Rich List Research Articles

Tracing the invisible rich: A new approach to modelling Pareto tails in survey data

This paper is concerned with the problem of modelling the tail of the wealth distribution with survey data when the data does not adequately cover the tail of the distribution. In order to deal with the problem post data collection, it is standard practice to either fit a Pareto tail to the data or to combine wealth survey data with observations from rich lists before fitting such a Pareto tail. This paper proposes a novel approach (‘rank correction’) to address such cases which does not require additional data-sources. Applying the rank correction approach to wealth survey data (HFCS, SCF, WAS) yields estimates of top wealth shares, which are closely in line with estimates from the World Inequality Database and therefore represent a significant improvement over the raw survey data. While the paper focuses on the distribution of wealth as a case in point the rank correction approach might generally prove useful in contexts, where the tail of a Pareto-distributed variable is not adequately covered by the available data.

Tracking and Taxing the Super-Rich: Insights from Swiss Rich Lists

Tracking and Taxing the Super-Rich: Insights from Swiss Rich Lists

Re-estimating national wealth inequality with incorporating the rich lists in China

Using the two annual rich lists of Forbes and Hurun, this study estimated the parameters of Pareto distribution to describe the features of the top tail of the wealth distribution. The wealth inequality for the whole population was re-estimated by the combination of estimated Pareto distribution and household surveys, CHIP2013, CFPS2012 and CFPS2016. The robustness of estimated Pareto coefficients and the possibility of the rich missing from the lists were also discussed in detail. The wealth inequality for the whole population was estimated at different assumptions on the combination of the top tail of wealth distribution and the household survey. The wealth Gini in the CHIP and CFPS data were as high as 0.619 and 0.736. The estimated wealth Gini minorly increased by the combination with the top tail of wealth distribution by the relative criterion, while exceeded 0.8 by the absolute criterion.

Coulomb branch global symmetry and quiver addition

To date, the best effort made to simply determine the Coulomb branch global symmetry of a theory from a 3d mathcal{N} = 4 quiver is by applying an algorithm based on its balanced gauge nodes. This often gives the full global symmetry, but there have been many cases seen where it instead gives only a subgroup. This paper presents a method for constructing several families of 3d mathcal{N} = 4 unitary quivers where the true global symmetry is enhanced from that predicted by the balance algorithm, motivated by the study of Coulomb branch Hasse diagrams. This provides a rich list of examples on which to test improved algorithms for unfailingly identifying the Coulomb branch global symmetry from a quiver.

How Wealthy are the Rich?

Underreporting and undersampling biases in top tail wealth, although widely acknowledged, have not been statistically quantified so far, essentially because they are not readily observable. Here we exploit the functional form of power law‐like regimes in top tail wealth to derive analytical expressions for these biases, and use German microdata from a popular survey and rich list to illustrate that tiny differences in non‐response rates lead to tail wealth estimates that differ by an order of magnitude, in our case ranging from 1 to 9 trillion euros. Underreporting seriously compounds the problem, and we find that the estimation of totals in scale‐free systems oftentimes tends to be spurious. Our findings also suggest that recent debates on the existence of scale‐ or type‐dependence in returns to wealth are ill‐posed because the available data cannot discriminate between scale‐ or type‐dependence, on one hand, and statistical biases, on the other hand. Yet both economic theory and mathematical formalism indicate that sampling and reporting biases are more plausible explanations for the observed data than scale‐ or type‐dependence.

