By exploiting large-scale administrative data on income and estimated personal wealth in Norway from 2010 to 2018, this paper establishes the first micro-level analysis of the difference between the real return on wealth and the real growth rate of total pre-tax income, across the entire net wealth distribution. We show that for the top 40% of the distribution, the aggregate $R-G$ of 1.8% underestimates its micro counterpart $r-g$, while the opposite happens for the bottom 60%. Moreover, for the bottom 50% of the net wealth distribution, it is indeed the case that . In addition, we run a simulation exercise demonstrating that the full distribution of $r-g$—which has been shown to be positively associated with the position in the net wealth distribution—delivers a higher predictive power for the study of wealth inequality than simply focusing on the aggregate $R-G$. All results are robust to the exclusion of imputed rents from the income definition.

中文翻译：

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r > g 的微观视角

通过利用 2010 年至 2018 年挪威有关收入和估计个人财富的大规模行政数据，本文首次对实际财富回报率与税前总收入实际增长率之间的差异进行了微观分析，横跨整个净财富分布。我们表明，对于分布的前 40%，聚合$R-G$1.8% 的人低估了其微型同行$r-G$，而底部 60% 的情况则相反。而且，对于净财富分配中最底层的50%，确实是这样的. 此外，我们进行了一次模拟练习，证明了$r-G$- 已被证明与净财富分配中的位置呈正相关 - 为财富不平等的研究提供了比仅仅关注总量更高的预测能力$R-G$. 从收入定义中排除估算租金后，所有结果都是稳健的。