The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The concentration of personal wealth in Italy1995-2013

Paolo Acciari (MEF, Italy)Facundo Alvaredo (PSE & Conicet)

Salvatore Morelli (GC-CUNY & Stone Center on Socio-EconomicInequality)

How financial systems work: evidence from financial accountsBank of Italy

Rome – 30 Nov/1 Dec 2017

November 30, 2017

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Italian wealth topography: The (high) mountains of wealthand the (shallow) sea of debt

Source: Elaborations on data from Bank of Italy, ISTAT, and WID.world

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 2/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Objective: Estimating the concentration of personal wealthand its evolution since mid-1990s

I We use confidential inheritance tax register data and the “mortalitymultiplier” method to study the concentration of current marketablewealth (sum of financial & real assets net of liabilities): only source ofinformation alternative to the Bank of Italy household survey onincome and wealth (e.g. no tax on wealth and no full taxation of capitalincome at the individual level).

I Household surveys are typically less suited to study the high-endwealth groups due to under-sampling of wealthy households and todifferential under-reporting and non-response rates. (Vermeulen 2015)

I First systematic empirical application to the Italian data (see alsoGabbuti 2017 for application to historical aggregate data 1890-1914)

I Caveat: Results are still preliminary (especially for 2001-2006 period)and may be subject to revisions.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 3/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

INHERITANCE TAXADMINISTRATION

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 4/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Current inheritance (and gifts) tax legislation

Note: in 2014 the no-filing threshold was raised to 100 thousand Euros.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 5/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

From Estate duty to Inheritance tax: changes to tax law1995-2013

Note: Rules also apply to donations and inter-vivos gifts

Inheritance tax revenue

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 6/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Inheritance tax data: decedents population coverage

4042

4446

4850

5254

5658

6062

64

Per

cent

300

400

500

600

Tho

usan

ds -

num

ber

of p

eopl

e

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Year

Number of tax returns Number of deathsPercentage coverage (right axis)

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 7/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

THE ESTATE MULTIPLIERMETHOD

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 8/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The application of the Estate multiplier method

From the decedent wealth holders to the living wealth holders. Challenge:death does not ”sample” individuals randomly.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 9/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The application of the Estate multiplier method

From the decedent wealth holders to the living wealth holders. Challenge:death does not ”sample” individuals randomly. Solution: mortalitymultipliers.

Adult population coverage Population coverage by Age groups Relative age distribution: full vs. identified population

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 10/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Full adult population vs. identified wealth holders

05

1015

2025

3035

4045

5055

6065

Per

cent

2030

4050

Mill

ion

- nu

mbe

r of

peo

ple

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Identified population Actual population (20+)Percentage coverage (right axis)

Source: ISTAT, total population.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 11/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

ADJUSTMENTS TO WEALTH

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 12/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Imputing missing wealth & liabilitiesSource: Financial Accounts (Bank of Italy)

Missing Wealth: approx 900 bln Euros in 2013I 100% of Pension funds, life insurances and TFR

I 90% of cash and coins (100% in 2001-2006)

I 50% of Government bonds -not taxed, but have to be reported-(100% in 2001-2006)

Imputed to the population using the inheritance tax returns distribution of business, stocks, andbonds. Distribution of business/financial assets

Missing Debt: approx. 300 bln Euros in 2013I Difference between mortgages and insurance technical reserves liabilities and the total

identified liabilities.

Imputed to the population according to the distribution of liabilities observed in the inheritancerecords. Distribution of liabilities

Imputed wealth and liabilities

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 13/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Adjusting real estate cadastral value

Cadastral rents/values are lying well below market values, so a correctionhas been introduced

I For years 2009-2013 we used the ratio between market values ofproperty held by physical persons recorded by the RevenueAgency/Nomisma in the “Osservatorio del Mercato Immobiliare” andthe corresponding cadastral values, in years 2009-2013. (source: “Gliimmobili in Italia” )

I For years 1995 to 2008 we recovered the “market values/cadastralvalues” ratio using BIS direct estimates of nominal growth rate of houseprices and the yearly variation of average cadastral values (between2007 and 2013, the longest time series available for cadastral values).

