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Wealth inequality: Opportunity for me or for others?

Author

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  • Chaliasos, Michael
  • Jansson, Thomas
  • Karabulut, Yigitcan

Abstract

We provide evidence for a new propagation mechanism of wealth inequality and mobility. Using unique administrative data and a quasi-field experiment of exogenous assignment, we find that educated entrants, faced with greater local wealth inequality and salient cases of wealth mobility, take financial, real, and self-employment risks and reach higher positions in the wealth distribution, while the less educated do not. This is driven by poorer communities with more salient cases of wealth mobility, consistent with peer exposure rather than supply-side effects. We find no evidence for other channels, such as obtaining higher-paying more secure jobs, relocating, or reducing debt.

Suggested Citation

  • Chaliasos, Michael & Jansson, Thomas & Karabulut, Yigitcan, 2025. "Wealth inequality: Opportunity for me or for others?," IMFS Working Paper Series 216, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    • Handle: RePEc:zbw:imfswp:311203
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    More about this item

    Keywords

    Household finance; wealth inequality; education; opportunity; refugees;
    All these keywords.

    JEL classification:

    • G5 - Financial Economics - - Household Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D1 - Microeconomics - - Household Behavior

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