Credit: GBN News
Madsen Pirie is referred to as a billionaire in a video that is making the rounds on the internet. This type of video spreads quickly on LinkedIn and is screenshot-shared in WhatsApp groups of people who are interested in British politics. Pirie was “promoted from a mere millionaire to a billionaire,” according to his friend Paul Staines, a political blogger better known by his pen name Guido Fawkes, who amusingly commented on the video. Any close examination reveals that it is a joke disguised as a correction. However, it’s interesting to note how little most people actually know about one of the more influential figures in British economic policy over the past 50 years, as evidenced by the fact that the video went viral at all.
Madsen Pirie, 85, was born in Hull in 1940, attended Cambridge, Edinburgh, and St Andrews for his education, and is currently president of the Adam Smith Institute, a free-market think tank that he co-founded in 1977 and has influenced a significant amount of British policy in a number of ways. privatization. the poll tax. reform in healthcare.
| Category | Details |
|---|---|
| Full Name | Duncan Madsen Pirie OBE |
| Born | 24 August 1940, Kingston upon Hull, England |
| Age | 85 |
| Education | MA, University of Edinburgh; PhD (Philosophy), University of St Andrews; MPhil, Pembroke College, Cambridge |
| Occupation | Economist, Author, Researcher, Think Tank President |
| Organisation | Adam Smith Institute (co-founder and President, est. 1977) |
| Political Leaning | Free market, neoliberal |
| Honours | OBE (2024 New Year Honours) for services to public policy |
| Net Worth | Not publicly confirmed; viral video misidentified him as a billionaire; likely millionaire range |
| Notable Work | Co-devised poll tax; authored 30+ books; ranked ASI among world’s top 10 think tanks |
| Reference | Wikipedia – Madsen Pirie |
The notion that when markets are properly let loose, they yield better results than when governments are in charge from a Whitehall desk. Regardless of one’s opinion, these are no longer fringe positions, and the Adam Smith Institute has been loudly and consistently advocating for them since the Thatcher era. It was listed as one of the top ten think tanks outside of the United States by the University of Pennsylvania in January 2010. That is not insignificant.
What is the true value of Madsen Pirie, then? The simple answer is that no one knows with any degree of accuracy except his personal accountant and maybe a few close associates. He has never disclosed any personal financial information. As a registered charity, the Adam Smith Institute’s financial reports to the Charity Commission are based on the organization’s accounts rather than the founder’s. Though even that is conjecture masquerading as analysis, it can be said with a reasonable degree of confidence that the term “billionaire” is most likely incorrect and that “millionaire” is probably closer to the truth.
It’s important to carefully consider the various sources of income that someone in Pirie’s position could have over the course of a long career. The salaries of think tank presidents at Adam Smith Institute organizations are not insignificant by private sector standards, but they are also commanding. Published by reputable houses like Routledge and Continuum, he has written over thirty books, ranging from popular works on logic and economics to technical policy papers.
He was a visiting professor at Michigan’s private Hillsdale College, which has its own well-funded ideological commitments. He was employed by the US House of Representatives before the establishment of the Adam Smith Institute. These don’t tell the story of a man who had financial difficulties, but they also don’t tell the story of someone who amassed wealth in the manner of a prosperous businessman or financier.
Pirie’s published work and public appearances give the impression that money has never been the main focus. His PhD from St Andrews was in philosophy rather than economics, so he is a philosopher by training. He has always seemed to value the intellectual endeavor over the financial gain. In addition to his policy work, he published science fiction books under his own pen name. For thirteen years, he was Mensa International’s secretary. In the same way that others collect property, he collected ideas. Even if one doesn’t agree with most of his arguments, it’s difficult not to find that somewhat admirable.
The widely circulated billionaire claim is most likely the result of misidentification or careless math applied to the Adam Smith Institute’s wider influence rather than Pirie’s personal balance sheet. Over the years, the institute has come under fire for failing to fully disclose its funding sources, with some reports pointing to past ties to the tobacco industry. It’s actually unclear if that opacity applies to anything that has personally benefited Pirie. Decades of operating at the center of British policy influence may have produced wealth through advisory, speaking, and consulting roles that are not documented in any public records. It’s also possible that over the course of eighty-five years, the man has simply led a modest life and made prudent investments.
The extent of his influence is undeniable. For better or worse, depending on who you ask, the research and advocacy of the Adam Smith Institute shaped the policy landscape of the 1980s in ways that are still up for debate today. In the 2024 New Year Honours, Pirie was awarded an OBE for his contributions to public policy.
This honor was given to him quietly and without much fanfare. He still speaks, publishes, and manages the organization he co-founded almost fifty years ago. The fact that the question of his personal net worth is still, stubbornly, his own business seems appropriate for a man who has dedicated his professional life to arguing that individuals, not institutions, create value.
