Why Do Americans Dominate The Richest Person List?

Currently seven of the top ten richest people in the world are citizens of the United States (With brothers Charles Koch and David Koch on joint place). Since 2012 more than half of all top 10 richest people were Americans. Some may call it luck others may call it increased opportunities.

The United States GDP is 19 trillion despite a lot of speculation and media circuses of China catching up, the GDP of China is ‘just’ 11 trillion and is starting to slow down while the United States GDP is seeing steady growth. Furthermore the United States has less people and a higher GDP per capita with people on average having a higher living standard than the average Chinese citizen. Despite China shifting to a more open liberal economy there are still massive restrictions on foreign investments in Chinese businesses and foreign ownership of Chinese firms, for example it is illegal for a foreigner to own a Chinese newspaper. This makes the economy less competitive, it technically makes life easier for Chinese entrepreneurs but also makes them less competitive and it does not prepare them for the rest of the world where such restrictions don’t work. Furthermore the repressive state of China where citizens are essentially banned from criticizing the government or even discussing politics hurts the Chinese people as they are not able to freely think on their own with all Chinese media companies monitored by the government. The USA has a lot of work to do to be on the same level of media freedom as Germany, Sweden and other Nordic countries but people are allowed to say whatever they want even if it offends others. This does not directly boost an economy but freedom like this is essential as being an entrepreneur is about trying taking a risk at something new.

The USA is an absolute tech powerhouse with hubs such as Washington state and California hosting the world’s biggest technology firms including two of two $1 trillion dollar firms Amazon and Apple. Other firms centred in Washington state and California include Alphabet (Google), Microsoft, Facebook, Twitter, Oracle and Intel. Other countries also have big tech firms such as Japan’s Softbank and Sony, China’s Alibaba, Didi Chuxing and Tencent and South Korea’s Samsung. Despite a lot of countries having big tech powerhouses the USA is dwarfing the rest in all measurements from size to number. This concentration makes it easier for tech firms to raise capital and hire experts in various advanced fields in the tech fields. The USA also is a very attractive place for professionals around the world due to the high wages offered compared to the rest of the world as well as the ‘American Dream’ that promises unlimited opportunities and possibilities. Despite conservative Republicans trying to make it harder for immigrants to enter the country it is unlikely to do anything as there will always be a demand for the world’s brightest minds.

Things might change in the future with a lot more billionaires from Asian especially China and India joining the Top 10 richest people list. However it is a long way to go and the United States is likely to continue to dominate for the near future.

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