Work

On the Share of Inheritance in Aggregate Wealth: Europe and the USA, 1900–2010

Year: 2017

Type: article

Abstract: This paper provides historical series on the evolution of the share of inherited wealth in aggregate private wealth in Europe (France, the UK, Germany, Sweden) and the USA over the 1900–2010 period. Until 1910, the inheritance share was very high in Europe (70–80%). It then fell abruptly following the 1914–45 shocks, down to about 30–40% during the 1950–80 period, and is back to 50–60% (and rising) since around 2010. The US pattern also appears to be U‐shaped, albeit less marked, and with significant uncertainty regarding recent trends, due to data limitations. We discuss possible interpretations for these long‐run patterns.

Source: Economica

DOI: 10.1111/ecca.12233

Authors: Facundo Alvaredo, Bertrand Garbinti, Thomas Piketty

Institutions: Consejo Nacional de Investigaciones Científicas y Técnicas, University of Oxford, Paris School of Economics, Banque de France, Centre de Recherche en Économie et Statistique

Language: English

Topic: Income, Poverty, and Inequality

Subfield: Sociology and Political Science

Field: Social Sciences

Domain: Social Sciences

Open Access status: green

Funder: Economic and Social Research Council

Award: G634741569