Part du dcile ou centile suprieur dans le patrimoine total

100.0%

Graphique 10.1. L'ingalit des patrimoines en France, 1810-2010

90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%

Part du dcile suprieur

Part du centile suprieur

10.0%
0.0%
Lecture: le dcile suprieur (les 10% des patrimoines les plus plus levs) dtenait 80%-90% du patrimoine total dans les annes 1810-1910, et 60%-65% aujourd'hui. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Part du dcile ou centile suprieur dans le patrimoine total

80.0%

Graphique 10.2. L'ingalit des patrimoines: Paris vs. France, 1810-2010

70.0%
60.0%
50.0%
40.0%
30.0%
20.0%

Part du centile suprieur (Paris)

Part du centile suprieur (France)

10.0%
0.0%
Lecture: le centile suprieur (les 1% des patrimoines les plus plus levs) dtient 70% du patrimoine total Paris la veille de la Premire guerre mondiale. Sources et sries: voir piketty.pse.ens.fr/capital21c

P a r t d u d c ile o u c e n tile s u p r ie u r d a n s le p a tr im o in e to ta l

100.0%

Graphique 10.3. L'ingalit des patrimoines au Royaume-Uni, 1810-2010

90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%

Part du dcile suprieur

Part du centile suprieur

10.0%
0.0%
Lecture: le dcile suprieur dtenait 80%-90% du patrimoine total dans les annes 1810-1910, et 70% aujourd'hui.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

Part du dcile ou centile suprieur dans le patrimoine total

100.0%

Graphique 10.4. L'ingalit des patrimoines en Sude, 1810-2010

90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%

Part du dcile suprieur

Part du centile suprieur

10.0%
0.0%
Lecture: le dcile suprieur dtenait 80%-90% du patrimoine total dans les annes 1810-1910, et 55%-60% aujourd'hui. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Part du dcile ou centile suprieur dans le patrimoine total

100.0%

Graphique 10.5. L'ingalit des patrimoines aux Etats-Unis, 1810-2010

90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%

Part du dcile suprieur

Part du centile suprieur

0.0%
Lecture: le dcile suprieur dtenait environ 80% du patrimoine total dans les annes 1910, et 70%-75% aujourd'hui. Sources et sries: voir piketty.pse.ens.fr/capital21c.

P a r t d u d c ile o u c e n tile s u p r ie u r d a n s le p a tr im o in e to ta l

100.0%

Graphique 10.6. L'ingalit patrimoniale: Europe et Etats-Unis 1810-2010

90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%

Part du dcile suprieur: Europe

Part du dcile suprieur: Etats-Unis
Part du centile suprieur: Europe
Part du centile suprieur: Etats-Unis
Lecture: jusqu'au milieu du 20e sicle, les ingalits patrimoniales taient plus fortes en Europe qu'aux Etats-Unis.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

T au x d e re n d e m e n t o u ta u x d e c ro is s a n c e a n n u e ls

7.0%

Graphique 10.7. Rendement du capital et croissance: France 1820-1913

6.0%
5.0%
4.0%

Taux de rendement pur du capital r

3.0%

Taux de croissance du revenu national g

2.0%
1.0%
0.0%
1820

1830

1840

1850

1860

1870

1880

1890

1900

1910

Lecture: le taux de rendement du capital est nettement plus lev que le taux de croisance en France de 1820 1913.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

Part du capital ou taux d'pargne (% du revenu national)

50.0%

Graphique 10.8. Part du capital et taux d'pargne: France 1820-1913

40.0%

30.0%
Part du capital
20.0%

Taux d'pargne s

10.0%

0.0%
1820

1830

1840

1850

1860

1870

1880

1890

1900

1910

Lecture: la part des revenus du capital dans le revenu national est nettement plus lev que le taux d'pargne en France de 1820 1913. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Taux de rendement ou taux de croissance annuel

Graphique 10.9. Rendement du capital et taux de croissance au niveau mondial depuis l'Antiquit jusqu'en 2100

6.0%

5.0%

4.0%
Taux de rendement pur du capital r
(avant impts)

3.0%

Taux de croissance de la production

mondiale g

2.0%

1.0%

0.0%

0-1000

1000-1500 1500-1700 1700-1820 1820-1913 1913-1950 1950-2012 2012-2050 2050-2100

Lecture: le taux de rendement du capital (avant impts) a toujours t suprieur au taux de croissance mondial, mais l'cart s'est resser au 20e sicle, et pourrait s'largir de nouveau au 21e sicle.
Sources et sries:voir piketty.pse.ens.fr/capital21c

