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The global concentration of wealth
[Persistence of power, elites, and institutions]

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  • Thomas Goda

Abstract

This paper compares changes in relative and absolute wealth concentrations to establish whether both processes have followed similar trajectories. The findings indicate that while the relative wealth concentration level has increased in recent times, it is not extraordinarily high from a historical perspective. In contrast, the absolute wealth concentration level is most likely higher than has ever previously occurred, due to the growth of per capita wealth holdings and the population size of high net worth individuals (HNWIs). The available data also suggest that HNWIs recovered very quickly from the losses that they experienced in the financial crisis of 2008. As a result, HNWIs’ wealth holdings in 2013 were at least 30% higher than they were in 2007. The post-crisis recovery of billionaires was even stronger, with their 2014 net wealth holdings more than 85% higher than 2007 levels.

Suggested Citation

  • Thomas Goda, 2018. "The global concentration of wealth [Persistence of power, elites, and institutions]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(1), pages 95-115.
    • Handle: RePEc:oup:cambje:v:42:y:2018:i:1:p:95-115.
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    File URL: http://hdl.handle.net/10.1093/cje/bex020
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    4. Bas Bavel & Marten Scheffer, 2021. "Historical effects of shocks on inequality: the great leveler revisited," Palgrave Communications, Palgrave Macmillan, vol. 8(1), pages 1-9, December.
    5. Eileen Peters, 2021. "What You Want Is Not Always What You Get: Gender Differences in Employer-Employee Exchange Relationships during the COVID-19 Pandemic," Social Sciences, MDPI, vol. 10(8), pages 1-21, July.

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