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Hidden wealth

Cummins, Neil (2019) Hidden wealth. Economic History Working Papers (301). London School of Economics and Political Science, London, UK.

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Abstract

Sharp declines in wealth-concentration occurred across Europe and the US during the 20th century. But this stylized fact is based on declared wealth. It is possible that today the richest are not less rich but rather that they are hiding much of their wealth. This paper proposes a method to measure this hidden wealth, in any form. In England, 1920-1992, elites are concealing 20-32% of their wealth. Among dynasties, hidden wealth, independent of declared wealth, predicts appearance in the Offshore Leaks Database of 2013-6, house values in 1999, and Oxbridge attendance, 1990-2016. Accounting for hidden wealth eliminates one-third of the observed decline of top 10% wealth-share over the past century.

Item Type: Monograph (Working Paper)
Official URL: http://www.lse.ac.uk/Economic-History/Working-Pape...
Additional Information: © 2019 The Author
Divisions: Economic History
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HB Economic Theory
JEL classification: N - Economic History > N0 - General > N00 - General
N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N33 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: Europe: Pre-1913
N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N34 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: Europe: 1913-
D - Microeconomics > D3 - Distribution > D31 - Personal Income, Wealth, and Their Distributions
H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H26 - Tax Evasion
Date Deposited: 01 Nov 2019 10:39
Last Modified: 28 Jan 2020 00:25
URI: http://eprints.lse.ac.uk/id/eprint/102321

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