- [Figure A1, and Tables A1a, A1b and A1c about here] 1.2 The 1908 age-wealth profile The earliest source of a nationally representative Swedish age-wealth distribution is to our knowledge a public investigation from 1910 which reports average net wealth across age classes in 1908 (Flodström, 1910). These data are based on a rich sample of estate reports for Swedish deceased in 1908, with estate wealth multiplied by inverse mortality multipliers for a number of groups of different age, gender and civil status.31 Additional data were also collected by the investigators for the years 1906 and 1907. These years were not analyzed at the same depth as 1908, but they allow for robustness checks especially with regard to the possibility of observing extreme values in estate samples in individual years.
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- [Figure A14 about here] References to Appendix A Flodström, I (1910), Bouppteckningar efter aflidna, inregistrerade vid vederbörande domstolar åren 1906–1908. Finansstatistiska utredningar, Vol III, Finansdepartementet, Stockholm.
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- [Figure A2 and Table A2 about here] 1.3 The 1920 age-wealth profile The Census of 1920 was the first Census to report information about income and wealth for the Swedish population. We use information on taxable net wealth reported for different age-classes in Statistics Sweden (1927, p. 124).
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- [Figure A3 and Table A3 about here] 1.4 The 1930 age-wealth profile We use data from the 1930 Census to get information about age-wealth profiles in this year.
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- [Figure A4 and Table A4 about here] 1.5 The 1945 age-wealth profile 31 See Flodström (1910, Table K) The classes are, except age (which can be found in Table A2): unmarried men; unmarried women; married men; married women; widowers and divorced men; widows and divorced women. 32 We use all the data from 1906–1908 when estimating the fiscal inheritance flow, shown in the paper’s sections 2 and 3.
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- [Figure A5 and Table A5 about here] 1.6 The 1951 age-wealth profile Information about the Swedish age-wealth profile comes from the Census of 1950, collected from Statistics Sweden, Statistical Yearbook of 1957, table 388, p. 316. Further information can be found in Statistics Sweden (1956, table 1, p. 2).
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- [Figure A6 and Table A6 about here] 1.7 The 1966 age-wealth profile A public investigation called The Capital Taxation Committee (“Kapitalskatteberedningen â€) was summoned in 1967 to make a complete overhaul of the taxation of capital in Sweden.
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- [Table B1 about here] In comparison with the mortality differentials of Attanasio and Hoynes (2000), which are also used for 19th and 20th century France by Piketty (2011), these Swedish historical findings of small differentials are challenging. Mortality among the richest quartile of 50-year old U.S. household heads (mainly men) was about a fourth of the mortality among the whole population (0.2 percent vs. 0.9 percent).39 According to Table 1, the mortality among the richest third among Stockholm males was two thirds of the population mortality (1.6 percent vs. 2.4 percent). For the oldest, aged 75 and above, mortality of the richest U.S. quartile was about half the population mortality but one twentieth among Stockholm males (and a fifth among males in other provincial towns).
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- [Table B2 about here] Our preferred social mortality multipliers are presented in Table B2, and they are used in all the analyses of the paper. However, since the mortality differentials found by the careful analysis of Attanasio and Hoynes (2000) for the U.S. in the 1980s were deemed as quite general, and thus also used for France over the entire 19th and 20th centuries, it would be interesting to see how different the Swedish mortality differentials are. Moreover, it would also be interesting to contrast the Swedish differentials with the “raw†situation without any differential mortality across wealth classes.
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- /Ave.Wealth l 1800 1850 1900 1950 2000 ∗ ï Figure 3: Mortality among adults in Sweden, ð‘š, 1810–2010 Note: Mortality is measured among people aged 18 years or more as the number of deaths as a share of the living population. Source is Human Mortality Database. 0.00 0.01 0.02 0.03 0.04 Mortality 1800 1850 1900 1950 2000 Figure 4: Inheritance flow over national income in Sweden, ð‘ð‘Œ, 1810–2010 Source: Own calculations (see text). 2 4 6 8 10 12 14 16 Inheritance flow as share of national income (%) 1810 1860 1910 1960 2010 Figure 5: Comparing “fiscal flow†and “economic flow†estimates.
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- = ð‘0 + ð‘ ∙ ð´ð‘”ð‘’ð‘Ž + ð‘ ∙ ð‘Œð‘’ð‘Žð‘Ÿð‘¡ + ð‘‘(ð´ð‘”ð‘’𑎠∗ ð‘Œð‘’ð‘Žð‘Ÿð‘¡) (3) Figure A13 presents the results from using simulated age-wealth profiles based on this linear specification (see also Table A11, column 2, for the regression output). The age-wealth profile is quite different, naturally due to the fact that there are no polynomials in age and thus no room for a gradual transition from accumulation to decumulation. The estimated ðœ‡âˆ— is at the same level as in the main model but only up to the postwar era, thereafter it continues to increase all the way up to 2010. This increase reflects that the relative wealth decumulation among the elderly observed in the main model is not present in the linear model (by construction through the absence of age polynomials). The increase in 𛽠therefore translates into a higher ðœ‡âˆ— in the period after 1980.
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- 1.1 The 19th century age-wealth profile There exist a number of studies where Swedish economic historians have collected data from probate records and estate tax returns with the ambition to reconstruct household portfolios (see, e.g., Isacson, 1979; Magnusson, 1983; Ericsson, 1992; Lindgren, 2002; Hellgren, 2003; Lilja, 2004; Perlinge, 2005). Unfortunately, few of these report the net (or gross) wealth across age classes.
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- 4. Fiscal flow in Sweden Figure Y shows the resulting result for our measure of the fiscal flow. We have divided our corrected estate values with national income. It is clear from the figure that the fiscal flow was close to the economic flow during the 1870s and the 1900s. The fiscal flow became considerably smaller than the economic flow during the 1940s, the 1950s, and the 1960s. Our latest observations suggest that the fiscal flow has increased the last decades. The fiscal flow is, however, still much smaller than the economic flow. What can explain the large discrepancy between the two flows? We suspect that nontaxable gifts and non-taxable insurance benefits may explain a considerable part of the difference between the two flows. Tax non-compliance might also be an important explanation.
