Top wealth shares in the UK over more than a century

Facundo Alvaredo (), Salvatore Morelli and Anthony Atkinson

No 2017:01, Working Papers from Department of Economics, University of Venice "Ca' Foscari"

Abstract: Recent research highlighted controversy about the evolution of concentration of personal wealth. In this paper we provide new evidence about the long-run evolution of top wealth shares for the United Kingdom. The new series covers a long period – from 1895 to the present – and has a different point of departure from the previous literature: the distribution of estates left at death. We find that the application to the estate data of mortality multipliers to yield estimates of wealth among the living does not substantially change the degree of concentration over much of the period both, in the UK and US, allowing inferences to be made for years when this method cannot be applied. The results show that wealth concentration in the UK remained relatively constant during the first wave of globalization, but then decreased dramatically in the period from 1914 to 1979. The UK went from being more unequal in terms of wealth than the US to being lessunequal. However, the decline in UK wealth concentration came to an end around 1980, and since then there is evidence of an increase in top shares, notably in the distribution of wealth excluding housing in recent years. We investigate the triangulating evidence provided by data on capital income concentration and on reported super fortunes.

Keywords: Wealth inequality; estates; mortality multipliers; United Kingdom; United States (search for similar items in EconPapers)
JEL-codes: D3 H2 N3 (search for similar items in EconPapers)
Pages: 112 pages
Date: 2017
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (28)

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Related works:
Journal Article: Top wealth shares in the UK over more than a century (2018)
Working Paper: Top wealth shares in the UK over more than a century (2018)
Working Paper: Top wealth shares in the UK over more than a century (2018)
Working Paper: Top wealth shares in the UK over more than a century (2017)
Working Paper: Top Wealth Shares in the UK over more than a Century (2017)
Working Paper: Top Wealth Shares in the UK over more than a Century (2017)
Working Paper: Top Wealth Shares in the UK over more than a Century (2017)
Working Paper: Top Wealth Shares in the UK over more than a Century (2017)
Working Paper: Top wealth shares in the UK over more than a century (2016)
Working Paper: Top wealth shares in the UK over more than a century (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:ven:wpaper:2017:01

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