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UID:20251019T031127EDT-0889B9UZlT@132.216.98.100
DTSTAMP:20251019T071127Z
DESCRIPTION:'Why Are the Wealthiest So Wealthy?'\n\nSergio Salgado (Wharton
 )\n	Joint with Elin Halvorsen\, Joachim Hubmer and Serdar Ozkan\n\nSeptembe
 r 9\, 2022\, 3:30 to 5:00 PM\n	Leacock 429\n\nHost: Rui Castro\n	Field: Macr
 o\n\nAbstract:\n	We use administrative panel data from Norway between 1993 
 and 2015 on wealth and income to study lifecycle wealth dynamics. Our empi
 rical results reveal strong wealth persistence at the top of the distribut
 ion. On average\, the wealthiest start their lives significantly richer th
 an other households in the same cohort\, invest more in private equity\, e
 arn higher returns\, and derive most of their lifetime income from dividen
 ds and capital gains on equity. Inheritances constitute a small fraction o
 f the lifetime resources for most households except for a few wealthy ones
  who\, in general\, receive these funds earlier in life and more in the fo
 rm of private equity. We find significant heterogeneity among the wealthie
 st: A large fraction starts relatively poor with little private equity in 
 their portfolios but experiences rapid wealth growth early in life due to 
 high rates of return. We then develop and estimate an overlapping generati
 ons model with rich heterogeneity in inheritances\, labor income\, and ent
 repreneurial ability. We find that the interaction between inheritance and
  rate of return heterogeneity is key for understanding wealth inequality i
 n the cross-section and over the life cycle. Our counterfactual analysis s
 uggests that a tax on inheritances reduces wealth inequality but has a det
 rimental effect on output and wages.\n
DTSTART:20220909T193000Z
DTEND:20220909T210000Z
LOCATION:Room 429\, Leacock Building\, CA\, QC\, Montreal\, H3A 2T7\, 855 r
 ue Sherbrooke Ouest
SUMMARY:Sergio Salgado (Wharton)\, 'Why Are the Wealthiest So Wealthy?'
URL:/economics/channels/event/sergio-salgado-wharton-w
 hy-are-wealthiest-so-wealthy-340397
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