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Inequality among the Wealthy

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  • Frank A 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.

Suggested Citation

  • Frank A Cowell, 2011. "Inequality among the Wealthy," CASE Papers case150, Centre for Analysis of Social Exclusion, LSE.
  • Handle: RePEc:cep:sticas:case150
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    File URL: http://sticerd.lse.ac.uk/dps/case/cp/CASEpaper150.pdf
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    References listed on IDEAS

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    1. Amiel, Yoram & Cowell, Frank & Polovin, Avraham, 1996. "Inequality among the Kibbutzim," Economica, London School of Economics and Political Science, vol. 63(250), pages 63-85, Suppl..
    2. 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.
    3. 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.
    4. Eva Sierminska & Andrea Brandolini & Timothy Smeeding, 2006. "The Luxembourg Wealth Study – A cross-country comparable database for household wealth research," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 4(3), pages 375-383, December.
    5. Frank Cowell & Maria-Pia Victoria-Feser, 2007. "Robust stochastic dominance: A semi-parametric approach," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 5(1), pages 21-37, April.
    6. Fabio Clementi & Mauro Gallegati, 2005. "Pareto's Law of Income Distribution: Evidence for Grermany, the United Kingdom, and the United States," Microeconomics 0505006, EconWPA.
    7. Alan Harrison, 1981. "Earnings by Size: A Tale of Two Distributions," Review of Economic Studies, Oxford University Press, vol. 48(4), pages 621-631.
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    Cited by:

    1. De Nardi, Mariacristina & Giulio , Fella & Yang, Fang, 2016. "Piketty’s Book and Macro Models of Wealth Inequality," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    2. repec:bla:revinw:v:62:y:2016:i:4:p:605-627 is not listed on IDEAS
    3. Paul Eckerstorfer & Johannes Halak & Jakob Kapeller & Bernhard Schütz & Florian Springholz & Rafael Wildauer, 2016. "Correcting for the Missing Rich: An Application to Wealth Survey Data," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(4), pages 605-627, December.

    More about this item

    Keywords

    wealth distribution;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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