Taux de rendement ou taux de croissance annuel

Graphique 10.10. Rendement du capital (aprs impts) et taux de croissance au niveau mondial depuis l'Antiquit jusqu'en 2100

6.0%

5.0%

4.0%

3.0%

Taux de rendement pur du capital r

(aprs impts et pertes en capital)
Taux de croissance de la production
mondiale g

2.0%

1.0%

0.0%

0-1000

1000-1500 1500-1700 1700-1820 1820-1913 1913-1950 1950-2012 2012-2050 2050-2100

Lecture: le taux de rendement du capital (aprs impts et pertes en capital) est tomb au dessous du taux de croissance au 20e sicle, et pourrait repasser au dessus au 21e sicle.
Sources et sries : voir piketty.pse.ens.fr/capital21c

Taux de rendement ou taux de croissance annuel

Graphique 10.11. Rendement du capital (aprs impts) et taux de croissance au niveau mondial depuis l'Antiquit jusqu'en 2200

6.0%

5.0%

4.0%

3.0%

Taux de rendement pur du capital r

(aprs impts et pertes en capital)
Taux de croissance de la production
mondiale g

2.0%

1.0%

0.0%

0-1000

1000-1500 1500-1700 1700-1820 1820-1913 1913-2012 2012-2100 2100-2200

Lecture: le taux de rendement du capital (aprs impts et pertes en capital) est tomb au dessous du taux de croissance au 20e sicle, et pourrait repasser au dessus au 21e sicle.
Sources et sries: voir piketty.pse.ens.fr/capital21c

Tableau 10.1. La composition des patrimoines parisiens en 1872-1912

Actifs
immobiliers
(immeubles,
maisons, terres
agricoles,.)

dont: immobilier
Paris

1872
1912

42%
36%

29%
25%

1872
1912

43%
32%

30%
22%

1872
1912

42%
41%

27%
30%

1872
1912

27%
31%

1%
7%

dont: immobilier
Province

Actifs financiers

dont: Actions

dont: Autres actifs

dont: Obligations dont: Obligations
Meubles, objets
financiers (dpts,
prives
publiques
prcieux, etc.

Composition du patrimoine total

13%
56%
15%
19%
13%
11%
62%
20%
19%
14%
Composition des 1% des patrimoines les plus levs
13%
55%
16%
16%
13%
10%
65%
24%
19%
14%
Composition des 9% suivants
15%
56%
14%
22%
13%
12%
55%
14%
18%
15%
Composition des 40% suivants
26%
62%
13%
25%
16%
24%
58%
12%
14%
14%

espces,.)

9%
9%

2%
3%

10%
8%

2%
2%

7%
9%

2%
3%

9%
18%

11%
10%

Lecture: en 1912, les actifs immobliers reprsentent 36% du patrimoine total parisien, les actifs financiers 62%, et les meubles et objets prcieux
3%. Sources: voir piketty.pse.ens.fr/capital21c.

Tableau S10.1. La concentration des patrimoines en Europe et aux Etats-Unis, 1810-2010 (sries utilises pour les graphiques 10.1-10.6)
(part dans le
patrimoine total
des x% des
patrimoines les
plus levs)
1810
1820
1830
1840
1850
1860
1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010

France

Royaume-Uni

Top 10%

Top 1%

Top 0,1%

Top 1%
(Paris)

79.9%
81.8%
83.2%
80.4%
82.4%
83.7%
81.8%
84.6%
84.7%
87.3%
88.5%
81.7%
80.0%
75.8%
72.8%
69.9%
62.0%
61.8%
61.0%
62.1%
62.4%

45.6%
46.7%
47.5%
46.0%
50.3%
52.0%
50.4%
49.5%
51.1%
58.7%
60.5%
49.2%
47.4%
36.3%
33.4%
31.9%
22.0%
22.0%
21.7%
23.5%
24.4%

17.1%
19.0%
17.1%
15.5%
19.4%
18.3%
18.3%
21.1%
20.2%
28.1%
29.0%
23.1%
22.4%
13.7%
12.1%
11.5%
7.0%
6.7%
6.4%
7.0%
7.2%

53.7%
59.0%
52.0%
52.6%
58.6%
55.1%
55.7%
61.9%
58.2%
66.1%
70.7%
60.0%
54.8%
52.4%
38.9%
35.3%
25.5%
25.0%
24.2%
26.2%
27.2%

