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A Head-to-Head Comparison of Augmented Wealth in Germany and the United States

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  • Timm Bönke
  • Markus Grabka
  • Carsten Schröder
  • Edward N. Wolff

Abstract

We provide levels of, compositions of, and inequalities in household augmented wealth – defined as the sum of net worth and pension wealth – for two countries: the United States and Germany. Pension wealth makes up a considerable portion of household wealth: about 48% in the United States and 61% in Germany. The higher share in Germany narrows the wealth gap between the two countries: While average net worth in the United States (US$337,000 in 2013) is about 1.8 times higher than in Germany, augmented wealth (US$651,000) is only 1.4 times higher. Further, the inclusion of pension wealth in household wealth reduces the Gini coefficient from 0.892 to 0.701 in the United States and from 0.765 to 0.511 in Germany.

Suggested Citation

  • Timm Bönke & Markus Grabka & Carsten Schröder & Edward N. Wolff, 2017. "A Head-to-Head Comparison of Augmented Wealth in Germany and the United States," NBER Working Papers 23244, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:23244
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    10. Anthony Shorrocks & James Davies, 2018. "Comparing global inequality of income and wealth," WIDER Working Paper Series 160, World Institute for Development Economic Research (UNU-WIDER).
    11. Philipp M. Lersch & Emanuela Struffolino & Agnese Vitali, 2022. "Wealth in Couples: Introduction to the Special Issue," European Journal of Population, Springer;European Association for Population Studies, vol. 38(4), pages 623-641, October.
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    13. Daniel Waldenström, 2021. "Wealth and History: An Update," CESifo Working Paper Series 9366, CESifo.
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    19. Charlotte Bartels & Carsten Schroeder, 2020. "Income, consumption and wealth inequality in Germany: Three concepts, three stories?," Basic Papers 2, Forum New Economy.
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    22. Waldenström, Daniel, 2021. "Wealth and History: An Update," Working Paper Series 1411, Research Institute of Industrial Economics.
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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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