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The household wealth distribution in Spain: The role of housing and financial wealth

journal contribution
posted on 10.01.2019, 09:55 by Fran AzpitarteFran Azpitarte
We analyse the distribution of household wealth in Spain using the first wave of the Spanish Survey of Household Finances, conducted by the Bank of Spain in 2002. We study the distribution of the different wealth components and, using inequality decomposition techniques, we assess the contribution of each element to overall wealth inequality. We find that wealth is more unequally distributed than income, while housing wealth is much more evenly distributed than financial wealth. Moreover, we identify two groups of wealth components: one disequalizing group, which includes financial wealth, whose value and portfolio share increase with household wealth; and a second more equalizing one, including housing wealth, whose value increases with wealth, but their share in the portfolio does not. Finally, we show that differences between age groups do not explain why wealth is much more unequally distributed than income. Instead, business and home ownership are factors that clearly contribute to explain this feature. © 2010, Instituto de Estudios Fiscales.

History

School

  • Social Sciences

Department

  • Communication, Media, Social and Policy Studies

Published in

Hacienda Publica Espanola

Volume

194

Issue

3

Pages

65 - 90

Citation

AZPITARTE, F., 2010. The household wealth distribution in Spain: The role of housing and financial wealth. Hacienda Publica Espanola, 194 (3), pp. 65 - 90.

Publisher

Institute of Fiscal Studies

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Publication date

2010

Notes

This paper is in closed access.

ISSN

0210-1173

eISSN

1133-9470

Language

en