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The Wealth of the Richest: Inequality and the Nobility in Sweden, 1750–1900

Listed author(s):
  • Bengtsson, Erik

    ()

    (Department of Economic History, Lund University)

  • Missiaia, Anna

    (Department of Economic History, Lund University)

  • Olsson, Mats

    (Department of Economic History, Lund University)

  • Svensson, Patrick

    (Department of Economic History, Lund University)

The role of the European nobility and their ability to retain their political and economic power are part of the debate on the modernization of the European economy. This paper contributes to the literature by exploring the wealth of the Swedish nobility as Sweden evolved from an agrarian to an industrial economy. We use a sample of 200+ probate inventories of nobles for each of the benchmark years 1750, 1800, 1850 and 1900. Medieval and early modern Sweden often has been described as not fully feudal. In line with this, and the (perceived) comparative strength of the peasantry, the nobility is assumed to have been comparatively unimportant and less economically dominant than elsewhere in Europe. We show that the nobility, less than 0.5 per cent of the population, was very dominant in 1750: the average noble was 60 times richer than the average person, and the nobles held 29 per cent of private wealth while 90 per cent of the nobles were richer than the average person. In 1900 the nobles’ advantage had decreased but the stratification within the nobility had increased dramatically. There was a group of super-rich nobles, often large land owners from the high nobility, who possessed the biggest fortunes in Sweden. But there was also a large minority who were not richer than the average Swede. The overall wealth advantage of the nobles, however, hints at that while not all nobles were economically upper class in 1900, most of the upper class were nobles.

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File URL: http://lup.lub.lu.se/record/67a26ecb-7c02-4012-86b0-6042567af29b
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Paper provided by Department of Economic History, Lund University in its series Lund Papers in Economic History with number 161.

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Length: 28 pages
Date of creation: 31 May 2017
Handle: RePEc:hhs:luekhi:0161
Contact details of provider: Postal:
Department of Economic History, Lund University, Box 7083, S-220 07 Lund, Sweden

Phone: +46 46-222 00 00
Fax: +46 46-13 15 85
Web page: http://www.ekh.lu.se/

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  1. Mats Olsson & Patrick Svensson, 2016. "The landlord lag -- productivity on peasant farms and landlord demesnes during the agricultural revolution in Sweden 1700--1860," Scandinavian Economic History Review, Taylor & Francis Journals, vol. 64(1), pages 55-71, March.
  2. Rodney Edvinsson & Johan Söderberg, 2011. "A Consumer Price Index For Sweden, 1290–2008," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 57(2), pages 270-292, 06.
  3. Gregory Clark, 2015. "The Son Also Rises: Surnames and the History of Social Mobility," Economics Books, Princeton University Press, edition 1, number 10181-2, June.
  4. Lindgren, H kan, 2002. "The Modernization Of Swedish Credit Markets, 1840 1905: Evidence From Probate Records," The Journal of Economic History, Cambridge University Press, vol. 62(03), pages 810-832, September.
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