Austrian Households’ Equity Capital – Evidence from Microdata

Michael Andreasch () and Pirmin Fessler
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Michael Andreasch: Oesterreichische Nationalbank, External Statistics, Financial Accounts and Monetary and Financial Statistics

Monetary Policy & the Economy, 2009, issue 4, 61–78

Abstract: To date, research on household wealth has seldom focused on households’ business equity holdings. Such equity stakes represent above all ownership in domestic limited liability companies. This study for the first time provides an empirical analysis of the distribution of Austrian households’ equity stakes in limited liability companies. For our analysis, we draw on data from three sources: the Company Register, a commercial database and the OeNB’s 2004 Survey on Financial Household Wealth. In 2005, some 3% of Austrian households possessed equity capital worth around EUR 22.3 billion, which equaled about 6% of total financial wealth. These equity investor households are characterized by above-average incomes and wealth. Compared with the other households, they are also much more frequently invested in risky assets, tend to own their principal residence and have considerably higher education levels. Such equity holdings are highly concentrated even within this group of investor households.

Keywords: households; business assets; private foundations; wealth distribution; limited liability (search for similar items in EconPapers)
JEL-codes: C80 D14 D31 D43 E21 L11 (search for similar items in EconPapers)
Date: 2009
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