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- • All taxable gifts. The register covers all taxable gifts during the period 2002-2004. From 2005 and on, there are no data because of the repeal of the gift tax. There are about 30,000 observations per year and about 10 variables in this data set. • Bequests of a representative sample. The scanned estate reports provide much richer information.
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- Acemoglu, D. and J. Robinson (2000) “Why did the west extend the franchise? Demoracy, Inequality and Growth in Historical Perspectiveâ€, Quarterly Journal of Economics, 115, 1167-99.
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- Age-wealth, normalized 20 40 60 80 100 Age 1810 1910 2010 Normalized average wealth 1 1.2 1.4 1.6 1.8 2 ï 1800 1850 1900 1950 2000 Year * 2 6 10 14 18 B/Y (%) 1800 1850 1900 1950 2000 Year B/Y Figure A14: Age-wealth profiles, implied ðœ‡âˆ— and inheritance flow (ðµ/ð‘Œ): No time trend. 0 .5 1 1.5 2
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- Age-wealth, normalized 20 40 60 80 100 Age 1810 1910 2010 Normalized average wealth 1 1.2 1.4 1.6 1.8 2 ï 1800 1850 1900 1950 2000 Year μ* 2 6 10 14 18 B/Y (%) 1800 1850 1900 1950 2000 Year B/Y Figure A12: Goodness of fit: simulated and actual age-wealth profiles (main model).
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- Alesina, A. and E. L. Glaeser (2004). Fighting poverty in the US and Europe: A world of difference, Oxford University Press.
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Another is the tax-return based register data between 1968 and 2006, for which we only have annual information about tax-assessed wealth for those in the population with high enough net wealth to reach the tax threshold. The share of wealth taxpayers was between five and ten percent of all taxpayers during this period (Hochguertel and Ohlsson, 2012).
- Appendix A: Age-wealth profiles in Sweden: Historical evidence and simulations 1. Historical age-wealth profiles in Sweden Data on the historical evolution of age-wealth profiles in Sweden are scarce. We have searched for evidence in Censuses, public investigations and academic research and managed to locate half a dozen of observations of early age-wealth profiles recorded in the 1840s–1890s, 1908, 1920, 1930, 1945, 1951 and 1966. From 1968 up to 2007 administrative public register databases at Statistics Sweden are available. After 2007, individual information about wealth is no longer available due to the removal of the wealth tax.
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- As noted above, we have no information about wealth after 2007 due to the abolishment of the wealth tax in 2007.
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- As robustness checks, Figure B1 shows three versions of the ratio of the average wealth of the deceased to the average wealth of the living (the ðœ‡âˆ— -ratio), one where we adjust the mortality rates by the Swedish social class differences (“Differential mortalityâ€), one where we use the Attanasio and Hoynes differentials (“Attanasio and Hoynes (2000)â€) and one where we make no adjustment at all (“rawâ€). The comparison shows that [Figure B1 about here] 41 This wealth share is also assumed by Piketty (2011) in the case of France.
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- Atkinson, A. B. (2012). “Wealth and Inheritance in Britain from 1896 to the Presentâ€, Working paper, Oxford University.
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- Atkinson, A. B. and A. Harrison (1978). The Distribution of Personal Wealth in Britain, Cambridge University Press: Cambridge.
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Atkinson, A. B. and T. Piketty (eds.) (2007). Top Incomes over the Twentieth Century: A Contrast between European and English-Speaking Countries, Oxford: Oxford University Press.
Atkinson, A. B. and T. Piketty (eds.) (2010). Top Incomes: A Global Perspective. Volume II, Oxford University Press, Oxford.
Atkinson, A. B., T. Piketty and E. Saez (2011). “Top Incomes in the Long Run of Historyâ€, Journal of Economic Literature 49(1), 3–71.
Attanasio, O. and H. W. Hoynes (2000), “Differential Mortality and Wealth Accumulation â€, Journal of Human Resources 35(1), 1–29.
- Based on the regression output in Table A10, we impute fitted values, � 𑊠� ð‘™,𑎠𑊠� 𑙠� 𑡠� , for each age between 18 and 110 and year between 1810 and 2010. Then we multiply these fitted ageaverage wealth ratios with the age- and year-specific mortality ratios, ð‘€ð‘Žð‘¡ ð‘€ð‘Ž . Summing these products over ages, we obtain a time series with annual values equal to the right hand side of equation (1) above, i.e., ðœ‡âˆ— � ð‘¡ .
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Bengtsson, T. and F. van Poppel (2011), “Socioeconomic inequalities in death from past to present: An introductionâ€, Explorations in Economic History 48(3), 343–356.
- Bengtsson, T. and M. Dribe (2011), The late emergence of socioeconomic mortality differentials: A micro-level study of adult mortality in southern Sweden 1815–1968, Explorations in Economic History 48, 389–400.
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Bengtsson, T. and M. Dribe (2011). “The late emergence of socioeconomic mortality differentials: A micro-level study of adult mortality in southern Sweden 1815–1968â€, Explorations in Economic History 48, 389–400.
- Berg, L. (1983). Konsumtion och sparande – en studie av hushållens beteende. Ph.D. dissertation, Uppsala University.
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- data to become electronically accessible. Our basic approach is to focus on the estate reports of deceased people who were included in Statistics Sweden’s LINDA data base. The LINDA sample is 3 percent of the Swedish population; consequently the sample size is approximately 3,000 estate reports annually. Data for 2004 and 2005 are available for research. There are more than 100 variables in this data set.
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- Data were collected from Statistics Sweden, Statistical Yearbook of 1945 (table 254, p.
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- Details on the data series is reported by Glei, Lindström and Wilmoth (2012). The data series reflect residents of Sweden, the de jure population. The main data source for the period from 1860 onwards is the population Censuses, launched each decade up to the mid- 20th century. For the period before 1860 data are based on exposure rates reported in five-year intervals.
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Du Rietz, Gunnar, and Magnus Henrekson (2014). “Swedish Wealth Taxation, 1911– 2007.†IFN Working Paper No. 1000. Stockholm: Research Institute of Industrial Economics.