Etats-Unis

Top 0,1% Top 10%

Top 1%

Sude

Top 10%

Top 1%

Top 0,1% Top 10%

82.9%

54.9%

58.0%

25.0%

83.9%

55.9%

87.1%

61.1%

71.0%

32.0%

87.2%

57.3%

92.0%
89.0%
85.0%

69.0%
61.0%
55.0%

76.0%
71.5%
64.1%
62.6%
64.0%
68.5%
70.5%

47.2%
33.9%
22.6%
22.7%
24.0%
27.0%
28.0%

81.1%
79.7%
73.4%
66.4%
65.7%
67.0%
64.2%
67.2%
68.7%
69.7%
71.5%

45.1%
43.7%
37.4%
30.4%
29.7%
31.4%
28.2%
30.1%
32.9%
33.1%
33.8%

88.2%
87.7%
83.6%
83.2%
77.3%
63.2%
54.7%
53.4%
57.7%
57.8%
58.8%

61.1%
53.8%
42.8%
37.7%
32.8%
23.4%
17.7%
16.5%
19.5%
20.5%
20.7%

24.8%
22.9%
20.1%
13.5%
12.3%
13.4%
11.5%
12.4%
13.9%
14.4%
14.7%

Top 1%

Europe
Top 0,1% Top 10%

Top 1%

82.2%

52.1%

29.6%

85.4%

56.2%

29.4%

89.5%
86.1%
82.8%

63.5%
54.7%
48.4%

75.4%
68.2%
60.3%
59.3%
60.9%
62.8%
63.9%

37.8%
29.7%
20.8%
20.4%
21.7%
23.7%
24.4%

17.7%
9.7%
8.2%

6.7%

Top 0,1%

6.7%

Note: as explained in the text, these are for all countries estimates of inequality of net worth betwen living adults (using mortality multiplier methods)
France: see details for 1810-2010; computations using Piketty-Postel-Vinay-Rosenthal 2006 pour 1810-1990 (1810:1807; 1820: 1817; etc.; 1900: 1902; 1910: 1913; etc.; 1990: 1994)
2010: Landais-Piketty-Saez 2011 (tableau patrimoine p.25) pour 2010 (see discussion in text)
UK: 1910-1980 series based upon Atkinson-Harrison 1978 pp.139 et 159 and Atkinson et al 1989 table 1; 1990-2010 using IRS data;
(Note: pas de top 0,1% estimate)
1810-1870: Lindert 2000 table 2 (see also Waldenstrom 2009 Tables 4.A1-A3)
1990-2010: official HMRC estimates using estate tax data; see Waldenstrom 2009 Tables A.A1-A3 and official HMRC publications for recent years, in particular "Personal Wealth Statistics 2001-03 to 2005-07" (June 2011) and "Personal Wealth Statistics 2008 to 2010" (September 2012).
(Note: HMRC estimates are expressed relatively to population with probates, i.e. only 31% of adults in 2008-10; so top 30% in MRC Tables 13,8 corresponds to top 9,3% of total population)
US: see details for 1910-2010; computations using Kennickell 2009-2011 SCF series for 1989-2009 period; Wolff 1994 SCF series for 1962-1989; and Kopczuk-Saez 2004 estate tax returns series for 1916-1962 (anchored to later series);
1810: estimate based upon Shamas 1993 (see also Waldenstrom 2009) and Lindert 2000 (using Alice Hanson Jones) (middle estimate, see discussion in text)
1870: estimates based upon wealth census used by Soltow (see also Lindert 2000 table 3; average 1860-1870) (see also Rosenbloom-Stutes NBER WP 2005 for top 1% wealth shares by US states using 1870 wealth census)
Sweden: Roine-Waldenstrom SJE 2009 Table A1; 1870: moyenne 1873-1877; 1910: moyenne 1907-1908: 190: 1920; 1930: 1935; 1940: 1945; 1950: 1950; 1960: 1966; 1970: 1975; 1980: 1985,; 1900: 1992; 2000: 2004; 2010: 2005-2006
1810: based upon Soltow 1985; see Waldenstrom 2009

Tableau S10.2. Rendement du capital, taux de croissance, part du capital et taux d'pargne en France
1820-1910 (sris utilises pour les graphiques 10.7-10.8)
Taux de
Taux d'pargne Part du capital rendement pur
du capital
1820
1830
1840
1850
1860
1870
1880
1890
1900
1910

