Top Wealth in America: New Estimates Under Heterogeneous Returns
Top Wealth in America: New Estimates Under Heterogeneous Returns
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美国顶级财富：异质回报下的新估计
DOI：
10.1093/qje/qjac033
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发表时间：
2022
期刊：
影响因子：
--
通讯作者：
Zwick, Eric
中科院分区：
文献类型：
--
作者：
Smith, Matthew;Zidar, Owen;Zwick, Eric
本文使用行政税收数据来估计美国的顶级财富。我们收集了新的数据，将人们与他们的资本收入来源联系起来，并开发了新的方法来估计资产类别内的回报异质性程度。固定收益分类数据显示，富人以高收益形式赚取了更多利息收入，对信贷风险的敞口也要大得多。因此，近年来，固定收益利率最高的地方大约是平均水平的3.5倍。我们使用公司级别的特征来评估美国公司的数量，并使用公司与所有者之间的联系来分配这些财富。我们将这些关于固定收益和直通业务回报的新数据与对C公司股权、住房和养老金财富的精细化估计相结合，以提供基于的方法的新的资本化财富估计。从1989年到2016年，排名前1%、0.1%和0.01%的财富份额分别增加了6.6、4.6和2.9个百分点，达到33.7%、15.7%和7.1%。总体而言，尽管我们估计存在很大程度的回报异质性，但考虑到这种异质性并不能改变顶级财富份额及其增长的基本情况--财富不平等程度很高，近几十年来大幅上升。
This article uses administrative tax data to estimate top wealth in the United States. We assemble new data that link people to their sources of capital income and develop new methods to estimate the degree of return heterogeneity within asset classes. Disaggregated fixed-income data reveal that rich individuals earn much more of their interest income in higher-yielding forms and have much greater exposure to credit risk. Consequently, in recent years, the interest rate on fixed income at the top is approximately 3.5 times higher than the average. We value the population of U.S. firms using firm-level characteristics and apportion this wealth using firm-owner links. We combine this new data on fixed income and pass-through business returns with refined estimates of C-corporation equity, housing, and pension wealth to deliver new capitalized wealth estimates that build upon the methods of . From 1989 to 2016, the top 1%, 0.1%, and 0.01% wealth shares increased by 6.6, 4.6, and 2.9 percentage points, respectively, to 33.7%, 15.7%, and 7.1%. Overall, although we estimate a large degree of return heterogeneity, accounting for this heterogeneity does not change the fundamental story for top wealth shares and their growth—wealth inequality is high and has risen substantially over recent decades.