Edvinsson, S. and M. Lindkvist (2011), “Wealth and health in 19th Century Sweden. A study of social differences in adult mortality in the Sundsvall regionâ€, Explorations in Economic History 48(3), 376–388.
- Esping-Andersen, G. (1990) The Three Worlds of Welfare Capitalism. Princeton NJ: Princeton University Press.
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Feldstein, M. (1974). “Social Security, Induced Retirement, and Aggregate Capital Accumulation â€, Journal of Political Economy 82(5), 905–926.
- Figure 1: Private wealth-national income ratio in Sweden, ð›½, 1810–2010.
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- Figure 10: Share of inherited wealth in France and Sweden, 1850–2010 Source: For France, see Piketty and Zucman (2014) and for Sweden, our own calculations. 0 20 40 60 80 100 Share of inherited wealth in aggergate private wealth (%) 1850 1900 1950 2000 France Sweden Table 1: Decomposing changes in inheritance flows in Sweden (%). Average annual percent change in inheritance flow (∆ð‘ð‘Œ) with contribution from: Wealth-income ratio (∆ð›½) Ratio of average wealth of deceased and living (∆ðœ‡âˆ— )
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- Figure A1: Age-wealth profiles between 1840s and 1890s. Note: Normalized average wealth is defined as 𑊠�ð‘™,ð‘–/𑊠�ð‘™. Data come from Table A3. 0 1 2 3 4
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- Figure A11 contains three panels. The upper left shows the estimated normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�𑙠� ) over the life cycle for three years, 1810, 1910 and 2010. The ratio equals one when the age group has an average wealth equal to the population average wealth. As can be seen, the simulated ratios are below one for people up to about 45 years of age and then above one up to their 80’s or low 90’s when it starts decreasing rapidly.
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- Figure B1: Impact of mortality differentials on ðœ‡âˆ— 0.80 1.00 1.20 1.40 1.60 1.80 2.00 ï* 1800 1850 1900 1950 2000 Differential mortality (Swedish data) No adjustment for mortality differentials Differential mortality (Attanasio and Hoynes, 2000) Table B1: Differential mortality rates across age and social class, Sweden 1908.
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- Finansdepartmentet (1879), Sammandrag öfver stämpelafgifterna för lagfarter, inteckningar, äktenskapsförord, morgongåfvobref och afhandlingar om lösöresköp under år 1877 samt för bouppteckningar under åren 1873–1877. Finansdepartmentet, Stockholm.
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- Finansdepartmentet (1910a), Bouppteckningar efter aflidna inregistrerade vid vederbörande domstolar åren 1906–1908. Finansdepartmentet, Stockholm.
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- Finansdepartmentet (1910a), Bouppteckningar efter aflidna inregistrerade vid vederbörande domstolar åren 1906–1908. Finansdepartmentet, Stockholm.
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- Finansdepartmentet (1910b), Arfs- och testamentsandelar, för hvilka stämpelafgifter beräknats, enligt bouppteckningsprotokollen för åren 1906–1908, Finansdepartmentet, Stockholm.
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- Finansdepartmentet (1910b), Arfs- och testamentsandelar, för hvilka stämpelafgifter beräknats, enligt bouppteckningsprotokollen för åren 1906–1908, Finansdepartmentet, Stockholm.
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- flat over the age distribution. However, this is not necessarily the case. First, there were plenty of poor male industrial workers, close to the archetypical “proletariat†class, living in Swedish towns around the turn of the century 1900. Second, some women were surely among the wealthiest, and if we would weight them into the picture we would incorporate some of the even smaller and flatter mortality differential that is apparent among the urban females. Third, it is not obvious that the urban population was all that poorer than the city population; Sweden had a relatively high share of self-owning farmers and including them into the lower classes would not necessarily increase differentials, perhaps quite the contrary.
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- For the period 2000–2007, we also observe the market-valued net wealth of all Swedish individuals in a parallel register database built Statistics Sweden called the Wealth Register (Statistics Sweden, 2006).
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- Forthcoming in Magnus Henrekson and Mikael Stenkula (eds.), Swedish Taxation: Devel-opments since 1862. New York: Palgrave Macmillan.
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Gale, W. G. (1998), “The Effect of Pensions on Household Wealth: A Reevaluation of Theory and Evidenceâ€, Journal of Political Economy 106(4), 706–723. 26 Glete, J. (1994), Nätverk i näringslivet. Ägande och industriell omvandling i det mogna industrisamhället 1920-1990, SNS, Stockholm.
- Glei, D., H. Lindström and J. Wilmoth (2012), “About mortality data for Swedenâ€, Human Mortality Database, http://www.mortality.org/hmd/SWE/InputDB/SWEcom.pdf (201309 -13).
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- Hellgren, H. (2003), Fasta förbindelser. En studie av låntagare hos sparbanken och informella kreditgivare i Sala 1860-1910. Acta Universitatis Upsaliensis. Uppsala.
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Henrekson, M. and D. Waldenström (2014), “Inheritance Taxation in Sweden, 1885–2004: The Role of Ideology, Family Firms and Tax Avoidanceâ€, Working Paper, Uppsala University.
Henrekson, M. and D. Waldenström (2014), “Inheritance Taxation in Sweden, 1885–2004: The Role of Ideology, Family Firms and Tax Avoidanceâ€, Working Paper, Uppsala University.
Hochguertel, S. and H. Ohlsson (2012) “Who is at the Top? Wealth Mobility Over the Life Cycleâ€, Working Paper 2012:1, Department of Economics, Uppsala University.
- However, can we be sure that the social gradient in mortality was the same a century ago or even before the industrial expansion? There is a specific literature looking at historical mortality differentials across socioeconomic groups. In a recent review, Bengtsson and van Hopper (2011) find that while such differentials have existed for a long time, the available evidence does not suggest that they were consistently larger in either pre-industrial or industrializing societies than today. Nor was there any seeming impact from industrialization on socioeconomic mortality differentials.