(% revenu national)
8.1%
30.0%
8.2%
34.6%
9.6%
36.6%
10.1%
44.3%
9.3%
44.4%
7.8%
41.6%
9.0%
29.9%
10.0%
25.6%
7.1%
26.1%
8.3%
34.3%

Taux de
rendement
observ

(%, avant impt)

4.8%
5.8%
5.2%
6.2%
5.7%
6.7%
6.5%
7.8%
6.0%
7.3%
5.8%
6.8%
4.0%
4.5%
3.6%
4.1%
3.7%
4.2%
4.6%
5.6%

Taux de
croissance

Taux de
rendement
observ

(%)
1.2%
1.0%
1.8%
1.8%
0.9%
0.2%
0.1%
1.4%
1.1%
0.6%

(%, aprs impts)

5.4%
5.7%
6.2%
7.2%
6.7%
6.2%
4.2%
3.8%
3.8%
5.1%

Sources:
Piketty 2010
(appendix)

Table A12

Table A12

Table A12

Table A12

Table A12

Figure 14

Figure 16

Figure 17

Figure 17

Figure A15

Note: Taux de rendement pur repris du tableau TS6.2 (lien rompu 16-3-2013)

Tableau S10.3. Rendement du capital et taux de croissance au niveau mondial, 0-2200

(sries utilises pour les graphiques 10.9-10.11)

r (avant
impts)

r (aprs
impts)

r (avant
impts)

r (aprs
impts)

0-1000

4.5%

4.5%

0.0%

0-1000

4.5%

4.5%

0.0%

1000-1500

4.5%

4.5%

0.1%

1000-1500

4.5%

4.5%

0.1%

1500-1700

4.5%

4.5%

0.2%

1500-1700

4.5%

4.5%

0.2%

1700-1820

5.1%

5.1%

0.5%

1700-1820

5.1%

5.1%

0.5%

1820-1913

5.0%

5.0%

1.5%

1820-1913

5.0%

5.0%

1.5%

1913-1950

5.1%

1.1%

1.8%

1913-2012

5.3%

2.4%

3.0%

1950-2012

5.3%

3.2%

3.8%

2012-2100

4.3%

4.1%

2.3%

2012-2050

4.3%

3.9%

3.3%

2100-2200

4.3%

4.3%

1.5%

2050-2100

4.3%

4.3%

1.5%

r avant impt: repris de tableau S6.2 (lien rompu 16-3-2013)

g: repris de tableau S2.3 (lien rompu 16-3-2013)
r aprs impts: calcul partir de r avant impts en supposant un taux d'imposition moyen de 0% 0-1913, 30% en 1913-2012, 10% en 2012-2050 et 0% en 2050-2100 (et
(voir formules)

en 2012-2050 et 0% en 2050-2100 (et pertes en capital 2,5% par an en 1913-1950; et 0,5% par an en 1950-2012 pour prendre en compte profits entreprises publiques)

Tableau S10.4. Donnes dtailles sur la composition des patrimoines parisiens en 1872-1912

Actifs
immobiliers
(immeubles,
maisons,
terres
agricoles,.)

dont:
immobilier
Paris

dont:
immobilier
Province

Actifs
financiers

1872
1912

42%
36%

29%

13%

25%

11%

56%
62%

1872
1912

43%
32%

30%
22%

13%
10%

55%
65%

1872
1912

42%
41%

27%
30%

15%
12%

56%
55%

1872
1912

27%
31%

1%
7%

26%
24%

62%
58%

dont: Actions

dt: Actions
trangres

dont:
Obligations
prives

dt. Obligations
prives
trangres

dont:
Obligations
publiques

Composition du patrimoine total

1%
2%
15%
19%
13%
7%
5%
20%
19%
14%
Composition des 1% des patrimoines les plus levs
1%
2%
16%
16%
13%
9%
5%
24%
19%
14%
Composition des 9% suivants
1%
1%
14%
22%
13%
3%
4%
14%
18%
15%
Composition des 40% suivants
1%
1%
13%
25%
16%
1%
2%
12%
14%
14%

dont: Autres
actifs
financiers

Total des
actifs
trangers

Meubles,
objets
prcieux,
etc.

9%

9%
9%

6%
20%

2%
3%

4%
10%

10%
8%

8%
24%

2%
2%

2%
8%

7%
9%

5%
14%

2%
3%

2%
4%

9%
18%

4%
6%

11%
10%

dt. Obligations
publiques
trangres

3%

(dpts,
espces,.)

Lecture: en 1912, les actifs immobliers reprsentent 36% du patrimoine total parisien, les actifs financiers 62%, et les meubles et objets prcieux 3%.
Sources: voir piketty.pse.ens.fr/capital21c.