Identification as a means of detecting counterfeiting of sausages

Currently, the key issues in domestic economy are issues of competitiveness and quality of goods produced in Ukraine. Ukrainian market of meat products conquers consumers with a wide assortment but one should not rejoice at sucha rich list of names. Many enterprises focused on the production of meat products use technical requirements as regulatory documentation. Technical requirements make it possible to significantly reduce the quality of manufactured goods and prevent healthy competition. Food products manufactured according to technical requirements have a reduced cost that is beneficial to many enterprises in Ukraine. 
 Responsibility for the quality of finished product lies not on manufacturer but with the buyers and forensic merchandising experts themselves.
 Topic relevance is due to the need to inform consumers about quality and consumer properties of cooked sausages of various manufacturers sold in the retail chain.
 Therefore, planning as a function of assortment management for the merchant is to determine the way of future actions, content and sequence of steps leading to the intended goal. Assortment planning methods should allow evaluating the product in three areas: profitability, competitiveness, compliance with quality and safety requirements.
 Theoretical research basis were research papers in the field of merchandising, in particular: I. I. Shtyk, L. V. Peshuk and N. V. Budnik, who patented the histological method for studying multicomponent meat systems.
 Investigating the Ukrainian market of cooked sausages, the methods of commodity assessment of the safety, quality of meat products and their identification were applied.
 Article Purpose is to investigate methods for identifying the quality of sausages to identify counterfeit products, analyze the procedure for conducting merchandising assessment.

Wealth Inequality: A Hybrid Approach Toward Multidimensional Distributional National Accounts In Europe

This article proposes a practically feasible framework for compiling Multidimensional Distributional National Accounts (MDINAs) serving two functions: a comprehensive measure of (components of) net worth and their distribution, and a link to macroeconomic statistics. I break down 12 components of marketable wealth by wealth and income groups, and three functions of wealth for Austria, Finland, France, Germany, and Spain. MDINA complemented by summary indicators reveal large heterogeneity in the degree of inequality, and shed light on differences in the structure of wealth portfolios across and within countries. I combine data collected in the largely harmonized HFCS survey and adjust for remaining differences in survey modes regarding the treatment of the top tail using (Generalized) Pareto models estimated from rich lists or top wealth shares derived from tax data and leaked information on wealth held in offshore tax havens. Measured inequality increases strongest in countries where surveys refrain from appropriate top‐tail corrections.

The Changing Face of Wealth Inequality in the USA

AbstractJoseph L. Gastwirth and Qing Shi use three decades of data from a triennial survey of consumer finances to calculate the “number of families needed” to equal the wealth of the Forbes 400 rich list

Profile of the super rich in China: A social space analysis.

Various "rich lists" indicate that China now has one of the highest percentages of super rich people worldwide. However, very little is known about their sociopolitical profiles. Based on the annual Hurun China Rich Lists from 2000 to 2018, we created a new dataset of China's super rich that combines information from various sources. Using a multiple correspondent analysis, we reveal that the social spaces of China's super rich are derived from their political, cultural, and social capital. The Chinese super rich are mainly distinguished by their cultural and political capital, while their social capital is not fully independent from political capital. We also identify a division among the super-rich who first appeared on the rich list during different periods. These divisions can inform the understanding of the emergence of the super-rich in an economy that has only recently embraced capitalism and can help predict their evolution in an increasingly glocalized system.

Heterogeneous entrepreneurship and the Sunday Times Rich List

It may appear surprising that economists devote such little attention to the heterogeneity nature of entrepreneurship, however there are several possible explanations. The concept represents a well-known tension between typical economic theory and the concept of entrepreneurship itself. When Baumol (1968) and Kirz-ner (1973) wrote their seminal works they were attempting to respond to a perceived neglect of the entrepreneur within neo classical economics. The explosion of entrepreneurship re search since then has not been comfortably reconciled with for mal mo - dels, and indeed empirical studies have a tendency to lapse into psychological profiling. It might be argued that such profiling (be it in terms of gender, race, age, experience, education, IQ, marital status, employment history, etc) does make entrepreneurs hetero - geneous, however this differs from the way in which we use the term. «Heterogeneity» does not merely mean «differentiated» but ties into a deeper methodological debate about the nature of scientific analysis. In short, heterogeneity is an aspect of the broa - der concept of subjectivism. At a basic level subjectivism implies that individuals can interpret events in different ways, and as a consequence of this we expect a diversity of action that is glossed over when people are modelled as homogenous agents. Having said this, it’s important to recognise the diversity of approaches and methodologies within the economics profession. For example, although the neoclassical system is liable to eschew premises that aren’t tractable, Austrian-school economists do tend to emphasise subjectivism and heterogeneity. But whilst this is strikingly evident in capital theory (see Lachmann 1956) it is cu-rious to note that a similar attitude towards entrepreneurs them - selves is underplayed. In short, since Austrians emphasise the functional qualities of entrepreneurship they treat entrepreneurs as homogenous blobs. This paper intends to strike a middle ground between homogeneity and psychological particularism by de-constructing the entrepreneur (Evans and Baxendale 2008).