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- iii) The concept of wealth is tax-assessed wealth except in the 2000s. For the observations in the 20th century up until 2006, this means that wealth is the net assets taxable according to contemporary wealth tax assessments (“skattepliktig förmögenhetâ€). Wealth is here defined as the sum of real and financial assets less debts. Assets are reported in tax-assessed values, meaning that some assets, e.g., real estate and corporate stock, are not always reported at their full market value (see Roine and Waldenström, 2009, for a detailed discussion) . The 19th century wealth is based on probate records, and thus refers to the rules of the 19th century estate and inheritance tax legislation (see Ohlsson, 2011; Henrekson and Waldenström, 2014).
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- In order to reduce some of the small sample bias coming from having such a small number of deceased in each decade, we sum all the deaths and sums of wealth landing at three 19th century observations: 1840s (encompassing the 1841–1845 Kalmar and the 1840–1859 Vånga), 1870s (1871–1875 Kalmar and 1860–1879 Vånga) and the 1890s (1901–1905 Kalmar and 1880–1899 Vånga). Figure A1 shows the normalized average wealth of these summary series.
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- In our estimation of ðœ‡, we wish to combine the historical evidence presented earlier and the modern data. To avoid unbalancing the age-wealth sample, especially avoiding giving too much weight to the modern era when we have annual observations, we restrict the modern sample in two ways. First, we only use five dates, 1970 (1969–1971), 1980 (1979–1981), 33 Specifically, 2 percent of individuals with wealth between 0.1 and 0.3 million SEK were sampled, 5 percent between 0.3 and 1 million SEK, 20 percent between 1 and 5 million SEK and 100 percent with wealth above 5 million SEK. The average taxable net wealth in 1966 was 0.027 million SEK. See further SOU 1969:54, pp. 188–191.
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- In the beginning of the 1900s, Isidor Flodström organised a series of empirical studies of economic variables (Finansstatistiska utredningar). There is a very detailed account of estate reports 1906–1908 in Finansdepartementet (1910b), corresponding information on inheritances can be found in Finansdepartementet (1910a). Statistics based on estate reports from as early as 1873–1877 can be found in Finansdepartementet (1879). All these historic studies are ambitious and produce interesting results but we still lack continuous time series for the aggregate estate amounts in Sweden over longer time series.
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- In the case of Sweden across historical eras, one recent analysis of mortality differentials across social classes in Southern Sweden during 1815–1968 fail to find any evidence of a gradient prior to World War II and only some evidence of such a gradient in the postwar era (Bengtsson and Dribe, 2011). Similar results are found by Edvinsson and Lindkvist (2011) in their study of 19th century mortality in a Swedish Northern town. Based on these results and earlier studies of Swedish mortality trends, these authors conclude that mortality differences between socioeconomic classes are a very recent phenomenon.
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- It is possible to construct detailed balance sheets with several different items of financial assets, real assets, and debts. It is also possible to have data both at tax values and market values. There is also information on who receives the inheritances and how much they receive. It, however, requires considerable resources to collect and transform these 42 Lindgren (2002), for example, uses estate reports from the town of Kalmar 1840–1905 to study the use of promissory notes to provide credit. 43 The Swedish Research Council has funded the data base project. Data are available, subject to the usual standard secrecy examination, for researchers through Statistics Sweden’s remote access system MONA.
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- It should be stressed though that our last data point concerns 2005 when there no longer were any taxes on inheritances and gifts.
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- Kalmar was by all means a significant city, being Southwestern Sweden’s principal commercial and shipping center Sweden’s seventh most populous city. In fact, Lindgren (2002) argues that the city of Kalmar may be a quite typical region for the whole of 19th century Sweden, placed in the country-side and yet taking part in the industrial boom of the end of the century. Perlinge’s studied parish is much smaller and exclusively rural. Yet his database is rich both in terms of the number of studied estates, as well as the level of detail regarding the composition of estates in terms of different asset and debt components.
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Kopczuk, W. and E. Saez (2004), “Top Wealth Shares in the United States, 1916–2000: Evidence from Estate Tax Returnsâ€, NBER Working Paper No. 10399, Cambridge, MA.
Kotlikoff, L. (1988) “Intergenerational Transfers and Savings,†Journal of Economic Perspectives 2(2), 41–58.
Kotlikoff, L. and L. Summers (1981), “The Role of Intergenerational Transfers in Aggregate Capital Accumulationâ€, Journal of Political Economy 89,706–732.
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- Laitner, J. and H. Ohlsson (1997), “Equality of Opportunity and Inheritance: A Comparison of Sweden and the U.S.â€, presented at the conference “Wealth, inheritance and intergenerational transfersâ€, 22–23 June 1997, University of Essex, U.K. Lipset, M. S. (1996). “American Exceptionalismâ€, New York: W. W. Norton & Co.
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- Ministry of Finance (1910), Bouppteckningar efter aflidna inregistrerade vid vederbörande domstolar åren 1906–1908. Finansdepartmentet, Stockholm.
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Modigliani, F. (1986). “Life Cycle, Individual Thrift and the Wealth of Nationsâ€, American Economic Review 76(3), 297–313.
Modigliani, F. (1988). “The Role of Intergenerational Transfers and Life Cycle Savings in the Accumulation of Wealthâ€, Journal of Economic Perspectives 2(2), 15–40.
- Mortality (∆ð‘š) 1810s–1870s –0.1 0.4 –0.1 –0.6 1870s–1910s –0.2 0.1 –0.1 –0.4 1910s–1950s –1.4 –1.1 0.2 –0.6 1950s–1980s –0.4 –0.9 0.3 0.3 1980s–2010s 0.7 1.5 –0.3 –0.6 Note: Percentage points reflect the compounded average annual change between periods. Decennial averages are being used. Table 2: Comparative ð‘ð‘Œ-decomposition: Sweden vs. France and the U.K. Difference from Sweden in the inheritance flow ð‘𑌠(%) with contribution from (%): Wealthincome ratio (ð›½) Ratio of average wealth of deceased and living (ðœ‡âˆ— )
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- Mortality (ð‘š) France 1820s–1870s 103 87 7 9 1870s–1910s 109 69 13 27 1910s–1950s 63 27 4 32 1950s–1980s 10 8 –9 11 1980s–2010s 67 51 25 –9 United Kingdom 1910s–1950s 103 57 46 0 1950s–1980s 30 28 –10 12 1980s–2010s 19 32 –14 1 Note: Percentage points reflect the ratio of levels in France and the UK to the respective levels in Sweden. Decennial averages are being used.
