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Rising inequality and declining mobility in the Forbes 400

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  • Fernholz, Ricardo T.
  • Hagler, Kara

Abstract

We examine the joint evolution of inequality and mobility from 1985–2020 using a novel data set of intergenerational family wealth dynamics constructed from the Forbes 400 list of wealthiest Americans. In recent decades, the concentration of wealth at the very top of the distribution has risen in the U.S. Over this same period, we show that mobility among the wealthiest American family dynasties has declined, with mobility measured either as family wealth-rank correlations over one-year and five-year periods or as the number of new entrants at the top of the distribution.

Suggested Citation

  • Fernholz, Ricardo T. & Hagler, Kara, 2023. "Rising inequality and declining mobility in the Forbes 400," Economics Letters, Elsevier, vol. 230(C).
    • Handle: RePEc:eee:ecolet:v:230:y:2023:i:c:s0165176523002604
    DOI: 10.1016/j.econlet.2023.111235
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    References listed on IDEAS

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    More about this item

    Keywords

    Inequality; Mobility; Power laws; Forbes 400;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D30 - Microeconomics - - Distribution - - - General
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion

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