Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266011 
Year of Publication: 
2022
Series/Report no.: 
CESifo Working Paper No. 9976
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We estimate the ratio of private wealth to national income, βpt, for Switzerland from 1900 to 2020. Our results indicate that over the 20th century, βpt did not follow a U-shaped pattern as in most European countries. Instead, its was exceptionally stable at around 500%. We argue that this consistently high βpt was the result of geopolitical factors combined with Switzerland's capital friendly policy-making. Since the turn of the century, however, βpt has been on a rapid rise to reach 793% in 2020. This considerable increase is mainly driven by large capital gains, especially in housing wealth.
Subjects: 
wealth-income ratio
distribution
economic growth
housing prices
JEL: 
N34
D31
D33
E01
Document Type: 
Working Paper
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