I We have also taken into account the legislative changes that haveaffected the cadastral rent multiplier (to obtain the cadastral value)

Caveat: aggregate correction factor across cadastral category andgeographical location

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 14/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

A VIEW ON AGGREGATEWEALTH FROM TAX RECORDS

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 15/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate real estate wealth (land + housing)

050

01000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NA

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 16/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate real estate wealth : comparison with SHIW

050010

00150020

00250030

00350040

00450050

00550060

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 17/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate real estate wealth across macro areas

050

010

0015

0020

0025

0030

0035

0040

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

(a) North

050

010

0015

0020

0025

0030

0035

0040

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

(b) Center0

500

1000

1500

2000

2500

3000

3500

4000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

(c) SouthAlbareto et al. (2008) up to 2005; Bank of Italy Regional Economies, Annual reports 2016 thereafter.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 18/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate net personal wealth

01000

2000

3000

4000

5000

6000

7000

8000

900010

000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance tax records NAunadjusted inheritance tax records

Total personal net wealth

Adjustements: Partial unaccounted liabilities and financial wealth imputed to the population.Allowance for the wealth of the missing population is also taken into account.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 19/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate net personal wealth: comparison with SHIW

01000

2000

3000

4000

5000

6000

7000

8000

900010

000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance tax records NASHIW

Total personal net wealth

Adjustements: Partial unaccounted liabilities and financial wealth imputed to the population.Allowance for the wealth of the missing population is also taken into account.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 20/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate wealth across macro areas

050

01000

1500

2000

2500

3000

3500

4000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance tax records NASHIW

Total personal net wealth

(d) North

050

010

0015

0020

0025

0030

0035

0040

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance tax records NASHIW

Total personal net wealth

(e) Center0

500

1000

1500

2000

2500

3000

3500

4000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance tax records NASHIW

Total personal net wealth

(f) South

Total non Real Wealth Albareto et al. (2008) up to 2005; Bank of Italy Regional Economies, Annual reports 2016 thereafter.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 21/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

NET PERSONAL WEALTHCONCENTRATION

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 22/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Concentration of net personal wealth from tax records

05

1015

2025

3035

4045

5055

% o

f Nat

iona

l Per

sona

l Wea

lth

02468

1012141618202224262830

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Top 1% trendBottom 90% (right axis) trend

Top1% and Bottom 90% in Italy : 1995 -2013

comparison with Top1 % gross income Wealth threshold - P99 and P99.9 Top 0.1% series Full

External Wealth Total - NA

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 23/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Top1% from tax records and household survey

02468

1012141618202224262830

% o

f Nat

iona

l Per

sona

l Wea

lth

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

year

Adjusted inheritance data Brandolini (2014)SHIW (Equal split adults \& no durables)

Wealth Concentration - Top1% in Italy : 1995 -2013

Source: Brandolini (2014) from household survey (SHIW): net equivalent wealth. Note:External totals refer to the total personal wealth from the NA and the total adult population

(20+) from ISTAT.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 24/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Top1% across macro-areas

02468

1012141618202224262830

% o

f Nat

iona

l Per

sona

l Wea

lth

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Italy NorthCenter South

Top1% in Italy and Macro areas: 1995-2013

Sources: wealth totals reconstructed from Albareto et al. (2008) up to 2005; thenlinked to Bank of Italy Regional Economies, Annual reports 2016 thereafter.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 25/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Robustness: Taking into account undeclared off-shorewealth

02

46

810

1214

1618

2022

2426

2830

% o

f Nat

iona

l Per

sona

l Wea

lth

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Top 1% Top 1% (+ offshore wealth)

Including wealth in off-shore accounts

Total off-shore wealth = 2% of personal net wealth in 2007 (allocated within the top 1% group)Source: Data on off-shore wealth based on Alstadsæter, Johannesen, and Zucman (2017).Evolution since 1995 assumed in line with changes in overall European off-shore wealth.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 26/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

COMPARING RESULTS TOOTHER COUNTRIES

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 27/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Comparison with the UK, France, and the US

05

1015

2025

3035

40

% o

f Nat

iona

l Per

sona

l Wea

lth

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Italy FranceUS UK

Sources: WID.world - Alvaredo, Atkinson, and Morelli (2016) for the UK; Saez and Zucman(2016) for the US; Garbinti, Goupille-Lepret, and Piketty (2016) for France.

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 28/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Conclusions

I The novel investigation of inheritance tax data provides fruitfulcomplementary information to official household survey data.(Important as every source is open to challenge and a multi-sourcesapproach is essential)

I Personal Wealth is heavily concentrated in Italy. The group of 1%richest individuals (approx. half million individuals) controls more aquarter of total personal wealth. Wealth concentration has moderatelyincreased since mid 1990s.

I Similar results in other European countries.I Macro-regional wealth concentration series were estimated suggesting

heterogeneity of levels and trends.I PRELIMINARY ESTIMATES

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 29/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Future steps (in progress)

I Towards a DINA approach: full imputation of the missing wealth (anddebt).

I Failure to appropriately account for mortality heterogeneity acrosswealth class may result in biased estimates of wealth aggregates andtheir distribution. We will be using new mortality coefficients based oneducation level (ISTAT)

I Elaboration of the additional available evidence on wealthy individualsthrough the Forbes Rich list.