Holisztikus vonások Pápai Páriz Ferenc „Pax animae” és „Pax corporis” című műveiben

Ferenc Pápai Páriz, son of a puritan pastor and author, Imre Pápai Páriz, was one of the most versatile figures of late 17th, early 18th century Transylvania. He got his M.D. degree in Basel, survived a great plague there, and became one of the true disciples of the famous Professor Henricus Glaserus, one of the victims of this murderous contagious illness. In the very rich list of the Pápai Páriz publications, there are poems, a biblical drama, entitled Isaac and Rebecca, and many medical and theological works. He was the professor of philosophy at the famous Reformed College of Nagyenyed, but the best-known and most widely quoted pieces written by him are the „twin volumes” of The Pax Corporis and Pax Animae. The first one became a very useful medical handbook and collection of therapies for those who were unable to reach or to afford any medical care. And, at the same time, the first one to deal with children’s and women’s diseases. Together with practical medical advice, he always carefully dealt with the problems of the human psyche. And in his Pax animae he was able to concentrate upon body and soul at the same time. That’s why we can call him „the father of holistic thinking and method” in Hungary and Transylvania. This philosophy and practice appears in the laudatory poems written about his books, by contemporary authors. For instance, a close friend and a patient of his, Miklós Tótfalusi Kiss, the well-known printer mentioned the Pax corporis – with great reverence – as „the Bible of the human body.”

Estimation Methods for the Upper Tail of the Wealth Distribution

This paper investigates methods to estimate the upper tail of the wealth distribution. I compare data types and estimation methods using data from the Netherlands for the period 1993–2018, exploiting the unique availability of multiple types of data for this context. In addition to comparing the existing methods of OLS regression, Maximum Likelihood, and Generalized Pareto interpolation, I develop a new method to combine data from several sources. This method, called Robust Pareto Regression, combines local estimates of wealth concentration from individual data sources, and uses fixed effects methods to correct for the heterogeneity across data sources and years. Several conclusions emerge: (i) No data source on its own accurately captures the top tail, meaning that all sources need to be adjusted or combined to estimate top wealth. (ii) Combining surveys with rich lists is highly sensitive to the quality of the underlying data sources; generalized Pareto interpolation partly addresses this concern, but straight Pareto regression and Maximum Likelihood methods do not. (iii) Robust Pareto Regression is preferable to existing methods, since it more adequately adjusts for data heterogeneity, and easily shows trends over time.

Card-based protocols for secure ranking computations

Consider a group of people who want to know the “rich list” among them, namely the ranking in terms of their total assets, without revealing any information about the actual value of their assets. This can be achieved by a “secure ranking computation,” which was first considered by Jiang and Gong (2006) [2]; they constructed a secure ranking computation protocol based on a public-key cryptosystem. In this paper, instead of using a public-key cryptosystem, we use a deck of physical cards to provide secure ranking computation protocols. Therefore, our card-based protocols do not rely on computers, and they are simple and easy for humans to implement. Specifically, we design four protocols considering tradeoffs between the number of cards and the number of shuffles required to execute the protocols. We also present a guide to choose an appropriate protocol according to the number of people participating in the protocol and the size of the input range. To be precise, whereas our protocols make all players know the rich list, the Jiang–Gong scheme makes each player know his/her rank only; to achieve the same task (as the Jiang–Gong scheme) using a deck of cards is an intriguing open problem.

