Wealth Inequality and Stratification by Social Classes in 21st-Century Europe

Carlos J. Gil-Hernández, Pedro Salas-Rojo (), Guillem Vidal-Lorda and Davide Villani

No 43, LWS Working papers from LIS Cross-National Data Center in Luxembourg

Abstract: Wealth is a central determinant of life chances and intergenerational status persistence in modern societies. Yet, sociologists traditionally overlooked its role in class measurement and inequality, while most economists focused on the elites. This article reconciles sociological and economic perspectives on class analysis by examining the relationship between classes and wealth inequality versus income. Drawing from the Luxembourg Wealth Study (2002-2018) in five European countries, we test whether occupational classes, based on the entire division of labour, keep up with rising economic inequality trends. In contrast to bold claims on class death or decomposition, inequality of outcomes in wealth accumulation is firmly rooted across occupational classes in contemporary capitalism, potentially harming future equal opportunity and social mobility. Still, occupational classes better capture between-group income inequality and stratification than wealth, emphasising the importance of economic resources beyond labour market attachment that spark advances in social class theory and measurement.

Pages: 54 pages
Date: 2024-03
New Economics Papers: this item is included in nep-eec, nep-hme and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:lis:lwswps:43

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