Wealth-Income Ratios in Free Market Capitalism: Switzerland, 1900-2020

• 成果类型: Article
• 署名作者: Baselgia, Enea; Martinez, Isabel Z.
• 署名单位: University of St Gallen; Swiss Federal Institutes of Technology Domain; ETH Zurich
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01313
• 发表日期: 2025-07
• 页码: 914-934
• 关键词: inequality; PROPERTY; accumulation; EVOLUTION

摘要

We show that over the 20th century, the ratio of private wealth to national income, beta(pt), in Switzerland did not follow a U-shaped pattern, thereby contrasting the evolution in most European countries. Instead, the ratio was exceptionally stable at around 500%. We argue that this consistently high beta(pt )was the result of geopolitical factors combined with Switzerland's capital-friendly policymaking. Since the turn of the century, however, beta(pt )has been on a rapid rise to reach 793% in 2020. This exceptionally fast increase is mainly driven by large capital gains, especially in housing wealth.