TY  - JOUR
AU  - Edlund,Lena
AU  - Kopczuk,Wojciech
TI  - Women, Wealth and Mobility
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13162
PY  - 2007
Y2  - June 2007
UR  - http://www.nber.org/papers/w13162
L1  - http://www.nber.org/papers/w13162.pdf
N1  - Author contact info:
Lena Edlund
Department of Economics
Columbia University
1002A IAB, MC 3308
420 West 118th Street
New York, NY 10027
Tel: 212/854-4513
Fax: 212/854-8059
E-Mail: le93@columbia.edu

Wojciech Kopczuk
Columbia University
420 West 118th Street, Rm. 1022 IAB
MC 3323
New York, NY  10027
Tel: 212/854-2519
Fax: 212/864-8059
E-Mail: wk2110@columbia.edu
AB  - The extent of and changes in inter-generational mobility of wealth are central to understanding dynamics of wealth inequality but hard to measure. Using estate tax returns data, we observe that the share of women among the very wealthy (top 0.01%) in the United States peaked in the late 1960s, reaching almost 50%. Three decades on, women's share had declined to one third, a return to pre-war levels. We argue that this pattern mirrors the relative importance of inherited vs. self-made wealth in the economy and thus the gender-composition of the wealthiest may serve as a proxy for inter-generational wealth mobility. This proxy for "dynastic wealth'' suggests that wealth mobility in the past century decreased until the 1970s and rose thereafter, a pattern consistent with technological change driving long term trends in income inequality and mobility. Greater wealth mobility in recent decades is also consistent with the simultaneous rise in top income shares and relatively stable wealth concentration.
ER  -