Wealth Inequality: A Hybrid Approach toward Multidimensional Distributional National Accounts in Europe

Waltl, Sofie ORCID: https://orcid.org/0000-0003-2526-3838 (2021) Wealth Inequality: A Hybrid Approach toward Multidimensional Distributional National Accounts in Europe. Review of Income and Wealth. ISSN 1475-4991

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Abstract

This article proposes a practically feasible framework for compiling Multidimensional Distributional National Accounts (MDINAs) serving two functions: a comprehensive measure of (components of) net worth and their distribution, and a link to macroeconomic statistics. I break down 12 components of marketable wealth by wealth and income groups, and three functions of wealth for Austria, Finland, France, Germany, and Spain. MDINA complemented by summary indicators reveal large heterogeneity in the degree of inequality, and shed light on differences in the structure of wealth portfolios across and within countries. I combine data collected in the largely harmonized HFCS survey and adjust for remaining differences in survey modes regarding the treatment of the top tail using (Generalized) Pareto models estimated from rich lists or top wealth shares derived from tax data and leaked information on wealth held in offshore tax havens. Measured inequality increases strongest in countries where surveys refrain from appropriate top-tail corrections.

Item Type: Article
Additional Information: Early View - Online Version of Record before inclusion in an issue
Divisions: Departments > Volkswirtschaft > Makroökonomie
Version of the Document: Published
Depositing User: Gertraud Novotny
Date Deposited: 13 Jul 2021 09:08
Last Modified: 13 Jul 2021 09:08
Related URLs:
FIDES Link: https://bach.wu.ac.at/d/research/results/99929/
URI: https://epub.wu.ac.at/id/eprint/8209

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