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  5. Accounting for Wealth Concentration in the United States

蝌蚪网 Journal:
Macroeconomics

ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)

Accounting for Wealth Concentration in the United States

  • Bari艧 Kaymak
  • David Leung
  • Markus Poschke
蝌蚪网 Journal: Macroeconomics (Forthcoming)

Abstract

We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and differences in rates of return on capital together explain about half the holdings of the wealthiest of households.

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