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Usus fructus: taking account of property use rights in household wealth measurement

Author

Listed:
  • Giovanni D'Alessio

    (The World Bank, Development Data Group)

  • Andrea Neri

    (Bank of Italy)

  • Irene Toma

    (The World Bank, Development Data Group)

Abstract

The paper discusses the inclusion of usufruct rights in household wealth estimates, emphasizing the theoretical rationale for adjusting traditional estimates that do not include this component. It then applies this concept to the Italian context by using SHIW data. Despite usufruct being relatively rare (around 3 per cent of residential homes), adjusting for it impacts wealth distribution, with some increases characterizing younger households. Overall, adjusted estimates show a significant decrease in the concentration indices compared with unadjusted ones. These findings suggest the importance of considering this component in standard household wealth estimates, particularly in countries where use rights are more common.

Suggested Citation

  • Giovanni D'Alessio & Andrea Neri & Irene Toma, 2024. "Usus fructus: taking account of property use rights in household wealth measurement," Questioni di Economia e Finanza (Occasional Papers) 886, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_886_24
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2024-0886/QEF_886_24.pdf
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    Keywords

    property rights; use rights; usufruct; wealth distribution;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights

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