This paper examines wealth inequality during the COVID crisis. Measuring inequality by comparing growth of billionaires' wealth with that of equity markets, I find that the COVID crisis causes inequality to grow more rapidly by 23.6 ppt and even more in low-income countries where heir...

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth...

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth...