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Inequality among the wealthy

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  • Frank Cowell

Abstract

Using the evidence from the Luxembourg Wealth Study it appears that the distribution of wealth in the UK is considerably less than in Canada, the US or Sweden. But does this result come from an underestimate of inequality among the wealthy and of the wealth differential between the rich and the rest? Using a Pareto model for the upper tail of the distribution we can see that the inequality of comparisons of the UK with the other countries is indeed robust.

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File URL: http://eprints.lse.ac.uk/43897/
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Bibliographic Info

Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 43897.

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Length: 33 pages
Date of creation: Jun 2011
Date of revision:
Handle: RePEc:ehl:lserod:43897

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Keywords: asset effect; wealth; asset-based welfare;

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  1. Amiel, Yoram & Cowell, Frank & Polovin, Avraham, 1996. "Inequality among the Kibbutzim," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 63(250), pages S63-85, Suppl..
  2. Eva Sierminska & Andrea Brandolini & Timothy Smeeding, 2006. "The Luxembourg Wealth Study – A cross-country comparable database for household wealth research," Journal of Economic Inequality, Springer, Springer, vol. 4(3), pages 375-383, December.
  3. Fabio Clementi & Mauro Gallegati, 2005. "Pareto's Law of Income Distribution: Evidence for Grermany, the United Kingdom, and the United States," Microeconomics, EconWPA 0505006, EconWPA.
  4. Harrison, Alan, 1981. "Earnings by Size: A Tale of Two Distributions," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 48(4), pages 621-31, October.
  5. Klass, Oren S. & Biham, Ofer & Levy, Moshe & Malcai, Ofer & Solomon, Sorin, 2006. "The Forbes 400 and the Pareto wealth distribution," Economics Letters, Elsevier, vol. 90(2), pages 290-295, February.
  6. Frank Cowell & Maria-Pia Victoria-Feser, 2007. "Robust stochastic dominance: A semi-parametric approach," Journal of Economic Inequality, Springer, Springer, vol. 5(1), pages 21-37, April.
  7. Markus Jantti & Eva Sierminska & Tim Smeeding, 2008. "The Joint Distribution of Household Income and Wealth: Evidence from the Luxembourg Wealth Study," OECD Social, Employment and Migration Working Papers 65, OECD Publishing.
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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Inequality among the Wealthy
    by maximorossi in NEP-LTV blog on 2011-07-29 19:06:16

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