The Top Tail of the Wealth Distribution in Germany, France, Spain, and Greece

Abstract: We analyze the top tail of the wealth distribution in Germany, France, Spain, and Greece based on the Household Finance and Consumption Survey (HFCS). Since top wealth is likely to be underrepresented in household surveys we integrate the big fortunes from rich lists, estimate a Pareto distribution, and impute the missing rich. Instead of the Forbes list we mainly rely on national rich lists since they represent a broader base for the big fortunes. As a result, the top percentile share of household wealth in Germany jumps up from 24 per- cent in the HFCS alone to 33 percent after top wealth imputation. For France and Spain we find only a small effect of the imputation since rich households are better captured in the survey. The results for Greece are ambiguous since the data do not show clear concentration patterns.