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The Gilded Age and Beyond: The Persistence of Elite Wealth in American History

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  • Priti Kalsi
  • Zachary Ward

Abstract

Is the top tail of wealth a set of fixed individuals or is there substantial turnover? We estimate upper-tail wealth dynamics during the Gilded Age and beyond, a time of rapid wealth accumulation and concentration in the late 19th and early 20th centuries. Using various wealth proxies and data tracking tens of millions of individuals, we find that most extremely wealthy individuals drop out of the top tail within their lifetimes. Yet, elite wealth still matters. We find a non-linear association between grandparental wealth and being in the top 1%, such that having a rich grandparent exponentially increases the likelihood of reaching the top 1%. Still, over 90% of the grandchildren of top 1% wealth grandfathers did not achieve that level.

Suggested Citation

  • Priti Kalsi & Zachary Ward, 2025. "The Gilded Age and Beyond: The Persistence of Elite Wealth in American History," NBER Working Papers 33355, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33355
    Note: DAE LS
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    Cited by:

    1. Christophe Van Langenhove, 2025. "Wealth Mobility in the United States: Empirical Evidence from the PSID," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 25/1104, Ghent University, Faculty of Economics and Business Administration.

    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913
    • N32 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: 1913-

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