TAILIEUCHUNG - Financial Wealth Inequality In The United States And Great Britain

After describing and comparing household wealth distribution and wealth inequality in the United States and the United Kingdom, the authors explain why the median . household accumulates more wealth than its UK counterpart | RAND Financial Wealth Inequality in the United States and Great Britain James Banks Richard Blundell James p. Smith DRU-2440 February 2001 Labor and Population Program Working Paper Series 01-01 The RAND unrestricted draft series is intended to transmit preliminary results of RAND research. Unrestricted drafts have not been formally reviewed or edited. The views and conclusions expressed are tentative. A draft should not be cited or quoted without permission of the author unless the preface grants such permission. RAND is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND s publications and drafts do not necessarily reflect the opinions or policies of its research sponsors. Financial Wealth Inequality in the United States and Great Britain James Banks Richard Blundell James p. Smith Institute for Fiscal Studies and University College London RAND 1 February 2001 Abstract In this paper we describe the household wealth distribution in the US and UK and compare both wealth inequality and the form in which wealth is held. Unconditionally there are large differences in financial wealth between the two countries at the top fifth of the wealth distribution. Even after controlling for age and income differences between the two countries we show that the median US household accumulates more financial wealth than their UK counterpart. We explore a number of alternative reasons for these differences and reject some explanations as implausible. Some of the observed differences are due to what we refer to as initial conditions in particular previously high rates of corporate equity ownership in the US and housing ownership among young British households. But since these differences existed even in the early 1980s initial conditions only provide a partial explanation. One other partial explanation may be that due to forced and voluntary annuitization of retirement incomes older British households face considerably less .

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