The Importance of Gifts and Inheritances Among the Affluent / Michael D. Hurd, B. Gabriela Mundaca.

Format:

Book

Author/Creator:

Hurd, Michael D.

Contributor:

National Bureau of Economic Research.

Mundaca, B. Gabriela.

Series:

Working Paper Series (National Bureau of Economic Research) no. w2415.

NBER working paper series no. w2415

Language:

English

Subjects (All):

Inheritance and succession.

Wealth.

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1987.

Cambridge, Massachusetts : National Bureau of Economic Research, 1987.

Summary:

Using data from the 1964 Survey of the Economic Behavior of the Affluent, we estimate directly the fraction of household assets which come from inheritances and the fraction from gifts. These data are well suited for this calculation because the survey is heavily weighted toward households with high incomes, and because the respondents were directly asked about the sources of their wealth. We estimate that 15-202 of household wealth came from inheritances and 5-102 from gifts. Even in households with very high incomes, very few people say that a large fraction of their assets were inherited or were given to them. According to the responses in this survey, it is not creditable that as much as 50% of household assets came from gifts and inheritances. Using data from the 1983 Survey of Consumer Finances with high income supplement, we roughly confirm the 1964 results, although the 1983 data are much less complete than the 1964 data.

Notes:

Print version record

October 1987.