Fiche du document
8 avril 2022
- handle: 10670/1.8ct51t
- hal: hal-03881419
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
Income and wealth inequality Saving Household portfolios Historical micro data D - Microeconomics/D.D3 - Distribution/D.D3.D31 - Personal Income, Wealth, and Their Distributions E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E21 - Consumption • Saving • Wealth E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy N - Economic History/N.N3 - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy/N.N3.N32 - U.S. • Canada: 1913-Sujets proches
Fortunes Riches Affluence Distribution of wealthCiter ce document
Luis Buluz et al., « The Anatomy of the Global Saving Glut », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.8ct51t
Métriques
Partage / Export
Résumé
This paper provides a household-level perspective on the rise of global saving and wealth since the 1980s. We calculate asset-specific saving flows and capital gains across the wealth distribution for the G3 economies – the U.S., Europe, and China. In the past four decades, global saving inequality has risen sharply. The share of household saving flows coming from the richest 10% of household increased by 60% while saving of middle class households has fallen sharply. The most important source for the surge in top-10% saving was the secular rise of global corporate saving whose ultimate owners the rich households are. Housing capital gains have supported wealth growth for middle-class households despite falling saving and rising debt. Without meaningful capital gains in risky assets, the wealth share of the bottom half of the population declined substantially in most G3 economies.