Facundo Alvaredo

Paris School of Economics
48 Boulevard Jourdan
75014 Paris, France

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliations: Paris School of Economics and Oxford University and CONICET

NBER Working Papers and Publications

March 2020The Concentration of Personal Wealth in Italy 1995-2016
with Paolo Acciari, Salvatore Morelli
in Measuring and Understanding the Distribution and Intra/Inter-Generational Mobility of Income and Wealth, Raj Chetty, John N. Friedman, Janet C. Gornick, Barry Johnson, and Arthur Kennickell, editors
In this paper we study the distribution and concentration of personal wealth in Italy between 1995 and 2016 using a novel source of data on the full record of inheritance tax files, covering up to 63% of total deceased. Estimates of the shares accrued to top and bottom wealth groups, as well as other inequality indicators, are derived using the estate multiplier method applied to wealth left at death. The benchmark series of wealth concentration is derived to be fully consistent with the National Accounts and suggests that richest 1% of Italian adults increased their share of total personal wealth from 17% to 24% approximately from 1995 to 2016. Differently from what can be estimated from the national survey data, the results suggest strong rise in wealth concentration since the mid 1990s....
On the Distribution of Estates and the Distribution of Wealth: Evidence from the Dead
with Yonatan Berman, Salvatore Morelli
in Measuring and Understanding the Distribution and Intra/Inter-Generational Mobility of Income and Wealth, Raj Chetty, John N. Friedman, Janet C. Gornick, Barry Johnson, and Arthur Kennickell, editors
The distribution of estates (the net value of real and financial property of a deceased person) has commonly served for the estimation of the distribution of wealth among the living via the estate multiplier method, but has never been under extensive scrutiny in and of itself. Theoretically, the application of detailed multipliers can increase or decrease top wealth shares relative to estate shares. This depends on the evolution of mortality rates with respect to age, gender, income and wealth. In this paper, we highlight that the concentration of estates and the derived concentration of wealth at the top through the multiplier method are actually very close to each other. We investigate why the application of mortality multipliers does not alter significantly the picture when both distrib...
February 2017Global Inequality Dynamics: New Findings from
with Lucas Chancel, Thomas Piketty, Emmanuel Saez, Gabriel Zucman: w23119
This paper presents new findings on global inequality dynamics from the World Wealth and Income Database (, with particular emphasis on the contrast between the trends observed in the United States, China, France, and the United Kingdom. We observe rising top income and wealth shares in nearly all countries in recent decades. But the magnitude of the increase varies substantially, thereby suggesting that different country-specific policies and institutions matter considerably. Long-run wealth inequality dynamics appear to be highly unstable. We stress the need for more democratic transparency on income and wealth dynamics and better access to administrative and financial data.

Published: Facundo Alvaredo & Lucas Chancel & Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2017. "Global Inequality Dynamics: New Findings from," American Economic Review, American Economic Association, vol. 107(5), pages 404-409, May. citation courtesy of

May 2013The Top 1 Percent in International and Historical Perspective
with Anthony B. Atkinson, Thomas Piketty, Emmanuel Saez: w19075
The top 1 percent income share has more than doubled in the United States over the last thirty years, drawing much public attention in recent years. While other English speaking countries have also experienced sharp increases in the top 1 percent income share, many high‐income countries such as Japan, France, or Germany have seen much less increase in top income shares. Hence, the explanation cannot rely solely on forces common to advanced countries, such as the impact of new technologies and globalization on the supply and demand for skills. Moreover, the explanations have to accommodate the falls in top income shares earlier in the twentieth century experienced in virtually all high‐income countries. We highlight four main factors. The first is the impact of tax policy, which has varied ...

Published: Facundo Alvaredo & Anthony B. Atkinson & Thomas Piketty & Emmanuel Saez, 2013. "The Top 1 Percent in International and Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 3-20, Summer. citation courtesy of

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