Adam Smith argued that private enterprise created “the wealth of nations.”
In recent decades, enterprise has created a lot of wealth:
The Economist reports that for the last 20 years, global wealth has grown faster than economic output.
Such growth in wealth raises concerns about inequalities, with more wealth flowing to the rich than to the poor, especially in economies tilted towards rent-seeking by elites.
Last year, India had 849,000 dollar millionaires, nearly 25 times as many as in 2000. The number of millionaires in Africa has grown 10 times. Worldwide, the amount of private wealth seeking investment opportunities is expected to reach $230 trillion by 2030, up from $130 trillion today.
