5. Conclusion

Abstract

countries. For wealth quantiles slightly above the median, higher inheritances can be more easily compensated by (similarly) high income, since both have similar effects on the wealth CDF. However, as we approach the very top of distribution, the relative importance of bequests gains momentum again. This is a major advantage of our metodological approach, as compared to the study of Fessler and Schürz (2015): Only by relaxing the assumption of parameter homogeneity across wealth percentiles we are able to identify these diverse trends in the relative importance of bequests and income at different points in the wealth distribution.