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Scalable versus Productive Technologies UPDATED DRAFT!!!
(with Mons Chan, Guangbin Hong, Joachim Hubmer, and S. Salgado)Why Are the Wealthiest So Wealthy? New Longitudinal Empirical Evidence and Implications for Theories of Wealth Inequality (revision requested by Econometrica)
(with Joachim Hubmer, E. Halvorsen, and S. Salgado )Determinants of the Top 0.1% Wealth Accumulation
We follow the 50-year-old top 0.1% wealth owners over the past 22 years and decompose their excess wealth relative to the median households into several factors on Figure (A). We also merged them with their younger "twins", so the part before age 28 (separated by the vertical dashed line) on Figure (A) corresponds them. Figure (B) shows the same decomposition for the New Money households, who start their working lives below median wealth and manage to join the top 0.1% group by age 50. The values on y-axes are in multiples of the economy-wide average wealth (AW). See Hubmer et al 2024 for details.