This paper examines long-term trends in aggregate wealth and inheritance and in their distributions, focusing on … developed economies. A key stylized fact is that wealth is less equally distributed than income. Financial assets predominate … among the wealthy, while owner-occupied housing is crucial for middle groups, so higher stock prices raise wealth inequality …

savers and capitalists, in a model in which all individuals have identical non-linear savings functions. When wealth is low … life cycle savings are increased. On both accounts, wealth inequality is reduced. Thus, consistent with Henry George … formulae describing the equilibrium fraction of wealth held by life-cycle savers. Using these formulae, we ascertain the …

We calibrate a sequence of four nested models to study the dynamics of wealth accumulation. Individuals maximize a … utility function whose arguments are consumption and investment. They desire to accumulate wealth for its own sake - this is …