Trends in Wealth Inequality in SwitzerlandJann/Fluder ([email protected]) Trends in Wealth Inequality in Switzerland Neuchâtel, 24.10.2014 10 Regional development of wealth inequality

source: https://doi.org/10.7892/boris.65007 | downloaded: 20.3.2021

Trends in Wealth Inequality in Switzerland

Ben Janna and Robert Fluderb

Conference on “The Evolution of Economic and Social Inequalities in Switzerland (and Beyond)”University of Neuchâtel, Switzerland

October 24, 2014

aUniversity of BernbBern University of Applied Sciences

Jann/Fluder ([email protected]) Trends in Wealth Inequality in Switzerland Neuchâtel, 24.10.2014 1

Overview

Introduction

Development of wealth inequality in Switzerland since 1980

Regional development of wealth inequality

The relation between wealth and income inequality

Some analyses with individual level cantonal tax data

Summary


Introduction

The discussion on social inequality mainly focusses on income.Wealth inequality is much less debated.

This is astonishing since wealth, apart from income, is a main aspectof the economic situation of households.

Furthermore, the level of wealth inequality is typically much morepronounced than the level of income inequality – and Switzerland, inparticular, appears to be one of leading countries in terms of wealthinequality.


Introduction

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Introduction

One reason for the lack of analyses of wealth is that good data onwealth (at the individual level) is rare.

For Switzerland, aggregate tax statistics on the distribution of wealthdo exist for various time points over the last century.

In addition, we collected individual level tax data on wealth fromseveral cantons. These data allow for detailed analyses of the wealthdistribution and also allow for combined analyses of income andwealth.

Tax data are probably the best source for information on wealth.However, there might be bias due to tax evasion. Furthermore, forSwitzerland, retirement savings are not included in the tax data andthe tax value of real estate typically underestimates market value.


Introduction

Recently, interest in the distribution of wealth has been promoted bythe work of Thomas Piketty who shows that the ratio between capitaland income has risen sharply since World War II. The argument isthat wealth has become more important for the distribution ofresources in modern societies and that self-reinforcing dynamics willlead to increasing concentration in the future.

Wealth is also relevant from the perspective of social mobility. Sinceindividual wealth is largely acquired by inheritance, rising wealthinequality reinforces the intergenerational transmission of socialstatus.

Opportunities for highly profitable investments are better withincreasing capital. Together with the dynamics of inheritance thisleads to increasing capital concentration.


Wealth inequality trends since 1980

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1982

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1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Wealth

Income

Economy

Gini coefficient(wealth)

Wealth percapita (deflated)

Gini coefficient(income)

GDP percapita (PPP)

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http://www.gapminder.org/

http://www.gapminder.org/

http://de.wikipedia.org/wiki/Swiss_Market_Index


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Wealth per Capita

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Wealth per Capita

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OWSwitzerland

Wealth per Capita

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198019

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SGSwitzerland

Wealth per Capita

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198019

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SGSwitzerland

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GRSwitzerland

Wealth per Capita

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GRSwitzerland

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TGSwitzerland

Wealth per Capita

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198019

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TGSwitzerland

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VDSwitzerland

Wealth per Capita

.7

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198019

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VDSwitzerland

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AGSwitzerland

Wealth per Capita

.7

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198019

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.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

LUSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

LUSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

GLSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

GLSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

SHSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

SHSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

BESwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

BESwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

BLSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

BLSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

TISwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

TISwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

URSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

URSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

NESwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

NESwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

VSSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

VSSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

FRSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

FRSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

price

s)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

SOSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

fficie

nt

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

SOSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




0

.1

.2

.3

.4

.5

Wea

lth p

er c

apita

(in

milli

on, 1

982

pric

es)

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

JUSwitzerland

Wealth per Capita

.7

.75

.8

.85

.9

.95

Gin

i coe

ffici

ent

198019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

10

JUSwitzerland

Inequality

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




.12

.14

.16

.18

.2

.22

.24

.26G

ini c

oeffi

cien

t bet

wee

n ca

nton

s

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml



Correlation between income and wealth inequality

AG

AI

AR

BE

BL

BS

FR

GE

GL

GR

JULU

NE

NW

OW

SG

SH

SO

SZ

TG

TI

UR

VD

VS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)

.27 .29 .31 .33 .35 .37 .39 .41 .43 .45 .47 .49 .51Income inequality (Gini coefficient)