Detailed computations for top wea

PPVR 2006 Table 4

(top shares among decedents, France)

1807
1817
1827
1837
1847
1857
1867
1877
1887
1902
1913
1929
1938
1947
1956
1994

Top 10%
wealth
share
79.1
81.0
82.4
79.6
81.6
82.9
81.0
83.8
83.9
83.9
86.3
82.0
77.6
69.9
69.4
61.0

Top 1%
wealth
share
43.4
44.5
45.2
43.8
47.9
49.5
48.0
47.1
48.7
51.6
54.9
50.2
42.0
29.9
30.4
21.3

Top 0,1%
wealth
share
16.3
18.1
16.3
14.7
18.4
17.4
17.4
20.1
19.2
23.1
26.0
24.7
19.9
11.0
11.0
6.3

PPVR 2006 Table 2

(top shares among decedents, Paris)

1807
1817
1827
1837
1847
1857
1867

Top 10%
wealth
share
96.0
97.6
97.3
97.7
98.3
96.9
97.1

Top 1%
wealth
share
51.2
57.3
49.5
50.1
55.8
51.0
53.0

Top 0,1%
wealth
share
17.9
22.8
14.8
14.8
21.3
13.4
16.3

Final estimates used here

shares among living, France

Top 10%
wealth
share
1810
79.9%
1820
81.8%
1830
83.2%
1840
80.4%
1850
82.4%
1860
83.7%
1870
81.8%
1880
84.6%
1890
84.7%
1900
87.3%
1910
88.5%
1920
81.7%
1930
80.0%
1940
75.8%
1950
72.8%
1960
69.9%
1970
62.0%
1980
61.8%
1990
61.0%
2000
62.1%
2010
62.4%
PPVR 2006 Table A4 (II) (top shares among li
(except 1947-1994: Fra
Top 10%
wealth
share
96.5
97.7
97.2
96.6
97.1
95.6
95.5

Top 1%
wealth
share
53.9
59.3
52.1
50.5
56.2
55.1
55.0

1877
96.9
58.9
24.6
1887
97.1
55.4
20.1
1902
99.1
64.8
26.1
1913
99.6
72.1
32.8
1929
94.9
63.1
26.4
1938
90.4
53.6
24.1
1947
76.7
38.1
14.8
1956
75.0
34.6
11.7
1994
66.9
23.7
6.5
PPVR 2011 Figure 3 (top shares among decedents,
Paris)
1872
94.7%
51.2%
1882
95.7%
53.9%
1912
96.2%
62.6%
1922
94.1%
59.5%
1927
94.0%
58.3%
1932
91.6%
56.0%
1937
89.9%
51.4%

97.2
97.5
86.1

63.5
61.4
74.4

70.2

28.6

64.3

20.2

Note sur la mthode utilise: compte tenu de l'instabilit du coefficient correcteur pour passer des mo

ed computations for top wealth shares (France)

es used here
shares among living, France)

(top

Top 1%
Top 1%
Top 0,1%
wealth
wealth
wealth
share
share
share
(Paris)
45.6%
17.1%
53.7%
46.7%
19.0%
59.0%
47.5%
17.1%
52.0%
46.0%
15.5%
52.6%
50.3%
19.4%
58.6%
52.0%
18.3%
55.1%
50.4%
18.3%
55.7%
49.5%
21.1%
61.9%
51.1%
20.2%
58.2%
58.7%
28.1%
66.1%
60.5%
29.0%
70.7%
49.2%
23.1%
60.0%
47.4%
22.4%
54.8%
36.3%
13.7%
52.4%
33.4%
12.1%
38.9%
31.9%
11.5%
35.3%
22.0%
7.0%
25.5%
22.0%
6.7%
25.0%
21.7%
6.4%
24.2%
23.5%
7.0%
26.2%
24.4%
7.2%
27.2%
able A4 (II) (top shares among living, diffrential mortality, Paris
(except 1947-1994: France))

PPVR 2006 Table A7

(top shares among decedents, France)
(= Piketty 2001 Tableau J11, version rvise avril 200

1902-1909
1910-1913
1925-1929
1930-1939
1940-1949
1950-1959
1960-1964
1984
1994
1902
1903
1904
1905
1907
1909
1910
1911
1912
1913
1925
1926
1927

