Image: Tobias Kleinschmidt Image: Tobias Kleinschmidt

According to The Economist, in 2015, 44 per cent of new businesses were founded by people with foreign passports. That compared with a ratio of 13 per cent in 2003.

For Germany, this is good news, because it sees a much smaller proportion of early stage entrepreneurial activity than other countries which, in other respects, are similar.

In the US, roughly 12 per cent of the population is engaged in early stage entrepreneurial activity - around seven per cent in Sweden, slightly less in the UK, just under six per cent in Spain, just ahead of France and Italy, but there are less than five per cent in Germany.

As Nigel Farage keeps reminding us, Germany has let in rather a lot of migrants lately.

All we seem to hear about is the negative side of Angela Merkel's decision to allow over one million refugees into the country. This decision may or may not cost Mrs Merkel her job after the election later this year, but it may well boost the German economy in years to come.

The fact that migrants are more likely to set-up a business than the indigenous work force should come as no surprise to anyone.

A cynic may argue that migrants set up businesses out of desperation, because they have few options, but the truth is that if you are willing to uproot yourself and move to a different country, you are inherently more likely to be a risk taker.

Migrants are more likely to become entrepreneurs and in the process, create wealth, pay more tax and create jobs.

The US tops the list of entrepreneurial activity per capita because it is a nation of migrants - albeit, in many cases two/three/four/or maybe more generations removed.

Furthermore, much of the success in Silicon Valley is down to migration, from Sergey Brin, the Russian migrant who co-founded Google, to Steve Jobs, the son of a Syrian (yes, Syrian) migrant.

This is a point about immigration that gets mentioned way too infrequently.