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  1. Why are the wealthiest so wealthy?
    a longitudinal empirical investigation
    Author: Ozkan, Serdar; Hubmer, Joachim; Salgado, Sergio; Halvorsen, Elin
    Published: March 2023
    Publisher:  CESifo, Munich, Germany

    We use Norwegian administrative panel data on wealth and income between 1993 and 2015 to study lifecycle wealth dynamics, focusing on the wealthiest households. On average, the wealthiest start their lives substantially richer than other households... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    We use Norwegian administrative panel data on wealth and income between 1993 and 2015 to study lifecycle wealth dynamics, focusing on the wealthiest households. On average, the wealthiest start their lives substantially richer than other households in the same cohort, own mostly private equity, earn higher returns, derive most of their income from dividends and capital gains, and save at higher rates. At age 50, the excess wealth of the top 0.1% group relative to mid-wealth households is accounted for in about equal terms by higher saving rates (34%), higher initial wealth (32%), and higher returns (27%), while higher labor income (5%) and inheritances (1%) account for the small residual. There is significant heterogeneity among the wealthiest: one-fourth of them-which we dub the "New Money"-start with negative wealth but experience rapid wealth growth early in life. Relative to the quartile of top owners that already started their life rich-the "Old Money"-the New Money are characterized by even higher saving rates and returns and also by higher labor income. Their excess wealth is mainly explained by higher saving rates (46%), higher returns (34%), and higher labor income (16%).

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271968
    Series: CESifo working papers ; 10324 (2023)
    Subjects: wealth inequality; lifecycle wealth dynamics; rate of return heterogeneity; bequests; saving rate heterogeneity
    Scope: 1 Online-Ressource (circa 114 Seiten), Illustrationen
  2. Heterogeneous bequests and social inequalities
    Author: Borissov, Kirill; Bosi, Stefano; Thai Ha Huy; Pakhnin, Mikhail
    Published: October 2023
    Publisher:  CESifo, Munich, Germany

    We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state equilibrium. We show that aggregate income is positively related to both level of altruism and altruism heterogeneity. When altruism heterogeneity is low, income inequality follows an inverse U-shaped pattern relative to the level of altruism, which is consistent with the cross-country Kuznets curve. When altruism heterogeneity is high, income inequality monotonically decreases with the level of altruism. Our results suggest that heterogeneous altruism is an important mechanism linking economic growth and income inequality.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282405
    Series: CESifo working papers ; 10717 (2023)
    Subjects: economic growth; heterogeneous agents; altruism; bequests; inequality; Kuznets curve
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen