Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283246 
Year of Publication: 
2023
Series/Report no.: 
DIW Discussion Papers No. 2066
Publisher: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Abstract: 
Who makes it to the top? We use the leading, socio-economic survey in Germany supplemented by extensive data on the rich to answer this question. We identify the key predictors for belonging to the top 1 percent of income, wealth, and both distributions jointly. Although we consider many, only a few traits matter: Entrepreneurship and self-employment in conjunction with a sizable inheritance of company assets is the most important covariate combination across all rich groups. Our data suggest that all top 1 percent groups, but especially the joint top 1 percent, are predominantly populated by intergenerational entrepreneurs.
Subjects: 
top wealth
top income
intergenerational transfers
rich-group classification modelling
predictions
JEL: 
D31
C38
D63
Document Type: 
Working Paper

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