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Wealth concentration ina developing economy: Paris and France, 1807-1994

Author

Listed:
  • Thomas Piketty

    (PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique)

  • Gilles Postel-Vinay

    (LEA - Laboratoire d'Economie Appliquée - INRA - Institut National de la Recherche Agronomique)

  • Jean-Laurent Rosenthal

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

Abstract

Using large samples of estate tax returns, we construct new series on wealth concentration in Paris and France from 1807 to 1994. Inequality increased until 1914 because industrial and financial estates grew dramatically. Then, adverse shocks, rather than a Kuznets-type process, led to a massive decline in inequality. The very high wealth concentration prior to 1914 benefited retired individuals living off capital income (rentiers) rather than entrepreneurs. The very rich were in their seventies and eighties, whereas they had been in their fifties a half century earlier and would be so again after World War II. Our results shed new light on ongoing debates about wealth inequality and growth.

Suggested Citation

  • Thomas Piketty & Gilles Postel-Vinay & Jean-Laurent Rosenthal, 2006. "Wealth concentration ina developing economy: Paris and France, 1807-1994," Post-Print halshs-00754643, HAL.
    • Handle: RePEc:hal:journl:halshs-00754643
    DOI: 10.1257/000282806776157614
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    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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