Top 10%
wealth
share
86.5
86.8
80.8
79.2
75.0
72.1
69.3
64.8
61.0
83.9
86.1
87.5
88.1
86.3
86.9
86.1
87.6
87.0
86.3
80.3
80.0
81.0

1929
Top 0,1%
wealth
share
12.8
26.0
18.2
16.1
15.6
17.8
21.3

Ratio Top
Ratio Top
Ratio Top
10% (living/ 1% (living/ 0,1% (living/
decedents) decedents) decedents)
1.00
1.05
0.71
1.00
1.03
1.14
1.00
1.05
1.23
0.99
1.01
1.09
0.99
1.01
0.73
0.99
1.08
1.33
0.98
1.04
1.31

1930
1931
1932
1933
1935
1936
1937

82.0
81.6
80.0
79.1
79.5
79.3
78.8
77.5

23.2
20.5
38.2

1.00
1.00
0.87

1.08
1.11
1.15

0.94
1.02
1.47

10.0

1.01

0.96

0.91

6.8

1.05

0.95

1.08

nt correcteur pour passer des morts aux vivants, il parat plus justi

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1962
1964
1984
1994

77.6
79.1
81.7
75.3
75.9
76.5
79.4
75.9
70.9
69.9
71.1
73.7
74.3
72.4
74.2
75.8
73.0
73.2
69.4
70.0
68.1
70.3
67.6
68.5
71.6
64.8
61.0

ble A7
mong decedents, France)
01 Tableau J11, version rvise avril 2003)
Top 1%
wealth
share
55.9
56.0
46.9
45.1
34.6
31.8
30.4
21.6
21.3
51.6
54.4
58.1
59.7
54.4
56.8
54.4
57.7
57.1
54.9
44.6
45.1

Top 0,1%
wealth
share
26.7
26.8
22.0
21.3
13.0
11.5
10.9
6.6
6.3
23.1
24.4
29.8
31.6
23.9
27.6
23.9
28.4
28.9
26.0
19.3
21.2

47.6

22.8

50.2
50.3
46.5
44.8
44.9
46.1
45.8
42.6

24.7
24.9
21.6
20.3
20.2
22.6
23.0
18.9

42.0
42.9
38.7
34.9
36.8
36.8
38.3
35.3
30.7
29.9
30.4
34.0
33.6
33.0
32.3
32.6
30.5
31.5
30.4
32.3
30.1
31.9
29.5
30.3
31.3
21.6
21.3

19.9
20.4
15.3
13.3
14.1
13.5
15.1
13.4
10.9
11.0
11.0
12.7
12.7
12.3
11.4
11.3
11.0
11.0
11.0
11.8
10.2
12.1
10.2
11.7
10.9
6.6
6.3

Detailed computations for top wealth shares (US)

Kopczuk-Saez Table B1

Kopczuk-Saez decennial averages

1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927

Top 1%
wealth
share
38.1
35.6
36.8
39.9
37.6
35.2
36.0
35.2
36.7
36.0
35.1
39.2

Top 0,1%
wealth
share
21.0
19.3
20.0
22.4
20.4
17.5
17.6
17.8
19.0
18.5
18.4
21.3

Top 1%
wealth
share
37.6
36.4
29.9
24.3
23.7
24.3
21.2
21.4
21.4
20.8

1928
1929
1930
1931
1932
1933
1934
1935
1936
1937

36.5
36.8
40.3
34.7
28.4
30.3
28.1
27.8
29.7
27.0

19.7
20.8
22.9
18.8
14.7
16.3
14.9
15.0
16.6
14.2

1938

27.1

14.1

1939
1940
1941
1942
1943
1944
1945
1946

26.0
25.3
25.3
23.7
24.3
25.5
24.7
24.5

13.2
12.4
12.3
11.3
11.0
11.4
10.5
10.3

1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010

Top 0,1%
wealth
share
20.7
19.1
16.1
10.8
9.8
10.4
8.7
8.8
9.0
9.1

1947
1948
1949
1950
1953
1954
1956
1958
1960
1962
1965
1969
1972
1976
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

24.3
23.0
22.6
22.8
23.8
23.2
24.7
24.2
25.2
24.4
24.7
22.9
23.1
19.3
19.1
21.1
21.0
22.4
22.7
21.6
21.7
22.0
20.9
21.5
21.2
21.3
21.6
21.5
21.4
21.2
21.7
21.7
20.8

10.3
9.5
9.0
9.2
9.7
9.6
10.5
10.1
10.5
10.4
10.8
9.9
9.9
7.5
7.3
8.4
8.6
9.4
9.6
9.0
9.0
9.3
8.7
9.0
9.0
8.7
9.0
9.3
9.1
8.9
9.4
9.4
9.1

s for top wealth shares (US)

