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Improving the Coverage of the Top-Wealth Population in the Socio-Economic Panel (SOEP)

Author

Listed:
  • Carsten Schröder
  • Charlotte Bartels
  • Konstantin Göbler
  • Markus M. Grabka
  • Johannes König
  • Rainer Siegers
  • Sabine Zinn

Abstract

We have developed and implemented a new sampling strategy to better represent very wealthy individuals in the German Socio-Economic Panel (SOEP). Our strategy is based on the empirical regularity that the very wealthy have at least part of their assets invested in businesses, and that businesses document shares of relevant shareholders in their books. Our results show that combined analysis of the SOEP and the new sample (SOEP-P) provides meaningful insights into individuals at the top end of the wealth distribution in Germany. The SOEP-P population has about 21 times higher net wealth on average than the regular SOEP population. Comparing millionaires (net worth ≥ 1M Euros) to the rest of the population, a number of noticeable differences emerge. Millionaires differ from the non-rich population with regard to portfolio allocation, demographics, careers, personality, satisfaction with life, and satisfaction with other important life domains.

Suggested Citation

  • Carsten Schröder & Charlotte Bartels & Konstantin Göbler & Markus M. Grabka & Johannes König & Rainer Siegers & Sabine Zinn, 2020. "Improving the Coverage of the Top-Wealth Population in the Socio-Economic Panel (SOEP)," SOEPpapers on Multidisciplinary Panel Data Research 1114, DIW Berlin, The German Socio-Economic Panel (SOEP).
    • Handle: RePEc:diw:diwsop:diw_sp1114
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    File URL: https://www.diw.de/documents/publikationen/73/diw_01.c.806917.de/diw_sp1114.pdf
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    Citations

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    Cited by:

    1. Johannes König & Maximilian Longmuir, 2021. "Wage Risk and Portfolio Choice: The Role of Correlated Returns," Discussion Papers of DIW Berlin 1974, DIW Berlin, German Institute for Economic Research.
    2. Dietmar Fehr & Yannick Reichlin, 2021. "Status, Control Beliefs, and Risk-Taking," CESifo Working Paper Series 9253, CESifo.
    3. Arun Advani & Helen Miller & Andy Summers, 2021. "Taxes on wealth: time for another look?," Fiscal Studies, John Wiley & Sons, vol. 42(3-4), pages 389-395, September.

    More about this item

    Keywords

    wealth distribution; oversampling; top wealth; wealth portfolios;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods

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