Leaving Legacies and Liabilities: The Distribution of Wealth at Death

Franziska Disslbacher and Severin Rapp

No z3wfv, SocArXiv from Center for Open Science

Abstract: This paper leverages novel administrative data on terminal wealth in Vienna to show that Gini indices of wealth inequality at death exceed unity, with 20-30% of decedents leaving behind debt. We analyze the drivers of this distribution, finding that life-cycle effects have limited explanatory power. In contrast, bequest motives are associated with higher wealth, and a marginal increase in the share of decedents with bequest motives reduces inequality. Homeownership also correlates with higher wealth (the reverse is true for care-home residency), though housing wealth does not benefit the bottom of the distribution across districts. Finally, means-tested long-term care transfers significantly amplify terminal wealth inequality. (Stone Center on Socio-Economic Inequality Working Paper)

Date: 2024-09-23
New Economics Papers: this item is included in nep-age
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:z3wfv

DOI: 10.31219/osf.io/z3wfv

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