An Update on Wealth Mobility
Abstract: We measure wealth mobility in the United States. Using the latest wave of the Panel Study of Income Dynamics (PSID), we update Carroll and Hoffman (2017), who document a decreasing trend in wealth mobility over the past 30 years. We confirm another of their findings that large upward movements in wealth are associated with families’ owning businesses and real estate other than a primary residence. Finally, we turn to the much larger Survey of Income and Program Participation (SIPP) data and document that these “large mover” households are evident even over three-year periods.
Keywords: economic mobility; upward mobility;
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2022-12-19