Wealth inequality in Central and Eastern Europe: Evidence from household survey and rich lists’ data combined*

AbstractWe study how the problem of the ‘missing rich’, the underrepresentation of the wealthiest in household surveys, affects wealth inequality estimates for the post‐socialist countries of Central and Eastern Europe (CEE). The survey data from the second wave of the Household Finance and Consumption Survey (HFCS) are joined with the data from the national rich lists for Estonia, Hungary, Latvia, Poland and Slovakia. Pareto distribution is fitted to the joined survey and rich lists’ data to impute the missing observations for the largest wealth values. We provide the first estimates of the top‐corrected wealth inequality for the CEE region in 2013/2014. Despite a short period of wealth accumulation during the post‐1989 market economy period, our adjustment procedure reveals that wealth inequality in the Baltic countries is comparable to that of Germany (one of the most wealth‐unequal countries in Europe), while in Poland and Hungary it has reached levels observed in France or Spain. We discuss possible explanations of these findings with reference to the speed and range of privatization processes, extent of income inequality, and the role of inheritances and wealth taxes in the region.

Phenotypic Associations Among Cell Cycle Genes in Saccharomyces cerevisiae.

A long-standing effort in biology is to precisely define and group phenotypes that characterize a biological process, and the genes that underpin them. In Saccharomyces cerevisiae and other organisms, functional screens have generated rich lists of phenotypes associated with individual genes. However, it is often challenging to identify sets of phenotypes and genes that are most closely associated with a given biological process. Here, we focused on the 166 phenotypes arising from loss-of-function and the 86 phenotypes from gain-of-function mutations in 571 genes currently assigned to cell cycle-related ontologies in S. cerevisiae. To reduce this complexity, we applied unbiased, computational approaches of correspondence analysis to identify a minimum set of phenotypic variables that accounts for as much of the variability in the data as possible. Loss-of-function phenotypes can be reduced to 20 dimensions, while gain-of-function ones to 14 dimensions. We also pinpoint the contributions of phenotypes and genes in each set. The approach we describe not only simplifies the categorization of phenotypes associated with cell cycle progression but might also potentially serve as a discovery tool for gene function.

Solution to the hyperon puzzle using dark matter

In this paper, we studied the ``hyperon puzzle", a problem that nevertheless the large number of studies is still an open problem. The solution of this issue requires one or more mechanisms that could eventually provide the additional repulsion needed to make the EoS stiffer and, therefore, the value of $M_{\rm{max}, T}$ compatible with the current observational limits. In this paper we proposed that including dark matter (DM) admixed with ordinary matter in neutron stars (NSs), change the hydrostatic equilibrium and may explain the observed discrepancies, regardless to hyperon multi-body interactions, which seem to be unavoidable. We have studied how non-self-annihilating, and self-interacting, DM admixed with ordinary matter in NSs changes their inner structure, and discussed the mass-radius relations of such NSs. We considered DM particle masses of 1, 10, and 100 GeV, while taking into account a rich list of the DM interacting strengths, $y$. By analyzing the multidimensional parameter space, including several quantities like: a. the DM interacting strength, b. the DM particle mass as well as the quantity of DM in its interior, and c. the DM fraction, ${\rm f}_{DM}$, we put constraints in the parameter space ${\rm f}_{DM} - p^{\prime}_{\rm DM}/p^{\prime}_{\rm OM}$. Our bounds are sensitive to the recently observed NSs total masses.

Public Attention and Auditor Behavior: The Case ofHurun Rich Listin China

ABSTRACTAdverse client publicity can entail regulatory scrutiny over audited financial statements and impose political costs on auditors. We use the changes in client publicity caused by their controlling owners’ presence on theHurun Rich List(the rich listing) in China to test the hypothesis that auditor conservatism increases with client publicity. Our evidence indicates auditors issue more adverse audit opinions to clients and charge higher fees following the rich listing events. Moreover, we observe that auditors strategically respond to clients with different attributes—for clients whose owners accumulated wealth in a more questionable manner, auditors choose more stringent audit reporting to better defend themselves from regulatory scrutiny; for clients without such attributes, auditors primarily rely on increasing audit fees to cope with any post‐listing increase in audit risks. Our analyses also suggest the impacts of rich listings tend to be concentrated among large audit firms with stronger reputation concerns or among engagement auditors with more conservative reporting styles. By showing how auditors manage political risks associated with heightened public scrutiny, we contribute to both the auditing and political cost literature.