I More evidence is needed on the relevance of inter-vivos gifts andinheritance for the accumulation of great fortunes

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 30/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

APPENDIX

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 31/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

PORTFOLIO and LIFE-CYCLE

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 32/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Wealth portfolio across wealth distribution: 2012

-50

-30

-10

1030

5070

shar

e of

tota

l gro

ss w

ealth

- p

erce

nt

0k-5

0k

50k-

100k

150k

-300

k

400k

-700

k

800k

-1m

1.5m

-5m

>6m

Net wealth range - Euros

Financial assets + Business Housing + landLiabilities Deposits + Other

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 33/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Average unconditional wealth over the life-cycleWealth inequality or wealth accumulation over the life-cycle? Substantialheterogeneity of mean wealth across age groups...

050

100

150

200

250

Mea

n gr

oss

wea

lth -

Tho

usan

ds E

uro

unde

r20

20-4

0

40-5

0

50-6

0

60-7

0

70-8

0

abov

e80

Age

1995 20072013

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 34/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Wealth for each age group identified from tax form... But net wealth is unequally distributed within all age groups!

100 .285 . . 355 .

025050

075010

00125015

00175020

00225025

00275030

00325035

00

Tho

usan

ds 2

010

Eur

os

unde

r20

20-4

0

40-5

0

50-6

0

60-7

0

70-8

0

abov

e80

p1-p99 range average net wealthzero threshold

Upper Lorenz curves by age groups

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 35/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Explaining the age distribution of large wealth holders: therole of gifts and inheritance

...and very wealthy individuals are not overwhelmingly ‘old’. Bequests andinter-vivos gifts can explain very wealthy children.

05

1015

Sha

re o

f Wea

lth h

olde

rs -

per

cent

01.

und

er5

2. 5

-10

3. 1

0-15

4. 1

5-20

5. 2

0-25

6. 2

5-30

7. 3

0-35

8. 3

5-40

9. 4

0-45

10. 4

5-50

11. 5

0-55

12. 5

5-60

13. 6

0-65

14. 6

5-70

15. 7

0-75

16. 7

5-80

17. 8

0-85

18. 8

5-90

19. 9

0-95

20. 9

5-10

0

21. o

ver1

00

Age groups

All population Top 10% groupTop 1% group

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 36/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Upper Lorenz curves for different age groups: 2012Wealth is unequally distributed in all age groups to a very similar degree.Wealth concentration cannot be explained purely by life-cycle accumulation.

6065

7075

8085

9095

100

cum

Sum

W

95 96 97 98 99 100Net estate range

20-40 50-6070-80 above 80all ages

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 37/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Top 1%: net wealth vs. gross income

02468

1012141618202224262830

% o

f Nat

iona

l Per

sona

l Wea

lth

1995199619971998199920002001200220032004200520062007200820092010201120122013

year

Net wealth Gross income

Wealth and Income Concentration - Top1% in Italy

Source: Top income share from Alvaredo & Pisano (2010)

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 38/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The evolution of the inheritance tax revenue: 1995-2013

0.0

5.1

.15

.2.2

5.3

Sha

re o

f tot

al ta

x re

venu

e -

perc

ent

020

040

060

080

0M

illio

ns 2

010

Eur

o19

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

13

year

Inheritance tax revenue % of total tax revenue (right axis)

Note: Total tax revenue derived from the EU-Commission publication ”Taxation trends”.

Tax incidence and coverage go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 39/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The evolution of the inheritance tax incidence and coverage:1995-2013

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Estates paying taxes (%) Tax incidence (right axis)

Tax Coverage by Wealth range Tax Incidence by Wealth range go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 40/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The average tax coverage across wealth groups and taxregimes

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2030

4050

6070

8090

100

Tax

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ing

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Wealth groups

1995-1999 20002007-2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 41/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The average tax incidence across wealth groups and taxregimes

01

23

45

67

Tax

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den

- pe

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t of n

et e

stat

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50,0

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1,00

0-30

0,00

030

1,00

0-70

0,00

070

1,00

0-1m

ln1m

ln-2

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5mln

-6m

ln6m

ln-1

0mln

abov

e 10

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Wealth groups

1995-1999 20002007-2013

go back — Tax incidence further variability

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 42/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

The heterogeneity of tax incidence across wealth classes: adetailed look

05

1015

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n -

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f net

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1,00

0-30

0,00

030

1,00

0-70

0,00

070

1,00

0-1m

ln1m

ln-2

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5mln

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Wealth groups

1995-1999: p5-p95 range 1995-1999: mean

(g) 1995-19990

510

1520

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den

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Wealth groups

2007-2013: p5-p95 range 2007-2013: mean

(h) 2007-2013

Note: heterogeneity across years, original disaggregated wealth ranges, macro areas, gender,and age groups

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 43/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Full population coverage: by age groups

050

0010

000

1500

020

000

Tho

usan

ds -

num

ber

of p

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e

unde

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20-4

0

40-5

0

50-6

0

60-7

0

70-8

0

abov

e80

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Identified population Actual populationHeads/partners (w. housing)

Source: ISTAT, population by age groups. Bank of Italy Survey of Household Income andWealth, population of adult heads and partners living in households owning a property by age

groups.

