TY  - RPRT
        AU  - Kaymak, Barıș
AU  - Leung, David
AU  - Poschke, Markus
        TI  - Accounting for Wealth Concentration in the US
        PY  - 2020/Mar/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 13082
        UR  - https://www.iza.org/publications/dp13082
        AB  - The recent literature has argued for high concentration of earnings, differences in rates of return on assets and bequests as potential determinants of the high level of wealth concentration in the US. Analyzing the joint distribution of earnings, capital income and net worth, we find evidence for excess returns on investment among the highest income groups. Nonetheless, concentration of labor earnings is the primary source of wealth concentration in the US. This finding reflects the high correlation between earnings and wealth in the data, as well as the fact that earnings are a major source of income for top income and wealth groups.
        KW  - wealth inequality
KW  - rate of return heterogeneity
KW  - income risk
KW  - bequests
        ER  -