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The UK's wealth distribution and characteristics of high-wealth households
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Advani, Arun, Bangham, George and Leslie, Jack (2021) The UK's wealth distribution and characteristics of high-wealth households. Fiscal Studies, 42 (3-4). pp. 397-430. doi:10.1111/1475-5890.12286 ISSN 0143-5671.
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Official URL: https://doi.org/10.1111/1475-5890.12286
Abstract
We show that wealth inequality in the UK is high and has increased slightly over the past decade as financial asset prices have increased in the wake of the financial crisis. But data deficiencies are a major barrier in understanding the true distribution, composition and size of household wealth. The most comprehensive survey of household wealth in the UK does a good job of capturing the vast majority of the wealth distribution, but nearly £800 billion of wealth held by the very wealthiest UK households is missing. We also find tentative evidence that survey measures of high-wealth families undervalue their assets – our central estimate of the true value of wealth held by households in the UK is 5 per cent higher than the survey data suggest.
| Item Type: | Journal Article | |||||||||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance H Social Sciences > HM Sociology |
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| Divisions: | Faculty of Social Sciences > Economics | |||||||||||||||
| Library of Congress Subject Headings (LCSH): | Income distribution -- Great Britain, Wealth -- Great Britain, Equality -- Great Britain, Finance, Personal -- Great Britain | |||||||||||||||
| Journal or Publication Title: | Fiscal Studies | |||||||||||||||
| Publisher: | Wiley-Blackwell Publishing, Inc | |||||||||||||||
| ISSN: | 0143-5671 | |||||||||||||||
| Official Date: | September 2021 | |||||||||||||||
| Dates: |
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| Volume: | 42 | |||||||||||||||
| Number: | 3-4 | |||||||||||||||
| Page Range: | pp. 397-430 | |||||||||||||||
| DOI: | 10.1111/1475-5890.12286 | |||||||||||||||
| Status: | Peer Reviewed | |||||||||||||||
| Publication Status: | Published | |||||||||||||||
| Access rights to Published version: | Open Access (Creative Commons) | |||||||||||||||
| Date of first compliant deposit: | 25 August 2021 | |||||||||||||||
| Date of first compliant Open Access: | 28 October 2021 | |||||||||||||||
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