Trends in United States household wealth concentration.

摘要

Because of the paucity of wealth data, very little is known about changes in personal sector wealth concentration. This dissertation attempts to redress the situation by compiling all available measures of personal sector wealth, and, in particular, a trend in U.S. household wealth concentration is constructed using survey data. The survey estimates of concentration are compared with the existing trend in individual wealth concentration which uses estate tax data.;Chapter two discusses the alternative methodologies used to measure personal sector wealth, and presents previous trend estimates from estate data, as well as various published estimates from existing survey data. It is found that the Survey of Consumer Finances represents the only possible alternative source for constructing a trend in personal sector wealth concentration. Chapter three discusses the methodology used to construct the survey trend used here. Initial estimates are presented, and the quality of these estimates are tested through a comparison with aggregate data. Chapter four analyzes the movements in household wealth inequality in detail, and compares the survey trend with the estate data trend. The survey data support the findings from the estate data that measured inequality remained relatively stable from 1953 to 1970, then fell significantly in the mid 1970s, but increased again in the early 1980s. By decomposing the Gini coefficients of net worth, it is found that changes in the concentration ratios of stocks and housing explain the most significant movements in measured inequality.