-diversified, since they own relatively small amounts of financial wealth and hold a few types of financial assets. Furthermore, risky … likely to invest in financial assets as their income increases, but the share of financial assets in total wealth remains … subdued as household income increases, since at that point real estate wealth becomes dominant. Finally, we discover that …

wealth distribution in the long run. Combining tax and archival data, household surveys, historical national accounts, and … rich lists, we document that the top 1% wealth share has fallen by half, from close to 50% in 1895 to 26% today. Nearly all … their mark on the German wealth distribution. Households at the top made substantial capital gains from rising business …

insights into the role of country-specific shocks in shaping long-run wealth dynamics. This paper presents the first … comprehensive study of wealth and its distribution in Germany since the 19th century. We combine tax and archival data, household … surveys, historical national accounts, and rich lists to analyze the evolution of the German wealth distribution over the long …