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- Title
The Concentration of Personal Wealth in Italy 1995–2016.
- Authors
Acciari, Paolo; Alvaredo, Facundo; Morelli, Salvatore
- 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.
- Subjects
ITALY; WEALTH inequality; WEALTH distribution; INHERITANCE &; transfer tax; HOME prices; NATIONAL account systems
- Publication
Journal of the European Economic Association, 2024, Vol 22, Issue 3, p1228
- ISSN
1542-4766
- Publication type
Article
- DOI
10.1093/jeea/jvae002