1981

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AGAI

AR

BE BL

BS

FR

GE

GL

GRJU

LU

NE NW

OW

SG

SH

SO SZ

TG

TI

UR

VD

VS

ZG

ZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


1991

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AG

AI

AR

BE BL

BS

FR

GE

GLGR

JULU

NE NWOW

SGSH

SO

SZTG

TI

UR

VD

VS

ZG

ZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


1997

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AGAI

AR

BE

BL

BS

FR

GE

GL

GR

JU

LUNE

NW

OW

SGSH

SOSZ

TGTI

UR

VD

VS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2003

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AGAI

AR

BE

BL

BS

FR

GE

GL

GR

JU

LUNE

NW

OW

SGSH

SO

SZ

TGTI

UR

VDVS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2004

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AGAI

AR

BE

BL

BS

FR

GE

GL

GR

JU

LUNE

NW

OW

SGSH

SO

SZ

TG

TI

UR

VDVS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2005

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AG

AIARBE

BL

BS

FR

GE

GL

GR

JU LU

NE

NW

OWSGSH

SO

SZ

TGTI

UR

VDVS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2006

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AG

AIAR

BE

BL

BS

FR

GE

GL

GR

JULUNE

NW

OWSGSH

SO SZ

TG

TI

UR

VD

VS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2007

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AG AIARBE

BL

BS

FR

GE

GLGR

JU LUNE

NW

OWSGSH

SO

SZ

TG

TI

UR

VD

VS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2008

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AG AIARBE

BL

BS

FR

GE

GL

GR

JU LUNE

NW

OW

SGSH

SO SZ

TG

TI

UR

VD

VS

ZG

ZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2009

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml




AGAIAR

BE

BL

BS

FR

GE

GLGR

JU LUNE

NW

OWSGSH

SO SZ

TG

TI

UR

VD

VS

ZGZH

.7.725

.75.775

.8.825

.85.875

.9.925

.95.975

Wea

lth in

equa

lity (G

ini c

oeffi

cient

)


2010

Sou

rce:

http

://w

ww

.est

v.ad

min

.ch/

doku

men

tatio

n/00

075/

0007

6/00

701/

inde

x.ht

ml



Income and wealth inequality in canton Bern

02468

10121416182022242628

0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1 0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1

Income (G = 40.2) Wealth (G = 75.4)

Shar

e (%

)

Cumulative population

2002

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern



02468

10121416182022242628

0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1 0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1

Income (G = 41.1) Wealth (G = 76.8)

Shar

e (%

)


2012

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern



-.05

0

.05

.1

.15

.2

.25

.3

0

.2

.4

.6

.8

1

1.2

1.4

1.6

1.8

2

0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1 0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1

Income Wealth

Cha

nge

(per

cent

age

poin

ts)


Change in share between 2002 and 2012

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern


Wealth inequality by age (Bern)

0

.1

.2

.3

.4

.5

.6

.7

.8

25-34

35-44

45-54

55-64

65-74

75-84

85-94 To

tal 25

-3435

-4445

-5455

-6465

-7475

-8485

-94 Total

Median wealth (in million; 2010 prices) Gini coefficient

2002 2012

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern


Wealth inequality by age and marital status (Bern)

0

.1

.2

.3

.4

.5

.6

.7

.8

25-34

35-44

45-54

55-64

65-74

75-84

85-94 To

tal 25

-3435

-4445

-5455

-6465

-7475

-8485

-94 Total


2002: Married Single/divorced/widowed

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern


Wealth inequality by age and marital status (Bern)

0

.1

.2

.3

.4

.5

.6

.7

.8

25-34

35-44

45-54

55-64

65-74

75-84

85-94 To

tal 25

-3435

-4445

-5455

-6465

-7475

-8485

-94 Total


2012: Married Single/divorced/widowed

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern


Wealth inequality by age and sex (Bern)

0

.1

.2

.3

.4

.5

.6

.7

.8

25-34

35-44

45-54

55-64

65-74

75-84

85-94 To

tal 25

-3435

-4445

-5455

-6465

-7475

-8485

-94 Total


2002 (single/divorced/widowed): Males Females

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern


Wealth inequality by age and sex (Bern)

0

.1

.2

.3

.4

.5

.6

.7

.8

25-34

35-44

45-54

55-64

65-74

75-84

85-94 To

tal 25

-3435

-4445

-5455

-6465

-7475

-8485

-94 Total


2012 (single/divorced/widowed): Males Females

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern


Wealth inequality by labor income percentile (Bern)

0

.1

.2

.3

.4

.5

.6

.7

.8

.9

0-1010

-2020

-3030

-4040

-5050

-6060

-7070

-8080

-90

90-10

0To

tal 0-1

010

-2020

-3030

-4040

-5050

-6060

-7070

-8080

-90

90-10

0To

tal


2002 2012

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern;

wor

king

age

popu

latio

n(2

0-64

)


Income components by labor income percentile (Bern)

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

200000

0

.1

.2

.3

.4

.5

.6

.7

.8

.9

1

0-1010

-2020

-3030

-4040

-5050

-6060

-7070

-8080

-90

90-10

0To

tal 0-1

010

-2020

-3030

-4040

-5050

-6060

-7070

-8080

-90

90-10

0To

tal

Per capita income (2010 prices) Proportion

Transfer income Labor income Capital income

Sou

rce:

Indi

vidu

alle

velt

axda

taof

cant

onB

ern;

wor

king

age

popu

latio

n(2

0-64

)


Summary

Results from federal tax statistics:I High level of wealth inequality in Switzerland.I Increase in wealth inequality since 1980, mostly due to gains among

the top 5%.I Some relation between wealth inequality and economic development.I Wide variety of inequality levels across cantons.I Strong increase in wealth inequality between cantons.I Strong relation between wealth and income inequality across cantons.

Results from cantonal tax data (Bern):I Wealth inequality in working age population somewhat higher than in

retirement age population.I Huge wealth differences between married and

unmarried/divorced/widowed.I Almost no differences between males and females.I Strong relation between wealth and income.


Documents

Trends in Wealth Inequality in SwitzerlandJann/Fluder ([email protected]) Trends in Wealth Inequality in Switzerland Neuchâtel, 24.10.2014 10 Regional development of wealth inequality