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Trends In The Concentration Of Personal Wealth In The United States, 1958 To 1976

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  • James D. Smith

Abstract

The trend in the concentration of U.S. wealth from 1958 through 1976 is examined in some detail and summary data are used to extend the period over which the trend is observed back to 1922. The data suggests a long‐run secular decline in the concentration of U.S. wealth with a rather sharp decline in 1976, the last year for which measurements were made. Although the secular decline in wealth concentration is supported by numerous observations across 50 years, the precipitous decline measured between 1972 and 1976 should be interpreted with caution because it undoubtedly reflects the substantial downward revaluation which occurred in the stock market from 1972 (most recent previous observation) to 1976. This is not to argue that wealth holders at the top of the distribution were not made significantly less affluent by the revaluation, but that the 1976 observation includes a large cyclical component. Future observations which include the subsequent upward revaluation in the stock market are expected to show levels of concentration comparable to or only slightly below those for 1958 through 1972.

Suggested Citation

  • James D. Smith, 1984. "Trends In The Concentration Of Personal Wealth In The United States, 1958 To 1976," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 30(4), pages 419-428, December.
    • Handle: RePEc:bla:revinw:v:30:y:1984:i:4:p:419-428
    DOI: 10.1111/j.1475-4991.1984.tb00489.x
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    Cited by:

    1. Richard H. Steckel & Jayanthi Krishnan, 1992. "Wealth Mobility in America: A View from the National Longitudinal Survey," NBER Working Papers 4137, National Bureau of Economic Research, Inc.
    2. Aaron, Henry J. & Munnell, Alicia H., 1992. "Reassessing the Role for Wealth Transfer Taxes," National Tax Journal, National Tax Association;National Tax Journal, vol. 45(2), pages 119-143, June.
    3. John C. Weicher, 1996. "The distribution of wealth, 1983-1992: secular growth, cyclical stability," Working Papers 1996-012, Federal Reserve Bank of St. Louis.
    4. Aaron, Henry J. & Munnell, Alicia H., 1992. "Reassessing the Role for Wealth Transfer Taxes," National Tax Journal, National Tax Association, vol. 45(2), pages 119-43, June.

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