SCF (Kennickel 2009-2011; Wolff 1994)

Ratio
SCF/KS
1.20
1.20
1.25
1.25
1.25
1.29

1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010

Top 10%
Top 1%
Top 0,1%
wealth
wealth
wealth
share
share
share
81.1
45.1
24.8
79.7
43.7
22.9
73.4
37.4
20.1
66.4
30.4
13.5
65.7
29.7
12.3
67.0
31.4
13.4
64.2
28.2
11.5
67.2
30.1
12.4
68.7
32.9
13.9
69.7
33.1
14.4
71.5
33.8
14.7
SCF: 1960: 1962 (Wolff 1994 Table 4) (corrected using Kennickell 2011 for
1980: average 1983-1989 (Kennickell 2009 Table 4 (1989) and Wolff 1994
1990: average 1992-1995-1998 (Kennickell 2001 Table 4)
2000: average 2001-2004 (Kennickell 2001 Table 4)
2010: 2007 (Kennickell 2009 Table 4; according to Kennickell 2011 Tables 2

rected using Kennickell 2011 for 1989 gap)

9 Table 4 (1989) and Wolff 1994 Table 4 (1983))
ll 2001 Table 4)

ording to Kennickell 2011 Tables 2-3, very little change between 2007 and 2009: all wealth levels reduced by rough

all wealth levels reduced by roughy the same percentage)

Table extracted from PPVR 2011 Appendix B; see formulas on T10.1 (so as to include out-of-Paris real estate in 1872-1882)

Table B11: Inheritance in Paris, 1872-1937 - Detailed asset composition by fractiles of net estate
(subsample)

(1) Real
(2)
inc.: (2b) inc. Foreign inc.: (2c)
inc.:
inc. Out-ofinc.: (2a) inc. Foreign
inc. Paris
inc. Foreign
private
estate real estate Paris real Financial
Private
Govt govt bonds (2d)-(2e)
equity
Equity
estate
bonds
assets
assets
bonds
bonds
Other

1872
1882
1912
1872
1882
1912
1872
1882
1912
1872
1882
1912

realest realest realest finasse

equityf privbo privbo pubbo pubbo
equity
ate
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
33%
1%
1%
2%
4%
34%
63%
17%
21%
15%
34%
0%
2%
2%
3%
35%
63%
18%
21%
16%
25%
11%
7%
5%
9%
36%
62%
20%
19%
14%
realest
ate
36%
35%
32%
realest
ate
33%
36%
41%
realest
ate
8%
9%
31%

realest realest finasse

equityf privbo privbo pubbo pubbo
equity
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
34%
2%
2%
2%
5%
62%
18%
18%
14%
35%
0%
2%
3%
4%
64%
19%
19%
18%
22%
10%
9%
5%
10%
65%
24%
19%
14%
realest realest finasse
equityf privbo privbo pubbo pubbo
equity
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
33%
0%
1%
1%
3%
64%
16%
25%
15%
36%
0%
1%
2%
2%
61%
16%
23%
14%
30%
12%
3%
4%
8%
55%
14%
18%
15%
realest realest finasse
equityf privbo privbo pubbo pubbo
equity
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
7%
0%
1%
1%
3%
79%
16%
31%
20%
9%
0%
0%
1%
1%
78%
20%
25%
19%
7%
24%
1%
2%
4%
58%
12%
14%
14%

10%
8%
9%

Memo:
Total
foreign
assets

7%
8%
20%

12%
8%
8%

9%
10%
24%

8%
8%
9%

5%
6%
14%

11%
14%
18%

5%
3%
6%

Table B11: Inheritance in Paris, 1872-1937 - Detailed asset composition by fractiles of net estate
(subsample)

(3)
Furniture
s

furnitur
es
3%
2%
3%
furnitur
es
2%
2%
2%
furnitur
es
3%
3%
3%
furnitur
es
14%
13%
10%

Note: ForAuthors
the purpose
of this table,
were
taken away
from
"other
(and therefore from
Sources:
computations
usingdowries
micro data
collected
in Paris
estate
taxfinancial
archivesassets"
(see do-file
gross assets).
doTableB11.txt)

(1) Real
(2)
inc.: (2b) inc. Foreign inc.: (2c)
inc.:
inc. Out-ofinc.: (2a) inc. Foreign
inc. Paris
inc. Foreign
private
estate real estate Paris real Financial
Private
Govt govt bonds (2d)-(2e)
equity
Equity
estate
bonds
assets
assets
bonds
bonds
Other

