Our G-SOEP survey finds much higher private wealth & higher wealth inequality in Germany than previously known:
Top 0.1% have 20% of all private wealth (prev. 7%)
Top 1% have 35% (22%)
Top 10% have 67% (59%)
Bottom 50% have 1.5%
Report (in German):
diw.de/documents/publ…
Top 0.1% have 20% of all private wealth (prev. 7%)
Top 1% have 35% (22%)
Top 10% have 67% (59%)
Bottom 50% have 1.5%
Report (in German):
diw.de/documents/publ…
Facts on wealth in Germany #2:
Our new G-SOEP survey of the rich “discovered” €2100 billion (about 65% of GDP) in “new” private wealth in Germany, for a total of €10,300 billion, using a new methodology.
@PikettyLeMonde
Our study @DIW_Berlin_en :
diw.de/documents/publ…
Our new G-SOEP survey of the rich “discovered” €2100 billion (about 65% of GDP) in “new” private wealth in Germany, for a total of €10,300 billion, using a new methodology.
@PikettyLeMonde
Our study @DIW_Berlin_en :
diw.de/documents/publ…
Facts on wealth in Germany #3:
The richest 1% in Germany have with 35% about as high a share of all private wealth as in the United States, and with wealth inequality being almost as high in Germany as in the US.
@gabriel_zucman
Source: Bartels, Schularick
The richest 1% in Germany have with 35% about as high a share of all private wealth as in the United States, and with wealth inequality being almost as high in Germany as in the US.
@gabriel_zucman
Source: Bartels, Schularick
Facts on wealth in Germany #4:
Germany has one of the highest wealth inequalities in Europe, with a Gini of 0.83.
What is unusual is that the poorest 50% have barely any net wealth. Their share is 1.5%, with almost a third having no meaningful net wealth at all.
@PikettyLeMonde
Germany has one of the highest wealth inequalities in Europe, with a Gini of 0.83.
What is unusual is that the poorest 50% have barely any net wealth. Their share is 1.5%, with almost a third having no meaningful net wealth at all.
@PikettyLeMonde
Facts on wealth in Germany #5:
There are about 1 million millionaires in Germany (out of 83 million inhabitants).
The average millionaire has €3 million in net wealth.
The average adult in the bottom half of the wealth distribution has €3682.
Our @DIW_Berlin_en -SOEP survey
There are about 1 million millionaires in Germany (out of 83 million inhabitants).
The average millionaire has €3 million in net wealth.
The average adult in the bottom half of the wealth distribution has €3682.
Our @DIW_Berlin_en -SOEP survey
Facts on wealth in Germany #6:
43% of net wealth is in the form of company ownership & 41% in real estate among the rich.
The poorest 50% hold almost all of their savings as cash, with almost none having real estate. (only 45% of Germans have real estate).
@JosephEStiglitz
43% of net wealth is in the form of company ownership & 41% in real estate among the rich.
The poorest 50% hold almost all of their savings as cash, with almost none having real estate. (only 45% of Germans have real estate).
@JosephEStiglitz
Facts on wealth in Germany #7:
Wealthy Germans have predominantly six specific characteristics:
· male – 69%
· middle/old age – 77%
· no migration background – 86%
· from West Germany – 94%
· well educated
· self-employed – 73%
Wealthy Germans have predominantly six specific characteristics:
· male – 69%
· middle/old age – 77%
· no migration background – 86%
· from West Germany – 94%
· well educated
· self-employed – 73%
Facts on wealth in Germany #8:
Wealth is distributed very unequally geographically within Germany – as this graph shows for equity ownership of companies.
This graph comes from the excellent reporting by @zeitonline on our new study on wealth in Germany.
Wealth is distributed very unequally geographically within Germany – as this graph shows for equity ownership of companies.
This graph comes from the excellent reporting by @zeitonline on our new study on wealth in Germany.
Facts on wealth in Germany #9:
More than 50% of wealth in Germany has been acquired through inheritance, not through one’s own work.
Most of those 38% being lucky enough to receive an inheritance are well educated and have a relatively high income.
hec.unil.ch/mbrulhar/paper…
More than 50% of wealth in Germany has been acquired through inheritance, not through one’s own work.
Most of those 38% being lucky enough to receive an inheritance are well educated and have a relatively high income.
hec.unil.ch/mbrulhar/paper…
Facts on wealth in Germany #10:
Germans inheriting more than €20 million pay on average 1.8% in inheritance taxes.
Germans inheriting less than €500,000 pay on average 12% in inheritance taxes.
@gabriel_zucman @EDerenoncourt
diw.de/documents/publ…
Germans inheriting more than €20 million pay on average 1.8% in inheritance taxes.
Germans inheriting less than €500,000 pay on average 12% in inheritance taxes.
@gabriel_zucman @EDerenoncourt
diw.de/documents/publ…
Facts on wealth in Germany #11:
Hardly any country has higher taxes on labour income and lower taxes on (income on) wealth than Germany.
Germany has about one quarter of the revenues from wealth-related taxes compared to the US, UK and France.
Hardly any country has higher taxes on labour income and lower taxes on (income on) wealth than Germany.
Germany has about one quarter of the revenues from wealth-related taxes compared to the US, UK and France.
Facts on wealth in Germany #12:
The share of income going to the bottom 50% in Germany has declined from 33% in the 1960s to 17% today.
The increase in income inequality is an important reason for the rise in wealth inequality.
@PikettyLeMonde
Study by my colleague C Bartels:
The share of income going to the bottom 50% in Germany has declined from 33% in the 1960s to 17% today.
The increase in income inequality is an important reason for the rise in wealth inequality.
@PikettyLeMonde
Study by my colleague C Bartels:
