The golden layer: the origins, concentration, and transmission of top wealth in Zurich, 1880–1952

Geoffroy Legentilhomme and Matthieu Leimgruber

Economic History Review, 2026, vol. 79, issue 1, 31-56

Abstract: On the basis of a new dataset of top wealth holdings at the taxpayer level for the Swiss canton of Zurich from 1880 to 1952, this article makes two main contributions. First, we provide an estimate of the top 0.1 per cent wealth share and show that wealth concentration in Zurich exhibited significant stability in comparative perspective. Second, we provide a collective portrait of the top 0.1 per cent wealth share, highlighting patterns of continuity and change. If inheritance played a paramount role, genuine ‘rentiers’ remained a minority in comparison with businessmen active in family firms which they had inherited. We also identify a significant share of wealthy women. By combining biographical and genealogical information, we analyse the persistence of top fortunes. In 1952, 35 per cent of the top 0.1 per cent wealth was owned by taxpayers who were related – kinship‐wise – to the richest taxpayers of the late nineteenth century. Overall, we highlight how collective biography approaches can contribute to debates on wealth concentration and transmission. As top wealth tends to be concentrated in specific locations, we also underscore how studies focusing on specific cities and regions can improve our understanding of these mechanisms.

Date: 2026
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