Measuring wealth and wealth inequality: Comparing two U.S. surveys

Fabian T. Pfeffer (), Robert Schoeni, Arthur Kennickell and Patricia Andreski
Additional contact information
Fabian T. Pfeffer: University of Michigan, Postal: Institute for Social Research, University of Michigan, Ann Arbor, MI, USA
Arthur Kennickell: Federal Reserve System, Postal: Board of Governors of the Federal Reserve System, USA.
Patricia Andreski: University of Michigan, Postal: Office for Health Equity and Inclusion, University of Michigan, Ann Arbor, MI, USA

Journal of Economic and Social Measurement, 2016, issue 2, 103-120

Abstract: Household wealth and its distribution are topics of broad public debate and increasing scholarly interest. We compare the relative strength of two of the main data sources used in research on the wealth holdings of U.S. households, the Survey of Consumer Finances (SCF) and the Panel Study of Income Dynamics (PSID), by providing a description and explanation of differences in the level and distribution of wealth captured in these two surveys. We identify the factors that account for differences in average net worth but also show that estimates of net worth are similar throughout most of the distribution. Median net worth in the SCF is 6% higher than in the PSID and the largest differences between the two surveys are concentrated in the 1-2 percent wealthiest households, leading to a different view of wealth concentration at the very top but similar results for wealth inequality across most of the distribution.

Keywords: Wealth; inequality; measurement (search for similar items in EconPapers)
JEL-codes: A13 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (36)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:iosjes:0051

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