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Wealth inequality and stratification by social classes in 21st-century Europe

Author

Listed:
  • Gil-Hernández, Carlos J.
  • Salas Rojo, Pedro
  • Vidal-Lorda, Guillem
  • Villani, Davide

Abstract

Wealth is a central determinant of life chances and intergenerational status persistence in modern societies. Yet, sociologists traditionally overlooked its role in class measurement and inequality, while most economists focused on the elites. This article reconciles sociological and economic perspectives on class analysis by examining the relationship between classes and wealth inequality versus income. Drawing from the Luxembourg Wealth Study (2002-2018) in five European countries, we test whether occupational classes, based on the entire division of labour, keep up with rising economic inequality trends. In contrast to bold claims on class death or decomposition, inequality of outcomes in wealth accumulation is firmly rooted across occupational classes in contemporary capitalism, potentially harming future equal opportunity and social mobility. Still, occupational classes better capture between-group income inequality and stratification than wealth, emphasising the importance of economic resources beyond labour market attachment that spark advances in social class theory and measurement.

Suggested Citation

  • Gil-Hernández, Carlos J. & Salas Rojo, Pedro & Vidal-Lorda, Guillem & Villani, Davide, 2024. "Wealth inequality and stratification by social classes in 21st-century Europe," LSE Research Online Documents on Economics 122125, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:122125
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    File URL: http://eprints.lse.ac.uk/122125/
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    More about this item

    Keywords

    wealth; income; social class; inequality; stratification;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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