A Rolling Tide: Changes in the Distribution of Wealth in the U.S., 1989-2001
Arthur B. Kennickell
Additional contact information
Arthur B. Kennickell: Board of Governors of the Federal Reserve System
Others from University Library of Munich, Germany
Abstract:
From 1989 to 2001, wealth in real terms increased overall among U.S. families. But characterizing distributional changes is much more complex; it depends on the specific questions asked. For example, there is evidence both from Forbes data on the 400 wealthiest Americans and from the SCF, which explicitly excludes families in the Forbes list, that wealth grew relatively strongly at the very top of the distribution. At the same time, the share of total household wealth held by the Forbes group rose. However, while the point estimate of the share of total wealth held by the wealthiest 1 percent of families, as measured by the SCF, also rose, the change is not statistically significant. In 2001, the division of wealth observed in the SCF attributed about a third each to the wealthiest 1 percent, the next wealthiest 9 percent, and the remaining 90 percent of the population. The paper decomposes wealth holdings and distributional shifts in a variety of other ways. Particular attention is given to families with negative net worth, families of older baby boomers, and African American families.
Keywords: wealth distribution; household finances; portfolio choice (search for similar items in EconPapers)
JEL-codes: P Q Z (search for similar items in EconPapers)
Pages: 51 pages
Date: 2003-11-11
Note: Type of Document - pdf; pages: 51
References: Add references at CitEc
Citations: View citations in EconPapers (11)
Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/othr/papers/0311/0311002.pdf (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpot:0311002
Access Statistics for this paper
More papers in Others from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA (volker.schallehn@ub.uni-muenchen.de).