Where Does Wealth Come From? Measuring Lifetime Resources in Norway

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1 novembre 2023

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HAL-SHS : économie et finance

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info:eu-repo/semantics/altIdentifier/doi/10.1257/jep.37.4.115

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Centre pour la communication scientifique directe

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Fortunes Riches Affluence Distribution of wealth

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Sandra Black et al., « Where Does Wealth Come From? Measuring Lifetime Resources in Norway », HAL-SHS : économie et finance, ID : 10.1257/jep.37.4.115

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In this paper, we use comprehensive administrative data on the population of Norway to create a measure of lifetime resources, which generates several stylized facts. First, lifetime resources are highly correlated with net wealth, but net wealth is more unequally distributed. Second, labor income is the most important component of lifetime resources, except among the top 1 percent where capital income and capital gains on financial assets become important. Lastly, lifetime resources are a better predictor of child human capital outcomes than net wealth, suggesting that, in some cases, inequality in lifetime resources may be more relevant than inequality in wealth.

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