Use of Untargeted Liquid Chromatography-Mass Spectrometry Metabolome To Discriminate Italian Monovarietal Red Wines, Produced in Their Different Terroirs.

The aim of this project was to register, in a liquid chromatography–mass spectrometry-based untargeted single-batch analysis, the metabolome of 11 single-cultivar, single-vintage Italian red wines (Aglianico, Cannonau, Corvina, Montepulciano, Nebbiolo, Nerello, Primitivo, Raboso, Sagrantino, Sangiovese, and Teroldego) from 12 regions across Italy, each one produced in their terroirs under ad hoc legal frameworks to guarantee their quality and origin. The data provided indications regarding the similarity between the cultivars and highlighted a rich list of putative biomarkers of origin wines (pBOWs) characterizing each individual cultivar–terroir combination, where Primitivo, Teroldego, and Nebbiolo had the maximum number of unique pBOWs. The pBOWs included anthocyanins (Teroldego), flavanols (Aglianico, Sangiovese, Nerello, and Nebbiolo), amino acids and N-containing metabolites (Primitivo), hydroxycinnamates (Cannonau), and flavonols (Sangiovese). The raw data generated in this study are publicly available and, therefore, accessible and reusable as a baseline data set for future investigations.

Long Run Canadian Wealth Inequality in International Context

A gap in estimates of the personal distribution of Canadian wealth between 1902 and 1970 is partly filled, using estate multiplier estimates for 1945–1968. The historical record is extended by adjusting the upper tail in survey results since 1970 to make it consistent with respected journalists’ “rich lists.” Top wealth shares decline from 1892 to 1902 and from 1945 to the late 1960s, consistent with the downward trend in most advanced western countries over much of the 20th century. Since 1984 there has been a clear upward trend in wealth inequality in Canada, as in many other countries, and in the United States. Currently, wealth inequality is higher in Canada than in the U.K. and much of continental Europe, somewhat lower than Austria or Germany, and distinctly lower than the U.S. Contrasts between Canada and the U.S. in wealth inequality trends are discussed.

A regional equity profile to assess the impact of social inequalities on determinants and health outcomes in the population residing in Sicily Region (Southern Italy)

to build an equity profile for assessing the impact of socioeconomic inequalities on the determinants and health outcome in Sicily (Southern Italy). descriptive study aimed to define an equity profile in Sicily by using a rich list of indicators of structure of the resident population and of distribution of determinants and health outcome, derived from the integration of available information and scientific evidence at regional level with high local detail. the equity profile collects available information on the health status of the population in Sicily, on the determinants, and on the use of health and social services. The characteristics of people or population groups have been explored and can produce inequalities on health which included individual and context socioeconomic status. using available information sources and study results have explored the effects of the disadvantage on health in the region: mortality, morbidity, oncological incidence, reproductive health, and some of their determinants. the Sicilian population tends to aging. Migration flows tend to compensate the reduction in births in Sicily and it increases the proportion of younger people and women in childbearing age. The proportion of large families tends to get smaller, whereas the proportion of single-component ones increases; the population groups with low education, unemployment, poverty, and income increases. Starting from the first thousand days of life, to continue in the other classes of the population, the different distribution of risk factors on health was identified according to different levels of deprivation. the Sicilian equity profile has systematized and consolidated previous experiences on the effects of disadvantage on health. Prevention interventions, oriented towards equity, should be based on the results of this study and should take care of the general aspects of actions and, at the same time, focus on vulnerable population groups.