Wealth and income stratification by social class in five European countries

Carlos J. Gil-Hernández, Pedro Salas-Rojo, Guillem Vidal and Davide Villani

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Wealth is a central determinant of life chances and intergenerational status persistence in modern societies. Despite increasing attention, sociologists traditionally overlooked its role in class-based economic disparities, while most economists focused on the elites’ accumulation. This article combines sociological and economic perspectives to test whether big occupational classes, the most standardised and operationalisable approach, depict the wealth distribution. Drawing from the Luxembourg Wealth Study (2002–2018) in five European countries, we explore (1) how wealth is distributed and stratified by big occupational classes over time and cross-nationally and (2) to what extent classes account for aggregate wealth inequality trends compared with income. Unlike bold claims on class 'death' or 'decomposition', inequality of outcomes in wealth accumulation is firmly rooted across big occupational classes in contemporary capitalism, potentially harming social mobility in future generations. Still, occupational classes better capture between-group income inequality and stratification than wealth, emphasising the importance of economic resources beyond labour market attachment. Against the backdrop of previous research and our findings, we discuss the role of wealth in contemporary class analysis.

Keywords: income inequality; Luxembourg Wealth Study; occupations; scial class; social stratification; wealth inequality (search for similar items in EconPapers)
JEL-codes: J1 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2025-02-20
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Published in Social Indicators Research, 20, February, 2025. ISSN: 0303-8300

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