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Wealth Transfers and Net Wealth at Death: Evidence from the Italian Inheritance Tax Records 1995–2016

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  • Acciari, Paolo
  • Morelli, Salvatore

Abstract

In this paper we describe a novel source of data on the full record of inheritance tax files in Italy, covering up to 63% of total deceased. The work documents a substantial rise in the total value of inheritance and gifts as a share of national income, from 8.4% in 1995 to 15.1% in 2016. Consistent with the increasing role of total personal net wealth in the economy, the weight of inheritance and gifts in Italy appears relatively high by international standards. Over the same period, total wealth left at death has also become increasingly concentrated. The estates valued at least €1 million were worth 18.7% of total estate in the mid 1990s and 24.8% in 2016. This paper also documents that revenues collected from the inheritance tax underwent a threefold decline from 0.15% to 0.05% of total tax revenue between 1995 and 2016. Data also allow a disaggregated analysis by demographic and geographic characteristics. (Stone Center on Socio-Economic Inequality Working Paper)

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  • Acciari, Paolo & Morelli, Salvatore, 2021. "Wealth Transfers and Net Wealth at Death: Evidence from the Italian Inheritance Tax Records 1995–2016," SocArXiv 87nmv, Center for Open Science.
    • Handle: RePEc:osf:socarx:87nmv
    DOI: 10.31219/osf.io/87nmv
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    Cited by:

    1. Paolo Acciari & Facundo Alvaredo & Salvatore Morelli, 2024. "The Concentration of Personal Wealth in Italy 1995–2016," Journal of the European Economic Association, European Economic Association, vol. 22(3), pages 1228-1274.
    2. Michele Cantarella & Andrea Neri & Giovanna Ranalli, 2021. "Mind the wealth gap: a new allocation method to match micro and macro statistics on household wealth," Questioni di Economia e Finanza (Occasional Papers) 646, Bank of Italy, Economic Research and International Relations Area.
    3. Yonatan Berman & Salvatore Morelli, 2021. "On the Distribution of Estates and the Distribution of Wealth: Evidence from the Dead," NBER Chapters, in: Measuring Distribution and Mobility of Income and Wealth, pages 205-219, National Bureau of Economic Research, Inc.
    4. , Stone Center & Nolan, Brian & Palomino, Juan & Van Kerm, Philippe & Morelli, Salvatore, 2020. "Intergenerational Transfers by Size and Wealth Inequality in Rich Countries," SocArXiv eyh8s, Center for Open Science.
    5. Valerio Astuti, 2024. "Who is in equilibrium?," Papers 2402.05716, arXiv.org.
    6. Morelli, Salvatore & Nolan, Brian & Palomino, Juan & Van Kerm, Philippe, 2021. "Inheritance, Gifts and the Wealth Deficit of Low-Income Households," SocArXiv 2mpuh, Center for Open Science.
    7. Sandra E. Black & Paul J. Devereux & Fanny Landaud & Kjell G. Salvanes, 2022. "The (Un)Importance of Inheritance," CESifo Working Paper Series 9566, CESifo.
    8. Cuomo, Maria Teresa & Tortora, Debora & Colosimo, Ivan & Ricciardi Celsi, Lorenzo & Genovino, Cinzia & Festa, Giuseppe & La Rocca, Michele, 2023. "Segmenting with big data analytics and Python: A quantitative exploratory analysis of household savings," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    9. Salvatore Morelli, 2020. "The Dynamics of Wealth Concentration: Thoughts on Tony Atkinson’s Contributions," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 6(1), pages 197-205, March.
    10. Luigi Cannari & Giovanni D�Alessio, 2018. "Wealth inequality in Italy: reconstruction of 1968-75 data and comparison with recent estimates," Questioni di Economia e Finanza (Occasional Papers) 428, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    JEL classification:

    • D3 - Microeconomics - - Distribution
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • N3 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy

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