Hidden Wealth

Neil Cummins

No 14020, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Using individual level records of all wealth-at-death in England, 1892-1992, together with new estimates of the wealth-specific rate-of-return on wealth, I estimate a plausible minimum level of the amount of inherited wealth that is hidden. Elites conceal around 20% of their inheritance. Among dynasties, this hidden wealth, independent of declared wealth, predicts appearance in the Offshore Leaks Database of 2013-6, house values in 1999, and Oxbridge attendance, 1990-2016. Accounting for hidden wealth eliminates at least 40% of the observed decline of the top 10% wealth-share over the past century. I find 8,549 dynasties that are hiding £7.7 Billion.

Keywords: Hidden wealth; Inequality; Economic history; Big data; Tax evasion (search for similar items in EconPapers)
JEL-codes: D31 H26 N00 N33 N34 (search for similar items in EconPapers)
Date: 2019-09
New Economics Papers: this item is included in nep-big, nep-eur, nep-his and nep-iue
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Working Paper: Hidden wealth (2019)
Working Paper: Hidden wealth (2019)
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