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Nakajima, M. and I. A. Telyukova (2013). “Housing in Retirement Across Countriesâ€, Working Paper, Federal Reserve Bank of Philadelphia.
- Nordblom, K and H. Ohlsson (2011), “Bequests, gifts, and education: Links between intergenerational transfersâ€, Empirical Economics 40, 343–358.
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- Nordblom, K and H. Ohlsson (2011), “Bequests, gifts, and education: Links between intergenerational transfersâ€, Empirical Economics 40, 343–358.
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- Normalized average wealth 20 30 40 50 60 70 Age 1840s-50s 1860s-70s 1880s-90s Figure A2: Age-wealth profile in 1908.
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- Note: Normalized average wealth is defined as 𑊠�ð‘™,ð‘–/𑊠�ð‘™, (see, e.g., Table A1). Observations are three-year averages, with the denoted years as midpoint. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 Age 1970 1980 1990 2000 2005 Figure A9: Age-wealth profile in 2005, tax-valued vs. market-valued wealth. Note: Normalized average wealth, 𑊠�ð‘™,ð‘Ž/𑊠�ð‘™, annual values corresponding to values in Tables A8b and A9.
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- Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™, come from Table A2. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 Age Figure A3: Age-wealth profile in 1920.
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- Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™, come from Table A3. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 Age Figure A4: Age-wealth profile in 1930.
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- Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™, come from Table A4. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 Age Figure A5: Age-wealth profile in 1945.
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- Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™, come from Table A5. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 30 40 50 60 70 Age Figure A6: Age-wealth profile in 1951.
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- Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™, come from Table A6. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 Age Figure A7: Age-wealth profile in 1966.
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- Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™, come from Table A7. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 Age Figure A8: Age-wealth profiles in 1970, 1980, 1990, 2000 and 2005.
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- Notes and sources: Data on 𛽠from Waldenström (2014) for Sweden and Piketty and Zucman (2013) for the other countries. Mortality for France comes from Piketty (2011), for Sweden and the U.K. from the Human Mortality Database. Data on ðœ‡âˆ— come from this study for Sweden and from Piketty (2011) for France, and for the U.K. we have estimated it by dividing the inheritance flow (ð‘ð‘Œ) by the product of 𛽠and the mortality rate based on the economic flow logic of equation (1). 0 5 10 15 20 25 1800 1850 1900 1950 2000 bY (%) 0 200 400 600 800 1800 1850 1900 1950 2000 (%) 0.8 1.2 1.6 2.0 2.4 1800 1850 1900 1950 2000 μ∗ 0.00 0.01 0.02 0.03 1800 1850 1900 1950 2000 m Sweden France United Kingdom United States 35 β Figure 9: Savings, growth and wealth-income ratios in four countries.
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- Observations are three-year averages, with the denoted year as midpoint. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 100 Age Taxable wealth, ca. top 5% of households Market wealth, full population Figure A10: Age-wealth profile in 2000–2007, market-valued wealth. Note: Normalized average wealth, 𑊠�ð‘™,ð‘–/𑊠�ð‘™. Data come from Statistics Sweden’s Wealth Register and LINDA.
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- OECD (2013), Pensions at a glance, Paris, OECD.
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- Ohlsson, H. (2011). “The legacy of the Swedish gift and inheritance tax, 1884–2004â€, European Review of Economic History 15(3), 539–569.
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- Ohlsson, H. (2011). “The legacy of the Swedish gift and inheritance tax, 1884–2004â€, European Review of Economic History 15(3), 539–569.
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Ohlsson, H. (2011). “The legacy of the Swedish gift and inheritance tax, 1884–2004â€, European Review of Economic History 15(3), 539–569.
- One common pattern seems to be that the decumulation presented in the simulated profiles is not as evidence in the historical evidence up to the 1950’s. Since we are using grouped data for all years before 1968, it is possible that the grouping of individuals in age classes may explain why we cannot see any decumulation in earlier times. [Figure A12 about here] 3. Robustness checks: different models when simulating age-wealth profiles One element of uncertainty in our estimations of historical age-wealth profiles is the assumed model specification in equation (2) and its impact on the resulting ðœ‡âˆ— and inheritance flow. Because of this uncertainty, this section presents the results from using four alternative specifications. 3.1 Using linear age and year trends and age-year interaction In our first alternative specification, we remove the polynomials in age and run a linear model with an interaction term between age and year. � 𑊠�ð‘™,𑎠𑊠�𑙠� ð‘¡
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- Over the years there have been previous attempts to collect and organise data on estates and inheritances. The official government committee on capital taxes (Kapitalskatteberedningen) did a very ambitious study of estate inventory reports registered in 1967. This is reported in Chapter 9 of SOU 1969:54. A decade before the official government on inheritance taxes (Arvsskattesakkunniga) published a similar study in SOU 1957:48. Similar data can also be found in SOU 1946:79 (Statsskatteberedningen).
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- Perlinge, A. (2003). Sockenbankirerna. Kreditrelationer och tidig bankverksamhet. Vånga socken i Skåne 1840–1900. Villands Härads hembygdsförening.
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Piketty, T. (2010), On the Long-Run Evolution of Inheritance: France 1820-2050, Data Appendix. Part 1, Paris School of Economics.
- Piketty, T. and E. Saez (2014). “Inequality in the long runâ€, Science, 344(6186), 838–844.
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Piketty, T. and G. Zucman (2013). “Capital is back: Wealth-income ratios in rich countries 1700–2010â€, Quarterly Journal of Economics, vol.129, no.3. Piketty, T. and G. Zucman (2014). “Wealth and Inheritanceâ€, Mimeo, Paris School of Economics and forthcoming as chapter in Atkinson, A.B., F. Bourguignon (eds.), Handbook of Income Distribution. Vol. 2, Amsterdam, North-Holland.
- Piketty, T., G. Postel-Vinay and J.-L. Rosenthal (2013). “Inherited vs self-made wealth: theory and evidence from a rentier society (Paris 1872–1927)â€, Explorations in Economic History 51(1), 21–40.
