he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth
This is a reason why it is important for employers to pay their employees well because it is a contribution to the economic growth. If employees earn well, they will have more to spend, and other business owners that they patronize will have more to either pay their own employees well or to spend on other businesses.
It becomes a cycle where everyone earns well, everyone is happy, crime rate reduces, and the economy improves.
But the business should be huge though, to employed a lot of youth from their population for the jobs and others. And to give a good example though and I'm not condoning it although I'm a gambler as well, is Macau, which majority of their population are into this business and this is the main source of their GDP.
I do agree that private sector plays a role, but they can only do that much and sometimes, there could also be some resistance from the government to this private sector because they know they could be affected. Like in my country, there are billionaires here who wanted to build roads and infrastructure, but some government officials are blocking it and I'm hinting that they could be affected negatively because there could be no corruption money for them.