1872
1882
1912
1872
1882
1912
1872
1882
1912
1872
1882
1912

realest realest realest finasse

equityf privbo privbo pubbo pubbo
equity
ate
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
29%
13%
1%
2%
3%
42%
56%
15%
19%
13%
30%
11%
2%
2%
3%
41%
57%
16%
19%
15%
25%
11%
7%
5%
9%
36%
62%
20%
19%
14%
realest
ate
43%
41%
32%
realest
ate
42%
43%
41%
realest
ate
27%
28%
31%

realest realest finasse

equityf privbo privbo pubbo pubbo
equity
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
30%
13%
1%
2%
4%
55%
16%
16%
13%
31%
10%
2%
3%
4%
58%
17%
17%
16%
22%
10%
9%
5%
10%
65%
24%
19%
14%
realest realest finasse
equityf privbo privbo pubbo pubbo
equity
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
27%
15%
1%
1%
2%
56%
14%
22%
13%
31%
12%
1%
2%
2%
54%
14%
20%
13%
30%
12%
3%
4%
8%
55%
14%
18%
15%
realest realest finasse
equityf privbo privbo pubbo pubbo
equity
aparis
aprov
ts
or
nds ndsfor
nds ndsfor
1%
26%
1%
1%
2%
62%
13%
25%
16%
2%
26%
0%
1%
1%
62%
16%
20%
15%
7%
24%
1%
2%
4%
58%
12%
14%
14%

9%
8%
9%

Memo:
Total
foreign
assets

6%
7%
20%

10%
7%
8%

8%
9%
24%

7%
7%
9%

5%
5%
14%

9%
11%
18%

4%
2%
6%

(3)
Furniture
s

furnitur
es
2%
2%
3%
furnitur
es
2%
1%
2%
furnitur
es
2%
3%
3%
furnitur
es
11%
10%
10%

Note: ForAuthors
the purpose
of this table,
were
taken away
from
"other
(and therefore from
Sources:
computations
usingdowries
micro data
collected
in Paris
estate
taxfinancial
archivesassets"
(see do-file
gross assets).
doTableB11.txt)

100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

Tableau S10.5. La composition des patrimoines parisiens en 1872-1912

Actifs
immobiliers
dont:
dont:
(immeubles,
Actifs
immobilier immobilier
maisons,
financiers
Paris
Province
terres
agricoles,.)

1872
1882
1912

42%
41%
36%

29%
30%

13%
11%

25%

11%

1872
1882
1912

43%
41%
32%

30%
31%
22%

13%
10%
10%

1872
1882
1912

42%
43%
41%

27%
31%
30%

15%
12%
12%

1872
1882
1912

27%
28%
31%

1%
2%
7%

26%
26%
24%

dont:
dont:
Actions

Autres
dt.
dt.
dont:
dont:
dt: Actions
Obligations
Obligations
actifs
Obligations
Obligations
trangres
prives
publiques financiers
prives trangres publiques trangres
(dpts,
espces,.)

Composition du patrimoine total

1%
2%
3%
56%
15%
19%
13%
2%
2%
3%
57%
16%
19%
15%
7%
5%
9%
62%
20%
19%
14%
Composition des 1% des patrimoines les plus levs
1%
2%
4%
55%
16%
16%
13%
2%
3%
4%
58%
17%
17%
16%
9%
5%
10%
65%
24%
19%
14%
Composition des 9% suivants
1%
1%
2%
56%
14%
22%
13%
1%
2%
2%
54%
14%
20%
13%
3%
4%
8%
55%
14%
18%
15%
Composition des 40% suivants
1%
1%
2%
62%
13%
25%
16%
0%
1%
1%
62%
16%
20%
15%
1%
2%
4%
58%
12%
14%
14%

Meubles,
Total des
objets
actifs
prcieux,
trangers
etc.

9%
8%
9%

6%
7%
20%

2%
2%
3%

10%
7%
8%

8%
9%
24%

2%
1%
2%

7%
7%
9%

5%
5%
14%

2%
3%
3%

9%
11%
18%

4%
2%
6%

11%
10%
10%

Lecture: en 1912, les actifs immobliers reprsentent 36% du patrimoine total parisien, les actifs financiers 62%, et les meubles et
objets prcieux 3%. Sources: voir piketty.pse.ens.fr/capital21c.