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Piketty, Thomas (2011), “On the Long-Run Evolution of Inheritance: France 1820–2050†Quarterly Journal of Economics 126(3), 1071–1131.
Piketty, Thomas, Gilles Postel-Vinay, and Jean-Laurent Rosenthal (2006). “Wealth Concentration in a Developing Economy: Paris and France, 1807–1994â€, American Economic Review 96(1), 236–256.
- References in Appendix C Finansdepartmentet (1879), Sammandrag öfver stämpelafgifterna för lagfarter, inteckningar, äktenskapsförord, morgongåfvobref och afhandlingar om lösöresköp under år 1877 samt för bouppteckningar under åren 1873–1877. Finansdepartmentet, Stockholm.
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- References to Appendix B Atkinson, A.B. and A.J. Harrison (1978), Distribution of Personal Wealth in Britain, Cambridge University Press. Cambridge.
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Roine, J. and D. Waldenström (2008), “The Evolution of Top Incomes in an Egalitarian Society: Sweden, 1903–2004â€, Journal of Public Economics, 92, 366–387. 27 Roine, J. and D. Waldenström (2009), “Wealth Concentration over the Path of Development: Sweden, 1873–2006â€, Scandinavian Journal of Economics, 111(1), 151–187.
- Roine, J. and D. Waldenström (2009), “Wealth Concentration over the Path of Development: Sweden, 1873–2006â€, Scandinavian Journal of Economics, 111(1), 151–187.
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- SOU 1946:79. Betänkande med förslag till omläggning av den direkta statsbeskattningen samt angående kvarlåtenskapsskatt m.m, 1945 års skatteberedning. Stockholm: Finansdepartementet.
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- SOU 1946:79. Betänkande med förslag till omläggning av den direkta statsbeskattningen samt angående kvarlåtenskapsskatt m.m. 1945 års skatteberedning. Stockholm: Finansdepartementet.
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- SOU 1957:48. Arvsbeskattning. Betänkande av Arvsskattesakkunniga. Stockholm: Finansdepartementet.
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- SOU 1957:48. Arvsbeskattning. Betänkande av Arvsskattesakkunniga. Stockholm: Finansdepartementet.
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- SOU 1969:54. Kapitalbeskattningen. Betänkande från kapitalskatteberedningen. Stockholm: Finansdepartementet.
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- SOU 1969:54. Kapitalbeskattningen. Betänkande från kapitalskatteberedningen. Stockholm: Finansdepartementet. Figure C1: Correcting for inter vivos gifts in Sweden, annual and smoothed series Note: The unadjusted ratio (thin, dashed line) shows the sum of gifts and inheritances over the sum of inheritances.
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- Source: Growth rates are compounded annual average growth rates of real national income, using data for France, the U.K. and the U.S. from Piketty and Zucman (2013) and for Sweden from Waldenström (2014) and this study. 0 5 10 15 1810-1870 1870-1910 1910-1950 1950-1980 1980-2010 s n 1 2 3 4 5 1810-1870 1870-1910 1910-1950 1950-1980 1980-2010 g 0 2 4 6 8 10 1810-1870 1870-1910 1910-1950 1950-1980 1980-2010 s n /g 200 400 600 800 1810-1870 1870-1910 1910-1950 1950-1980 1980-2010 (%) Sweden France United Kingdom United States 36 β
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- Source: Our calculations (see text). 20 40 60 80 100 120 140 Share of inherited wealth (%) 1850 1900 2000 Annual 1950 Using 30-year moving averages of bY, s n , α ̃ Figure 8: International comparison of the determinants of ð‘ð‘Œ.
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- Source: Own calculations (see text). 0 4 8 12 16 Inheritance flow as share of national income (%) 1800 1850 1900 1950 2000 Economic flow Fiscal flow Ec. flow excl. insurance savings Figure 6: Capital share of value added and private net savings rate for Sweden, 1850–2010.
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- Source: See text for the capital share in national income (𛼠�) and the private net savings rate ð‘ ð‘› . 10 20 30 40 50 Capital share of value added (%) 1850 1900 1950 2000 Capital share in national income -5 0 5 10 15 20 Net savings rate (%) 1850 1900 1950 2000 Private net savings rate Figure 7: Inherited wealth as share of aggregate wealth, ðœ‘.
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- Source: Waldenström (2014). 100 200 300 400 500 Wealth-income ratio, ï¢ (%) 1800 1850 1900 1950 2000 Figure 2: Ratio of average wealth of the deceased to average wealth of the living, with correction for gifts inter vivos (ðœ‡âˆ— ) and without (ðœ‡). Source: Own calculations (see text). 0.80 1.00 1.20 1.40 1.60 1.80 2.00 ï* = Ave.Wealth d
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- Statistics Sweden (1927), Folkräkningen den 31 december 1920. V. Yrkesräkningen, 2: yrke, inkomst och förmögenhet kombinerade inbördes samt med kön, civilstånd och ålder, P.A. Norstedt & Söner, Stockholm.
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- Statistics Sweden (1937), Folkräkningen den 31 december 1930. VII. Folkmängden efter yrke, inkomst och förmögenhet: 2 avd., P.A. Norstedt & Söner, Stockholm.
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- Statistics Sweden (1938), Folkräkningen den 31 december 1930. VIII. Folkmängden efter yrke, inkomst och förmögenhet: 3 avd., P.A. Norstedt & Söner, Stockholm.
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- Statistics Sweden (1951), Folkräkningen den 31 december 1945. VIII:1. Partiella undersökningar (bottensamplingen), Behandlar delar av statistiken över inkomst. Sveriges Officiella Statistik: Folkmängden och dess förändringar, K.L. Beckmans Boktryckeri, Stockholm.
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- Statistics Sweden (1956), Folkräkningen den 31 december 1950. VII. Urvalsundersökningar. Statistiken över inkomst. Sveriges Officiella Statistik: Folkmängden och dess förändringar, Statistiska Centralbyrån, Stockholm.
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- Statistics Sweden (1969), Historisk statistisk för Sverige. Del 1. Befolkning, Andra upplagan, 1720–1969, Statistiska Centralbyrån, Stockholm.