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 44/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Relative Age distribution 2012: Full population vs.identified wealth holders

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2030

Per

cent

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20-4

0

40-5

0

50-6

0

60-7

0

70-8

0

abov

e80

Age

Identified population Actual population

Source: ISTAT, population by age groups.

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 45/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Distribution of business, shares, and bonds across wealthclasses

05

1015

2025

shar

e of

tota

l - p

er c

ent

<0

1k-1

0k

20k-

100k

150k

-300

k

400k

-700

k

800k

-1m

1.5m

-5m

>6m

Net estate range

1995 2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 46/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Distribution of liabilities across wealth classes

05

1015

2025

shar

e of

tota

l - p

er c

ent

<0

1k-1

0k

20k-

100k

150k

-300

k

400k

-700

k

800k

-1m

1.5m

-5m

>6m

Net estate range

1995 2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 47/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Imputation of missing wealth and liabilities

020

040

060

080

010

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

Missing wealth Missing liabilitiesWealth of the missing population

Missing imputed wealth

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 48/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Entry net wealth for top 1% and top 0.1% groups

0

1000

000

2000

000

3000

000

4000

000

5000

000

Thr

esho

ld -

201

4 E

uros

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Top 1% Top 0.1%

Wealth Threshold - Top1% in Italy : 1995 -2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 49/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Top0.1% share from adjusted tax records

0

1

2

3

4

5

6

7

8

9

10%

of N

atio

nal P

erso

nal W

ealth

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Wealth Concentration - Top0.1% in Italy : 1995 -2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 50/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Top1%, Bottom 90%, and next 9% shares from adjusted taxrecords

0

5

10

15

20

25

30

35

40

45

% o

f Nat

iona

l Per

sona

l Wea

lth

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Top 1% Bottom 90%Top 10 - Top 1%

Wealth Concentration in Italy : 1995 -2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 51/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Top1% : internal vs. external wealth totals

02468

1012141618202224262830

% o

f Nat

iona

l Per

sona

l Wea

lth

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

year

Internal total External total - NA

Wealth Concentration - Top1% in Italy : 1995 -2013

go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 52/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Adjusting SHIW data for wealth gap w.r.t. NA

02468

1012141618202224

% o

f Nat

iona

l Per

sona

l Wea

lth

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

year

Adjusted inheritance data Bank of Italy - SHIWSHIW - NA Adjusted

Wealth Concentration - Top1% in Italy : 1995 -2013

Source: data from Blanchet(2016) go back

-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 53/ 54

4

The Graduate Center logotype reflects the urban character of the City University of New York and its location at the intersection of Fifth Avenue and 34th Street. The vertical treatment and use of the name gives the logo a unique and distinct appearance.

The word “Graduate” being the tallest “building” in the center speaks to the Graduate Center’s unique role as the doctoral dispensing arm, rising from the base of the “City University of New York”.

“The Graduate Center” in relationship to the “City University of New York” as shown here is the complete wordmark, also referred to simply as the logo.

Generally, the wordmark should never be reproduced smaller than the minimal size shown here. This size reduces the CUNY portion of the wordmark to 5 pt type. Smaller reproductions render the small type unreadable and are not recommended.

But, the smallest acceptable size depends also on the context, location and reproduction technique. Special care should be taken when the wordmark reverses out of a background, as the small and thin type tends to fill in.

*minimal size

The Wordmark

The Graduate Center - CUNY Salvatore Morelli – 1 Dec 2017

Aggregate wealth other than real estate across macro areas

050

010

0015

0020

0025

0030

0035

0040

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

(i) North

050

010

0015

0020

0025

0030

0035

0040

00

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

(j) Center0

500

1000

1500

2000

2500

3000

3500

4000

Bill

ions

201

4 E

uros

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

year

inheritance records NASHIW

(k) South

go back Albareto et al. (2008) up to 2005; Bank of Italy Regional Economies, Annual reports 2016 thereafter.-Acciari, Alvaredo, & Morelli The concentration of personal wealth in Italy – – Slide 54/ 54