The global economic elite holds immense power, shaping markets, influencing national policies, and directing the flow of capital worldwide. But who exactly belongs to this influential group, and how do their backgrounds vary across different countries? A groundbreaking new resource, the World Elite Database (WED), provides fresh insights into this question. Compiled by an international team of researchers, the database covers over 3,500 individuals from 16 countries, representing a third of the global population and more than half of its GDP. It includes a wealth of personal details, such as gender, age, education, and place of birth, providing a rare look into the lives of the people at the helm of the global economy.

While the database reveals significant commonalities among the global elite, it also highlights striking national differences. For instance, the average age of the economic elite varies considerably by region. In the United States, where many established corporations dominate the economy, the median age is 62. Meanwhile, in China and Poland, the median age is notably younger at 55, reflecting the rapid rise of tech entrepreneurs and self-made billionaires in these economies. This generational divide suggests that economic growth patterns and cultural attitudes towards entrepreneurship significantly shape the profiles of national elites.

The data also exposes stark contrasts in educational backgrounds. A master’s degree is the most common level of education among the elite in most countries, except in Argentina, Italy, and the UK, where a bachelor’s degree is more prevalent. Surprisingly, only 5 per cent of Sweden’s economic elite hold doctoral degrees, compared to 35 per cent in Germany, which leads the pack, followed closely by Poland, China, Switzerland, the US, and Finland. Moreover, the field of study plays a critical role, with economics dominating most countries. However, engineering holds a slight edge in China and Finland, reflecting these nations’ focus on technological and industrial innovation.

Birthplace also plays a critical role in shaping the pathways to power. Nearly half of the elite in China come from small villages, which contrasts with the more urban origins typical of many Western nations. Additionally, just 1% of China’s economic elite were born abroad, compared to 20–36% in countries like the United States, Denmark, Switzerland, and Chile. The UK stands out even more dramatically, with 45 per cent of its elite born outside the country, highlighting the impact of its long history as a global trading power and its enduring connections to former colonies.

Overall, the World Elite Database provides a fascinating window into the lives of the people who hold the reins of the global economy. It reveals the surprising diversity and the persistent commonalities among the world’s wealthiest and most influential individuals. As this unique resource grows, it promises to offer even deeper insights into how power, privilege, and opportunity shape the global economic landscape.

More information: Felix Bühlmann et al, Varieties of Economic Elites? Preliminary Results From the World Elite Database (WED), British Journal of Sociology. DOI: 10.1111/1468-4446.13203

Journal information: British Journal of Sociology Provided by Lund University