Skip to Main content Skip to Navigation
Preprints, Working Papers, ...

The concentration of personal wealth in Italy 1995-2016

Abstract : Italy is one the countries with the highest wealth-to-income ratio in the developed world. Yet, despite the growing policy interest, knowledge about the size distribution of wealth is currently limited. In this paper we expand our windows of observation on the distribution of personal wealth using a novel source on the full record of inheritance tax files. The data cover up to 63% of the deceased population and are available between 1995 and 2016, a period of substantial economic turbulence and structural reform for the Italian economy. Our benchmark results rely on the distribution of the net wealth observed in the National Accounts balance sheets. Unlike available statistics estimated from household survey data, our results point to a strong rise in wealth concentration and inequality since the mid-1990s. Whereas the level of wealth concentration in Italy is in line with those of other European countries, its time trend appears more in line with the U.S. experience. Moreover, Italy stands out as one of the countries with the strongest decline in the wealth share of the bottom 50% of the adult population. We explore the role of household wealth portfolios, accumulation patterns during the life cycle, and inheritance flows, its concentration, and taxation patterns as main drivers of the trends observed. A range of alternative series of wealth concentration helps us better understand the role of adjustments and imputations and is based on a multi-series approach, i.e., comparing the pieces of information given by different and competing sources.
Document type :
Preprints, Working Papers, ...
Complete list of metadata

https://halshs.archives-ouvertes.fr/halshs-03226113
Contributor : Caroline Bauer Connect in order to contact the contributor
Submitted on : Friday, May 14, 2021 - 9:38:05 AM
Last modification on : Friday, April 29, 2022 - 10:13:23 AM
Long-term archiving on: : Sunday, August 15, 2021 - 6:05:49 PM

File

2021-14.pdf
Files produced by the author(s)

Identifiers

  • HAL Id : halshs-03226113, version 1

Collections

Citation

Paolo Acciari, Facundo Alvaredo, Salvatore Morelli. The concentration of personal wealth in Italy 1995-2016. 2021. ⟨halshs-03226113⟩

Share

Metrics

Record views

184

Files downloads

44