of the average of California.
Policy makers should use a definition of entrepreneurship which is based on innovation. This would correspond better with what most policy makers appear to want for their countries: technological progress and economic growth to the benefit of all citizens.
The analysis of the self-made rich suggests the vast amount have gathered their wealth through entrepreneurship, in the process creating wealth for society at large. Many of the self-made billionaires come from humble backgrounds and have gained their wealth through hard work and innovative ideas. This clearly goes against the ideas of Thomas Piketty that entrepreneurial wealth is a societal problem, which should be confronted with "confiscatory tax rates". Such a policy would simply halt much of the development that Superentrepreneurs contribute to.
Modern economies ranked for SuperEntrepreneurs per million inhabitants:
Total number of SuperEntrepreneurs
SuperEntrepreneurs per million inhabitants
Hong Kong has the highest rate, of 2.8 SuperEntrepreneurs per million population, followed by Israel with 1.8 and the U.S. with 1.3. The U.K. ranks at 11th place, with 2 SuperEntrepreneurs, or 0.52 per million, per million inhabitants. This can be compared with the EU-15 average of 0.30.