Historical accounts of the British aristocracy argue its economic decline was owed to anachronistic characteristics, declining land values, and inheritance taxes. We find disconfirming evidence based on the hereditary peerage's probates 1858 to 2018, showing: decline only began after World War I; no links between aristocratic wealth and farmland prices; and a greater role for tax avoidance with respect to inheritance taxes. Aristocrats also followed the rich with their share of wealth dwindling over the 20th century. Together, these arguments suggest the British aristocracy detached economic interests from status characteristics enabling them to persist more effectively than previously thought.

中文翻译：

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对1858-2018年英国贵族经济衰落的重新思考

英国贵族的历史记载认为，其经济衰退是由于不合时宜的特征、土地价值下降和遗产税造成的。我们根据 1858 年至 2018 年世袭贵族的遗嘱认证找到了相反的证据，表明：第一次世界大战后才开始衰落；贵族财富与农田价格之间没有联系；在遗产税方面发挥更大的避税作用。20世纪，贵族们的财富份额也随着富人的减少而减少。总之，这些论点表明英国贵族将经济利益与地位特征分开，使他们比以前想象的更有效地坚持下去。