Inequalities in Returns to Wealth and Wealth in France, 2017

Inégalités de rendements et de patrimoine en France en 2017

Laurence Bloch (), Adrien Lagouge (), Benjamin Favetto () and Franck Sédillot ()
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Laurence Bloch: INSEE - Institut national de la statistique et des études économiques (INSEE)
Adrien Lagouge: DARES - Direction de l'animation de la recherche, des études et des statistiques - Ministère du Travail, de l'Emploi et de la Santé
Benjamin Favetto: INSEE - Institut national de la statistique et des études économiques (INSEE), DG Trésor
Franck Sédillot: Centre de recherche de la Banque de France - Banque de France

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Abstract: Heterogeneity in returns to wealth and their positive correlation with net worth are crucial elements for explaining the formation of wealth inequalities. After reviewing the empirical literature on this topic, this paper presents estimates of wealth and returns to wealth using an original database combining the French 2017 wealth survey, administrative income and wealth tax records, company balance sheets, and national accounts. The study of the joint distribution of returns to wealth and net wealth, for the year under review, highlights a significant increase in the returns to net wealth according to its level, in particular at the top of the distribution. The returns to net wealth increases by 3.3 percentage points between the second and top decile of net wealth. The increase in returns is more remarkable for the top percentiles. These preliminary results, though specific to this particular year and adjustment method, do contribute to the debate over wealth inequality in France.

Keywords: Inequalities in wealth; Inequalities in returns; Survey; Calibration; Wealth; Heterogeneous returns; inégalités de patrimoine; inégalités de rendement; rendements hétérogènes; patrimoine; calibration; enquête (search for similar items in EconPapers)
Date: 2022-11
Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05374345v1
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