Usus fructus: taking account of property use rights in household wealth measurement

Giovanni D'Alessio, Andrea Neri and Irene Toma
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Irene Toma: The World Bank, Development Data Group

No 886, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: The paper discusses the inclusion of usufruct rights in household wealth estimates, emphasizing the theoretical rationale for adjusting traditional estimates that do not include this component. It then applies this concept to the Italian context by using SHIW data. Despite usufruct being relatively rare (around 3 per cent of residential homes), adjusting for it impacts wealth distribution, with some increases characterizing younger households. Overall, adjusted estimates show a significant decrease in the concentration indices compared with unadjusted ones. These findings suggest the importance of considering this component in standard household wealth estimates, particularly in countries where use rights are more common.

Keywords: property rights; use rights; usufruct; wealth distribution (search for similar items in EconPapers)
JEL-codes: D23 D31 P14 (search for similar items in EconPapers)
Date: 2024-10
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https://www.bancaditalia.it/pubblicazioni/qef/2024-0886/QEF_886_24.pdf (application/pdf)

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Working Paper: Usus Fructus: Taking Account of Property Use Rights in Household Wealth Measurement (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_886_24

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