Intergenerational Wealth Mobility in France over the 20th Century
This paper estimates the intergenerational wealth correlation between two generations for cohorts covering the 20th century. First, we find that the probabilities for the second generation to belong to top wealth groups or to be homeowner increase with the wealth of the parents. Such effects are persistent over the life-cycle. Second, the relative effect of parental wealth is increasing across top wealth groups. Third, the intergenerational correlation in homeownership status is increasing for more recent cohorts. Fourth, the effect of parental wealth on the probability to belong to top wealth groups follows an inverted U-shape over the life-cycle. Fifth, the higher in the wealth distribution, the more important is the role of the receipt of gifts and inheritances and the occupation of the fathers: they fully explain the intergenerational correlation regarding the probability to belong to the top 5%. The education of the household plays an additional role for the top 50%.