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Isabel Z. Martínez
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Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics 1–45.
Published: 14 June 2024
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We present a new data set we built based on Swiss rich lists going back to 1989. We show, among other things, that 60% of the super-rich are heirs—a fraction twice as large as in the US—and that wealth mobility at the very top has declined significantly. We find that top 0.01% wealth shares are higher than previous estimates based on wealth tax statistics suggest. At the same time, we argue that rich list data lead to overestimating wealth inequality. While rich lists are valuable to study the super-rich, we recommend to use reported wealth figures with caution.
Includes: Supplementary data
Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics 1–52.
Published: 15 March 2023
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We show that over the 20th century, in Switzerland the ratio of private wealth to national income, β p t , did not follow a U-shaped pattern, thereby contrasting the evolution in most European countries. Instead, the ratio was exceptionally stable at around 500%. We argue that this consistently high β p t was the result of geopolitical factors combined with Switzerland's capital friendly policy-making. Since the turn of the century, however, β p t has been on a rapid rise to reach 793% in 2020. This exceptionally fast increase is mainly driven by large capital gains, especially in housing wealth.
Includes: Supplementary data
Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics (2017) 99 (5): 793–809.
Published: 01 December 2017
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In the past twenty years, the share of top incomes in Switzerland has risen, while exhibiting large variations. Switzerland is similar to European countries for the top 1% but closer to the United States for higher top income groups. With the synthetic control method, we close a time gap in the tax data, exploiting the fact that Swiss cantons changed their tax system at different points in time. Using social security data, which cover all top labor incomes, we document the growing importance of labor compared to capital incomes among top income earners in Switzerland.
Includes: Supplementary data