Personal Wealth from a Global PerspectiveJames B. Davies This book provides the first study of personal wealth from a global viewpoint. Previous international studies of wealth have focused on the rich countries. Here, the transition countries, emerging economies, and the developing world are examined too. The book looks at wealth inequality and asset composition around the world, showing how these are affected by history, institutions, gender, and incomes. There is a dramatic contrast between rich countries where financial assets are so important and poor countries where farm assets and land still dominate. The book shows that wealth inequality within countries is far higher than that of income, and has been rising recently, most notably in Russia, China, and other transition countries. Concentration among the rich and super-rich has also increased. Worldwide, the top 2% have about 50% of personal wealth, and the top 10% have 85%. In contrast, the bottom half has just 1%. Poor countries are even poorer in wealth than in income terms. But these are just the countries where life is most insecure and personal assets are most needed. The book concludes that steps must be taken to break down barriers and help the poor and middle class in low income countries build up their personal assets to overcome their wealth disadvantage. |
Contents
Concentration among the Rich | 64 |
Changes in the Distribution of Wealth in China 19952002 | 93 |
The Distribution of Household Wealth in India | 112 |
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analysis asset holdings asset index average balance sheets billionaires Brazil capital cent Chapter China collateral components constraints consumer consumption correlation credit markets debt decile developing countries disappropriation distribution of wealth durables Economic effect estimates Ethiopia evidence Figure financial assets formal funds gender Ghana Gini coefficient global growth house prices household head household surveys household wealth housing assets housing wealth impact important income inequality increase India indices informal sector inheritance institutions labour land holdings land reform land titles Latin America livestock Lorenz curve measures mortgage Muellbauer OECD oligarchs ownership Pareto distribution pension population portfolio poverty privatization production property rights quintile ratio rich rural households Russia sample savings Serbia Shorrocks sources South Africa Statistics super-rich Table tion total wealth transition countries trend urban variables wealth concentration wealth distribution wealth effects wealth holdings wealth inequality wealth tax women World Bank