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The Equalizing of Wealth in Britain since the Second World War

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  • Feinstein, Charles

Abstract

The article examines long-run trends in the distribution of wealth. It shows that in the period from the late 1930s to the late 1970s there was an equalizing of the distribution on a striking and unprecedented scale, but that this was not subsequently sustained. For marketable net wealth the share of the top 1 percent has fallen to only one-fifth ofthe total in the late 1970s, compared to over half in the late 1930s and two-thirds before 1914. This had not simply been transferred to the next wealth groups: the shares owned by the top 5 and 10 percent have also fallen sharply. The downward trend is attributed to four factors: the direct and indirect effects of death duties; social changes in the patterns of wealth-holding and inheritance; the post-war accumulation of "popular wealth", notably houses; and changes in the relative price of assets. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Feinstein, Charles, 1996. "The Equalizing of Wealth in Britain since the Second World War," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(1), pages 96-105, Spring.
    • Handle: RePEc:oup:oxford:v:12:y:1996:i:1:p:96-105
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    Cited by:

    1. Sierminska, Eva & Wroński, Marcin, 2022. "Inequality and Public Pension Entitlements," GLO Discussion Paper Series 1212, Global Labor Organization (GLO).
    2. Atanu Ghoshray & Issam Malki & Javier Ordóñez, 2022. "On the long-run dynamics of income and wealth inequality," Empirical Economics, Springer, vol. 62(2), pages 375-408, February.
    3. Jesper Roine & Daniel Waldenström, 2009. "Wealth Concentration over the Path of Development: Sweden, 1873–2006," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(1), pages 151-187, March.

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