Wealth Distribution in Australia: Evidence from Income Capitalization. Galiana, L. Master's thesis, Paris School of Economics, August, 2016. ![Wealth Distribution in Australia: Evidence from Income Capitalization [link]](https://bibbase.org/img/filetypes/link.svg "link")
Link abstract bibtex Australian wealth shares have known large fluctuations due to asset pricing volatility on Australian financial and housing markets. This paper intends to analyze those fluctuations through the relatively innovative approach that consists in drawing individual income data from aggregated fiscal data and in applying the income capitalization method to derive household wealth. First of all, we show that after an initial drop of top wealth shares up to 1996, the upward housing price dynamic triggered off a sharp increase in top wealth shares in 2003-2004 and a second one in 2006-2007. At the acme, the 1% wealthiest individuals owned 20% of the total wealth. Secondly, we argue that this period of housing price growth has been marked by the penetration of home-owners in top-wealth groups, which initially included mostly owners of financial assets. Nonetheless, homeowners are no longer present in top-wealth groups above P99. Then, we intend to show that financial instruments, especially stocks, and business assets constitute between 70 and 90% of the wealth of the people belonging to the top 0.01%. Finally,using the household survey HILDA, we show through non-parametric techniques that the behavior of Australian households is consistent with the life-cycle theory.
@mastersthesis{Galiana2016,
title = {Wealth Distribution in {{Australia}}: Evidence from Income Capitalization},
author = {Galiana, Lino},
year = {2016},
month = aug,
url = {http://www.piketty.pse.ens.fr/fr/enseignement/10-page-statique/19-memoires},
urldate = {2022-04-01},
abstract = {Australian wealth shares have known large fluctuations due to asset pricing volatility on Australian financial and housing markets. This paper intends to analyze those fluctuations through the relatively innovative approach that consists in drawing individual income data from aggregated fiscal data and in applying the income capitalization method to derive household wealth. First of all, we show that after an initial drop of top wealth shares up to 1996, the upward housing price dynamic triggered off a sharp increase in top wealth shares in 2003-2004 and a second one in 2006-2007. At the acme, the 1\% wealthiest individuals owned 20\% of the total wealth. Secondly, we argue that this period of housing price growth has been marked by the penetration of home-owners in top-wealth groups, which initially included mostly owners of financial assets. Nonetheless, homeowners are no longer present in top-wealth groups above P99. Then, we intend to show that financial instruments, especially stocks, and business assets constitute between 70 and 90\% of the wealth of the people belonging to the top 0.01\%. Finally,using the household survey HILDA, we show through non-parametric techniques that the behavior of Australian households is consistent with the life-cycle theory.},
school = {Paris School of Economics},
keywords = {Trends in Aggregate Wealth and Wealth Inequality}
}
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