Fewer Manufacturing Jobs, and More Millionaires

Originally published in Real Clear Markets, 5/7/2019

A recent study by market research group New World Wealth revealed that 108,000 millionaires “migrated across borders” in 2018. Australia, the United States, Canada and Switzerland were the biggest recipients of the well-to-do, while Turkey, India, Russia and China were the biggest losers. We emphasize losers simply because nothing harms a country more than the loss of financial and human capital.

This rates discussion in consideration of the well-worn pledge made by members of the political class to “bring back” jobs. Manufacturing jobs are a particularly popular political promise, but if our leaders are really interested in helping their constituents, they would instead commit themselves to relentless recruitment of the world’s millionaires and billionaires. Yes, you read that right. We’re saying politicians should go against type court the rich. Please read on.