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The Concentration of Personal Wealth in Italy 1995–2016.
- Source :
- Journal of the European Economic Association; Jun2024, Vol. 22 Issue 3, p1228-1274, 47p
- Publication Year :
- 2024
-
Abstract
- We estimate the distribution of wealth in Italy between 1995 and 2016 using a novel source of inheritance tax files, combined with surveys and national accounts. We find that the level of wealth concentration is in line with other European countries; however, its time trend appears more in line with the US, showing a significant increase over the period studied. The country exhibits one of the greatest declines in the wealth share of the bottom 50%. The paper also shows that age plays a marginal role in explaining wealth concentration. Changes in savings, instead, are the predominant force behind the increase in wealth inequality, even at the top. Equity prices also account for a large share of wealth growth above the 99th percentile, whereas changes in house prices play only a minor role. Finally, we document the growing concentration of life-time wealth transfers, and their increasingly favorable tax treatment. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 15424766
- Volume :
- 22
- Issue :
- 3
- Database :
- Complementary Index
- Journal :
- Journal of the European Economic Association
- Publication Type :
- Academic Journal
- Accession number :
- 177720395
- Full Text :
- https://doi.org/10.1093/jeea/jvae002