KUALA LUMPUR (Oct 27): More than 11% of the world’s more than 2,000 billionaires have run for election or become politicians, according to a study highlighting the growing power and influence of the super-wealthy.

According to the study published by the Cambridge University Press on behalf of the American Political Science Association, which introduced an original dataset of formal political participation for over 2,000 individuals included in the Forbes Billionaires List, billionaire politicians are a surprisingly common phenomenon.

The study highlighted that China has the highest rate of billionaire politicians in the world.

It said over 11% of the world’s billionaires have held or sought political office.

It said even compared to other elite groups known for producing politicians from their ranks, this is a high rate of political participation.

Moreover, it said billionaires focus their political ambitions on influential positions, have a strong track record of winning elections and lean to the right ideologically.

The study said that in May 2022, billionaire entrepreneur Elon Musk posted a poll on his Twitter page asking which of two groups — billionaires or politicians — the social media site’s users trusted less.

It said a quick scroll through the comments on Musk’s post reveals that some Twitter users viewed the choice as a false dichotomy given the apparent infiltration of billionaires into the political arena.

Indeed, the concentration of massive wealth in the hands of a tiny elite has understandably caused many observers to worry that “the super-rich have super-sized political influence, it said.

Meanwhile, it said that the 2016 election of billionaire Donald Trump epitomised the plutocratic turn in American politics.

Trump swiftly welcomed a handful of other ultra-rich individuals — such as Betsy DeVos, Linda McMahon, and Wilbur Ross — into his administration.

The study analysed 2,072 billionaires on the Forbes list who entered politics as billionaires.

It excluded those who made their fortunes mainly from political office, or who became billionaires after leaving politics.

Russian President Vladamir Putin, for instance, was not included in the study since he isn’t on the Forbes list and made his reported fortune after entering politics.

Along with those elected to office, the study included billionaires who have held cabinet-level positions, key government roles and ambassadorships.

It found that a majority billionaires holding several political roles over the course of their careers.

The 242 billionaires who have held some type of political office held an average of 2.5 political posts during their lifetime, according to the study.

French billionaire Serge Dassault, for instance, held or ran for 16 different posts throughout his political career.

The study said beyond formal political offices, billionaires sometimes hold more informal, quasi-political positions.

Examples include “blue-ribbon” commissions that bring billionaires into contact with government officials, industry lobbying groups, monetary councils and national banks, or advisory positions with campaigns or parties.

In a variety of ways, billionaires tend to play sustained and significant roles in their countries’ political systems.

The study said the 242 billionaires who participated formally in politics have altogether held or sought 618 offices, an average of just over 2.5 political posts per billionaire.