@unpublished{Cummins2019,
  title = {Where Is the Middle Class? {{Inequality}}, Gender and the Shape of the Upper Tail from 60 Million {{English}} Death and Probate Records, 1892-2016},
  author = {Cummins, Neil},
  year = {2019},
  doi = {10.2139/ssrn.3314935},
  url = {https://cepr.org/active/publications/discussion_papers/dp.php?dpno=13436},
  abstract = {This paper analyses a newly constructed individual level dataset of every English death and probate from 1892-2016. The estimated top wealth shares match closely existing estimates. However, this analysis clearly shows that the 20th century's 'Great Equalization' of wealth stalled in mid-century. The probate rate, which captures the proportion of English with any significant wealth at death rose from 10\% in the 1890s to 40\% by 1950 and has stagnated to 2016. Despite the large declines in the wealth share of the top 1\%, from 73\% to 20\%, the median English person died with almost nothing throughout. All changes in inequality after 1950 involve a reshuffling of wealth within the top 30\%. Further, I find that a log-normal distribution fits the tail of the empirical data better than a Pareto power law. Finally, I show that the top wealth shares are increasingly and systematically male as one ascends in wealth, 1892-1992, but this has equalized over the 20th century.},
  keywords = {Intergenerational Wealth,Wealth Taxation},
  note = {Unpublished manuscript}
}

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