{"title":"The UK's wealth distribution and characteristics of high-wealth households","authors":"Arun Advani, George Bangham, Jack Leslie","doi":"10.1111/1475-5890.12286","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":51602,"journal":{"name":"Fiscal Studies","volume":null,"pages":null},"PeriodicalIF":2.2000,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12286","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Fiscal Studies","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12286","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
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.
期刊介绍：
The Institute for Fiscal Studies publishes the journal Fiscal Studies, which serves as a bridge between academic research and policy. This esteemed journal, established in 1979, has gained global recognition for its publication of high-quality and original research papers. The articles, authored by prominent academics, policymakers, and practitioners, are presented in an accessible format, ensuring a broad international readership.
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