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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
0.2
5.5
.75
11.
251.
5S
hare
of t
otal
est
ate
valu
e -
perc
ent
02
46
810
Sha
re o
f tot
al n
umbe
r of
est
ates
- p
erce
nt19
9519
9619
9719
9819
9920
0020
0120
0220
0320
0420
0520
0620
0720
0820
0920
1020
1120
1220
13
year
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
010
2030
4050
6070
8090
100
Tax
-pay
ing
esta
tes
- pe
rcen
t
<01-
20,0
0021
,000
-50,
000
51,0
00-1
50,0
0015
1,00
0-30
0,00
030
1,00
0-70
0,00
070
1,00
0-1m
ln1m
ln-2
.5m
ln2.
5mln
-6m
ln6m
ln-1
0mln
abov
e 10
mln
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
bur
den
- pe
rcen
t of n
et e
stat
e
<01-
20,0
0021
,000
-50,
000
51,0
00-1
50,0
0015
1,00
0-30
0,00
030
1,00
0-70
0,00
070
1,00
0-1m
ln1m
ln-2
.5m
ln2.
5mln
-6m
ln6m
ln-1
0mln
abov
e 10
mln
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
20T
ax b
urde
n -
perc
ent o
f net
est
ate
<01-
20,0
0021
,000
-50,
000
51,0
00-1
50,0
0015
1,00
0-30
0,00
030
1,00
0-70
0,00
070
1,00
0-1m
ln1m
ln-2
.5m
ln2.
5mln
-6m
ln6m
ln-1
0mln
abov
e 10
mln
Wealth groups
1995-1999: p5-p95 range 1995-1999: mean
(g) 1995-19990
510
1520
Tax
bur
den
- pe
rcen
t of n
et e
stat
e
<01-
20,0
0021
,000
-50,
000
51,0
00-1
50,0
0015
1,00
0-30
0,00
030
1,00
0-70
0,00
070
1,00
0-1m
ln1m
ln-2
.5m
ln2.
5mln
-6m
ln6m
ln-1
0mln
abov
e 10
mln
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
eopl
e
unde
r20
20-4
0
40-5
0
50-6
0
60-7
0
70-8
0
abov
e80
Age
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
010
2030
Per
cent
unde
r20
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
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