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Intergenerational wealth transmission in Great Britain

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  • Paul Gregg
  • Ricky Kanabar

Abstract

We document the intergenerational wealth transmission between adult offspring and their parent's using the Wealth and Assets Survey for Great Britain. We estimate an intergenerational wealth elasticity of 0.4 and Rank‐Rank elasticity of 0.3 and find intergenerational wealth transmission for individuals in their 60s is lower than for those currently aged in their 30s and early 40s, though rank based estimates are stable. Our estimation results imply that the intergenerational wealth elasticity is 3.8 percentage points higher when comparing people with those the same age 6 years previously suggesting strong evidence of higher intergenerational wealth persistence in younger age cohorts. Taken together, the findings have important implications for future wealth inequalities and must be addressed.

Suggested Citation

  • Paul Gregg & Ricky Kanabar, 2023. "Intergenerational wealth transmission in Great Britain," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 69(4), pages 807-837, December.
    • Handle: RePEc:bla:revinw:v:69:y:2023:i:4:p:807-837
    DOI: 10.1111/roiw.12620
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