There are roughly 600,000 super-rich individuals - people with a net worth of over $30m - globally. These individuals possess significant power in political life, business and the media, driven by dramatic expansions in their personal wealth. Their significant resources raise concerns about the risk of oligarchy (rule by a rich few), resulting in damage to democratic functioning, social fairness, and social cohesion.
OLIGARCITIES is a new research project led by Professor Rowland Atkinson, Research Chair in Inclusive Societies at the School of Geography and Planning. It will be the first project to systematically explore the effects of the super-rich, by examining their networks of enabling actors in cities. These actors strengthen the resources of the super-rich through political lobbying, corporate control, property development, media ownership, ‘lawfare’ to prevent public scrutiny, and even illicit financial flows.
By placing the question of oligarchic power in cities, OLIGARCITIES will inform global conversations about wealth and power in cities, and help to build practical pathways that can be followed by civil society institutions to help push back against the influence of the wealthy. The project will investigate 10 cities that are among the primary power bases of the super-rich and their networks, including London, Lagos, Paris, Milan, New York, Hong Kong and Sydney.
Professor Atkinson said: “This project offers the possibility of engaging more deeply with one of the key challenges of our time. Oligarchy - rule by the few and, inevitably, the rich - is no longer an idea but an important aspect of life in many jurisdictions. This project represents a major investment into the social sciences. It will dig into the question of how far the super-rich are integrated into the political, cultural and corporate worlds of ten cities around the world. This research will generate new data on how these networks operate, how interests are represented, and, perhaps most importantly, identify viable techniques to help restore fairer social and political outcomes”
OLIGARCITIES is funded by a European Research Council Advanced Grant.