Data and Code for: Rapid Dynamics of Top Wealth Shares and Self-Made Fortunes, and Overall Wealth Mobility: What is the Role of Family Firms?

This is the replication material for "Rapid Dynamics of Top Wealth Shares and Self-Made Fortunes, and Overall Wealth Mobility: What is the Role of Family Firms?". <br><br>Abstract: We derive an analytical link between the fast dynamics of inequality at the<br>top of the wealth distribution and the prevalence of newly created fortunes.<br>Specifically, in the context of a random growth model of wealth accumulation,<br>the shape of the top of the wealth distribution changes rapidly only if the pace<br>with which new fortunes are created is fast. Quantitatively, the decision of a<br>few families to bear a large amount of idiosyncratic risk in the form of family<br>firms is crucial in accounting for both the prevalence of new fortunes and the<br>dynamics of top wealth inequality.<br><br><br>