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Global Inequality Dynamics: New Findings from WID.world

Author

Listed:
  • Facundo Alvaredo

    (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

  • Lucas Chancel

    (IDDRI - Institut du Développement Durable et des Relations Internationales - Institut d'Études Politiques [IEP] - Paris)

  • Thomas Piketty

    (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

  • Emmanuel Saez

    (UCLA - University of California at Los Angeles [Los Angeles])

  • Gabriel Zucman

Abstract

This paper presents new findings on global inequality dynamics from the World Wealth and Income Database (WID.world), with particular emphasis on the contrast between the trends observed in the United States, China, France, and the United Kingdom. We observe rising top income and wealth shares in nearly all countries in recent decades. But the magnitude of the increase varies substantially, thereby suggesting that different country-specific policies and institutions matter considerably. Long-run wealth inequality dynamics appear to be highly unstable. We stress the need for more democratic transparency on income and wealth dynamics and better access to administrative and financial data.

Suggested Citation

  • Facundo Alvaredo & Lucas Chancel & Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2017. "Global Inequality Dynamics: New Findings from WID.world," Post-Print hal-01631225, HAL.
  • Handle: RePEc:hal:journl:hal-01631225
    DOI: 10.1257/aer.p20171095
    Note: View the original document on HAL open archive server: https://hal-pjse.archives-ouvertes.fr/hal-01631225
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    References listed on IDEAS

    as
    1. Thomas F. Crossley & Cormac O'Dea & Facundo Alvaredo & Anthony B. Atkinson & Salvatore Morelli, 2016. "The Challenge of Measuring UK Wealth Inequality in the 2000s," Fiscal Studies, Institute for Fiscal Studies, vol. 37, pages 13-33, March.
    2. Anthony B. Atkinson & Thomas Piketty & Emmanuel Saez, 2011. "Top Incomes in the Long Run of History," Journal of Economic Literature, American Economic Association, vol. 49(1), pages 3-71, March.
    3. Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2016. "Distributional National Accounts: Methods and Estimates for the United States," NBER Working Papers 22945, National Bureau of Economic Research, Inc.
    4. Simon Kuznets & Elizabeth Jenks, 1953. "Shares of Upper Income Groups in Income and Savings," NBER Books, National Bureau of Economic Research, Inc, number kuzn53-1, December.
    5. Simon Kuznets & Elizabeth Jenks, 1953. "Shares of Upper Income Groups in Savings," NBER Chapters,in: Shares of Upper Income Groups in Income and Savings, pages 171-218 National Bureau of Economic Research, Inc.
    6. Anthony Atkinson & Thomas Piketty, 2010. "Top Incomes : A Global Perspective," Post-Print halshs-00754875, HAL.
    7. Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2016. "Appendix to "Distributional National Accounts: Methods and Estimates for the United States"," Working Papers 201604, World Inequality Lab.
    8. Alvaredo, Facundo & Atkinson, Anthony B. & Morelli, Salvatore, 2018. "Top wealth shares in the UK over more than a century," Journal of Public Economics, Elsevier, vol. 162(C), pages 26-47.
    9. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, Oxford University Press, vol. 129(3), pages 1255-1310.
    10. Atkinson, A. B. & Piketty, Thomas (ed.), 2010. "Top Incomes: A Global Perspective," OUP Catalogue, Oxford University Press, number 9780199286898.
    11. Thomas Blanchet & Juliette Fournier & Thomas Piketty, 2017. "Generalized Pareto Curves : Theory and Applications," Working Papers 201703, World Inequality Lab.
    12. Emmanuel Saez & Gabriel Zucman, 2016. "Editor's Choice Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data," The Quarterly Journal of Economics, Oxford University Press, vol. 131(2), pages 519-578.
    13. Thomas Blanchet & Lucas Chancel, 2016. "National Accounts Series Methodology," Working Papers 201601, World Inequality Lab.
    14. Anthony Atkinson & Thomas Piketty, 2007. "Top incomes over the twentieth century: A contrast between continental european and english-speaking countries," Post-Print halshs-00754859, HAL.
    15. Thomas Piketty, 2003. "Income Inequality in France, 1901-1998," Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1004-1042, October.
    16. Atkinson, A. B. & Piketty, Thomas (ed.), 2007. "Top Incomes Over the Twentieth Century: A Contrast Between Continental European and English-Speaking Countries," OUP Catalogue, Oxford University Press, number 9780199286881.
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    Cited by:

    1. Rolf Aaberge & François Bourguignon & Andrea Brandolini & Francisco H. G. Ferreira & Janet C. Gornick & John Hills & Markus Jäntti & Stephen P. Jenkins & Eric Marlier & John Micklewright & Brian Nolan, 2017. "Tony Atkinson and his Legacy," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63(3), pages 411-444, September.
    2. Ravi Kanbur & Yue Wang & Xiaobo Zhang, 2017. "The great Chinese inequality turnaround," Working Papers 433, ECINEQ, Society for the Study of Economic Inequality.
    3. Chakraborty, Robin & Waltl, Sofie R., 2018. "Missing the wealthy in the HFCS: micro problems with macro implications," Working Paper Series 2163, European Central Bank.
    4. repec:jid:journl:y:2018:v:26:i:2:p:1-22 is not listed on IDEAS
    5. Thomas Goda & Santiago Sanchez, 2018. "Market and Disposable Top Income Shares adjusted by National Accounts Data," Journal of Income Distribution, Ad libros publications inc., vol. 26(2), pages 1-22, July.
    6. Barbara Dluhosch, 2018. "Trade, Inequality, and Subjective Well-Being: Getting at the Roots of the Backlash Against Globalization," LIS Working papers 741, LIS Cross-National Data Center in Luxembourg.
    7. Rolf Aaberge & François Bourguignon & Andrea Brandolini & Francisco H. G. Ferreira & Janet C. Gornick & John Hills & Markus Jäntti & Stephen P. Jenkins & Eric Marlier & John Micklewright & Brian Nolan, 2017. "Tony Atkinson and his Legacy," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63(3), pages 411-444, September.
    8. repec:eee:chieco:v:46:y:2017:i:c:p:208-228 is not listed on IDEAS
    9. Thomas Goda & Santiago Sanchez, 2017. "Market and disposable top income shares adjusted by national accounts data," LIS Working papers 715, LIS Cross-National Data Center in Luxembourg.
    10. Muendler, Marc-Andreas, 2017. "Trade, technology, and prosperity: An account of evidence from a labor-market perspective," WTO Staff Working Papers ERSD-2017-15, World Trade Organization (WTO), Economic Research and Statistics Division.

    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P36 - Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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