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- Statistics Sweden (2004), Förmögenhetsstatistik 2002, Sammansättning och fördelning, Statistiska Centralbyrån, Stockholm.
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- Statistics Sweden (2006a), Förmögenhetsstatistik 2004, Sammansättning och fördelning, Statistiska Centralbyrån, Stockholm.
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- Statistics Sweden (2013),Befolkningsstatistik/ Återstående medellivslängd för åren 17512012, Statistiskdatabasen, http://www.scb.se/Pages/TableAndChart____25830.aspx (downloaded (2013-08-27).
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Stenkula, M., D. Johansson and G. Du Rietz (2014). “Marginal Taxation on Labour Income in Sweden from 1862 to 2010.†Scandinavian Economic History Review 62(2), 163–187.
- Table A2: Age-wealth profile in 1908 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 20–25 22 2,217 3,670 1,656 0.30 25–30 27 19,500 34,406 1,764 0.31 30–35 32 24,333 47,697 1,960 0.35 35–40 37 48,651 84,110 1,729 0.31 40–45 42 92,686 155,551 1,678 0.30 45–50 47 115,237 275,009 2,386 0.43 50–55 52 130,129 447,122 3,436 0.61 55–60 57 111,116 570,291 5,132 0.91 60–65 62 113,618 680,638 5,991 1.07 65–70 67 118,104 797,013 6,748 1.20 70–75 72 106,644 1,076,455 10,094 1.80 75–80 77 97,414 884,023 9,075 1.62 80– 83 84,839 918,178 10,823 1.93 All 42 1,064,488 5,974,168 5,612 1.00 Note: Data from Flodström (1910, Table K).
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- Table A3: Age-wealth profile in 1920 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 20–25 22 13,511 140,489 10,398 0.46 25–30 27 29,877 295,449 9,889 0.44 30–40 34 115,335 1,623,130 14,073 0.62 40–50 44 150,211 3,055,765 20,343 0.90 50–60 54 143,099 3,778,595 26,405 1.16 60–70 64 109,791 3,237,024 29,484 1.30 70– 76 60,206 1,978,308 32,859 1.45 All 42 622,030 14,108,760 22,682 1.00 Note: Data from Statistics Sweden (1927), p. 124.
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- Table A4: Age-wealth profile in 1930 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 20–25 22 21,092 193,332 9,166 0.51 25–30 27 40,907 292,687 7,155 0.40 30–35 32 63,579 493,105 7,756 0.43 35–40 37 81,083 776,190 9,573 0.53 40–45 42 93,689 1,210,785 12,923 0.72 45–50 47 99,087 1,584,295 15,989 0.89 50–60 54 193,389 3,967,681 20,517 1.14 60–65 62 79,322 1,976,612 24,919 1.39 65–70 67 71,227 1,819,991 25,552 1.42 70– 76 101,694 2,865,782 28,180 1.57 All 43 845,069 15,180,460 17,964 1.00 Note: Data from Statistical Yearbook of Statistics Sweden, 1945 (table 254, p. 302-303).
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- Table A5: Age-wealth profile in 1945 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 20–25 22 37,591 376,970 10,028 0.49 25–30 27 66,145 695,818 10,520 0.51 30–35 32 97,999 1,110,111 11,328 0.55 35–40 37 131,944 1,725,186 13,075 0.63 40–45 42 145,358 2,193,481 15,090 0.73 45–50 47 147,896 2,504,670 16,935 0.82 50–55 52 141,332 2,900,492 20,523 0.99 55–60 57 131,205 3,168,052 24,146 1.17 60–65 62 111,512 2,965,116 26,590 1.29 65– 73 196,709 7,327,399 37,250 1.80 All 43 1,207,691 24,967,295 20,674 1.00 Note: Data come from Statistics Sweden, Statistical Yearbook of 1950, table 303, p. 320–321.
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- Table A6: Age-wealth profile in 1951 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 16–30 24 293,000 1,743 5,949 0.41 31–50 40 913,000 8,976 9,831 0.68 51–67 58 675,000 12,750 18,889 1.31 68– 75 259,000 7,378 28,486 1.98 All 44 2,140,000 30,847 14,414 1.00 Note: Data come from Statistics Sweden, Statistical Yearbook of 1957, table 388, p. 316.
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- Table A7: Age-wealth profile in 1966 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 20–29 24 587,511 3,685 6,272 0.21 30–39 35 535,844 8,105 15,126 0.50 40–49 45 589,281 17,402 29,531 0.98 50–66 58 1,080,967 44,890 41,528 1.38 67– 74 567,246 26,863 47,357 1.58 All 46 3,360,849 100,945 30,036 1.00 Note: Data from SOU 1969:54, tables 17 and 18, pp. 217–218.
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- Table A8a: Age-wealth profile in 1980 Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 18–25 21 26,423 277,789 10,714 0.23 25–30 27 19,878 290,353 14,792 0.32 30–35 32 22,064 476,299 21,879 0.48 35–40 37 21,066 709,929 32,893 0.72 40–45 42 16,328 665,902 41,158 0.90 45–50 47 14,557 751,501 51,385 1.12 50–55 52 15,254 878,254 57,839 1.26 55–60 57 16,801 1,101,146 65,827 1.44 60–65 62 16,176 1,371,559 83,188 1.81 65–70 67 15,153 1,200,803 80,209 1.75 70–75 72 12,909 906,172 70,386 1.53 75–80 77 9,159 629,605 68,524 1.49 80– 84 9,756 623,511 61,381 1.34 All 47 215,524 9,882,823 45,855 1.00 Note: Data from Statistics Sweden, LINDA. The register variable on net taxable wealth is called formskp in 1979–1981. The equivalent variables are sfo in 1969–1971 and formskp in 1989–1991.
