The Importance of Gifts and Inheritances Among the Affluent
Using data from the 1964 Survey of the Economic Behavior of the Affluent, we estimate directly the fraction of household assets which come from inheritances and the fraction from gifts. These data are well suited for this calculation because the survey is heavily weighted toward households with high incomes, and because the respondents were directly asked about the sources of their wealth. We estimate that 15-202 of household wealth came from inheritances and 5-102 from gifts. Even in households with very high incomes, very few people say that a large fraction of their assets were inherited or were given to them. According to the responses in this survey, it is not creditable that as much as 50% of household assets came from gifts and inheritances. Using data from the 1983 Survey of Consumer Finances with high income supplement, we roughly confirm the 1964 results, although the 1983 data are much less complete than the 1964 data.
|Date of creation:||Oct 1987|
|Date of revision:|
|Publication status:||published as In The Measurement of Saving, Investment, and Wealth. Robert E. Lipsey, and Helen Tice, eds. University of Chicago Press: Chicago, 1989.|
|Contact details of provider:|| Postal: |
Web page: http://www.nber.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Menchik, Paul L & David, Martin, 1983. "Income Distribution, Lifetime Savings, and Bequests," American Economic Review, American Economic Association, vol. 73(4), pages 672-90, September.
- White, Betsy Buttrill, 1978. "Empirical Tests of the Life Cycle Hypothesis," American Economic Review, American Economic Association, vol. 68(4), pages 547-60, September.
- Michael R. Darby, 1978.
"The Effects of Social Security on Income and the Capital Stock,"
UCLA Economics Working Papers
095, UCLA Department of Economics.
- Michael R. Darby, 1977. "The Effects of Social Security on Income and the Capital Stock," UCLA Economics Working Papers 095A, UCLA Department of Economics.
- White, Betsy Buttrill, 1984. "Empirical Tests of the Life Cycle Hypothesis: Reply," American Economic Review, American Economic Association, vol. 74(1), pages 258-59, March.
- Laurence J. Kotlikoff & Lawrence H. Summers, 1980.
"The Role of Intergenerational Transfers in Aggregate Capital Accumulation,"
NBER Working Papers
0445, National Bureau of Economic Research, Inc.
- Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-32, August.
- Mirer, Thad W, 1979. "The Wealth-Age Relation among the Aged," American Economic Review, American Economic Association, vol. 69(3), pages 435-43, June.
- Modigliani, Franco, 1985.
"Life Cycle, Individual Thrift and the Wealth of Nations,"
Nobel Prize in Economics documents
1985-1, Nobel Prize Committee.
- Modigliani, Franco, 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations," American Economic Review, American Economic Association, vol. 76(3), pages 297-313, June.
- Kurz, Mordecai, 1984. "Capital Accumulation and the Characteristics of Private Inter-Generational Transfers," Economica, London School of Economics and Political Science, vol. 51(201), pages 1-22, February.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:2415. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.