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- Table A8b: Age-wealth profile in 2005 (2004–2006) Age class (ð‘Ž) Average age, weighted (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 18–25 21 25,267 134,724 4,493 0.04 25–30 27 18,649 105,616 5,751 0.06 30–35 32 20,964 286,154 14,017 0.14 35–40 37 22,103 583,707 26,892 0.26 40–45 42 20,631 1,044,556 51,554 0.50 45–50 47 19,837 1,697,403 84,418 0.82 50–55 52 19,689 2,242,371 115,362 1.12 55–60 57 21,592 3,692,950 172,161 1.68 60–65 62 18,349 4,296,455 228,976 2.23 65–70 67 13,920 3,017,726 217,788 2.12 70–75 72 11,816 2,502,822 212,296 2.07 75–80 77 10,858 2,146,673 196,702 1.92 80– 85 17,939 3,044,973 146,278 1.43 All 49 241,620 24,794,941 102,627 1.00 Note: Data from Statistics Sweden, LINDA. The register variable on net taxable wealth is called fsp.
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- Table A9: Age-wealth profile in 2004–2006, market-valued wealth (SEK). Age (ð‘Ž) Number of wealth holders (ð‘ð‘Ž) Sum of wealth (ð‘Šð‘™,ð‘Ž) Average wealth (𑊠�ð‘™,ð‘Ž) Normalized average wealth (𑊠�ð‘™,ð‘Ž/𑊠�ð‘™) 20 3,691 258,706 63 0.11 30 3,981 578,937 101 0.18 40 4,568 1,711,256 335 0.59 50 3,968 2,775,591 628 1.10 60 4,379 4,397,395 924 1.62 70 2,484 2,479,160 1,016 1.78 80 2,026 1,735,173 892 1.56 90 688 461,297 775 1.36 100 31 11,337 449 0.79 All 243.366 139,027,796 412 1.00 Note: Data from Statistics Sweden’s Wealth Register and LINDA. The register variable on wealth is fnettw.
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- The BELINDA database provides information on the total taxable gift amounts in 2002– 2004. The aggregate taxable gift amounts are close to 20 percent of the aggregate estate values. We, therefore, correct the aggregate estate using a factor of 20 percent.
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- The BELINDA database provides us with a lower bound for how important insurance was for wealth transfers from decedents to heirs in 2002 – 2005. Taxable insurance benefits to heirs motivate a correction in the order of 2 percent for these years.
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- The only two sources of 19th age-wealth distributions to our knowledge are Håkan Lindgren ’s study of the extent of informal credits in the mid-sized city of Kalmar between 1840 and 1900 and Anders Perlinge’s dissertation about the evolution of household indebtedness in the Vånga parish in Sothern Sweden between the 1840s and the 1890s (Perlinge, 2005). In both these studies, information are provided about the total number of deceased, the sum of their net wealth, and the total wealth of the living population (calculated by multiplying the wealth of the deceased by inverse mortality multipliers). These numbers are reported for each decade and men and women in six age cohorts. An important drawback of both of these studies is their limited geographical coverage.
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- The poor, for which mortality rates are relatively high, are assumed to own one tenth of all private net wealth, which is historically is the share of wealth of the bottom half (and even bottom nine deciles) of the Swedish wealth distribution (Roine and Waldenström, 2009).41 We need to translate the differentials between rich and poor (the rest) in Table B1, which only suggested how to scale down the mortality of the rich, such that the overall mortality rate is the same. This means that the poor have somewhat higher mortality rates than the population average such that the difference between rich and poor (according to Table B1) is sustained. The resulting differential mortality rates are shown in Table B2.
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- The variable names in Register database for net wealth are “fnettw†and “cfnettoâ€. 0 .5 1 1.5 2 2.5 Normalized average wealth 20 40 60 80 100 Age 2000 2001 2002 2003 2004 2005 2006 2007 Figure A11: Age-wealth profiles, implied ðœ‡âˆ— and inheritance flow (ðµ/ð‘Œ): Main model. Note: The normalized average wealth, 𑊠�ð‘™,ð‘Ž/𑊠�ð‘™, the ratio of average wealth of the living in each age class to the average wealth of the living in the whole population. 0 .5 1 1.5 2
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- These checks do not suggest any oddities in the 1908 data.32 Figure A2 shows the observed age-wealth profile in 1908.
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- Titmuss, R. M. (1974). “ : an introductionâ€, Allen Unwin.
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- Waldenström, D. (2014), “Wealth-income ratios in a small, late-industrializing, welfarestate economy: Sweden, 1810–2010â€, Working Paper, Uppsala University.
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- We collect information about the Swedish age-wealth population in 1945 from the Census of that year (Statistics Sweden, Statistical Yearbook of 1950, table 303, p. 320–321). Further information is available in Statistics Sweden (1951, table 1, p. 2). This Census observations differs somewhat from the 1920 and 1930 observations since the 1945 data are based on an eight percent sample of the population and not the full population as in the previous years. The listed numbers are scaled up so as to cover the whole population.
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- We conclude from the Flodström (1910) investigation of urban males and females, from the Danish evidence of a smaller mortality differential in the rural regions than in cities, and also the analysis of Swedish historical demographers Bengtsson and Dribe (2011), that the mortality differentials in Sweden in historical time up to at least World War II were substantially smaller than those that Attanasio and Hoynes (2000) find for the U.S. of the 1980’s.
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- We therefore feel confident that the Swedish mortality differentials across social classes, and thus also across wealth levels, are appropriately represented by the numbers for urban males shown in Table B1. In our estimations, we adjust these differentials so as to match the methodology set out by Piketty (2011) where the differentials for practical purposes are characterized in terms of two social groups: the poor and the rich. The mortality rate at age ð‘Ž for the poor part of the population is denoted ð‘šð‘Ž ð‘ƒð‘œð‘œð‘Ÿ , the mortality rate at age ð‘Ž for the rich population ð‘šð‘Ž ð‘…ð‘–ð‘â„Ž , the mortality rate at age ð‘Ž for the whole population is denoted ð‘šð‘Ž.
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- We use estate data from the BELINDA databases for the years 2002–2005. Statistics Sweden was commissioned to organize data on intergenerational transfers (estates, inheritances, taxable gifts during the previous ten years, and insurance payments) using the Inheritance Tax Register of the Swedish Tax Agency as a starting point. Three data sets have been produced: 43 • All bequests. The inheritance tax data base provides economic information for all estates 2002-2004. This gives a schematic view of the different aspects of intergenerational transfers. The information is, however, not detailed. The items of the estate are valued at tax values and not at market values. There are about 90,000 observations per year and more than 80 variables in this data set.
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