We estimate the distribution of wealth in Italy between 1995 and 2016 using a novel source of inheritance tax files, combined with surveys and national accounts. We find that the level of wealth concentration is in line with other European countries; however, its time trend appears more in line with the US, showing a significant increase over the period studied. The country exhibits one of the greatest declines in the wealth share of the bottom 50%. The paper also shows that age plays a marginal role in explaining wealth concentration. Changes in savings, instead, are the predominant force behind the increase in wealth inequality, even at the top. Equity prices also account for a large share of wealth growth above the 99th percentile, whereas changes in house prices play only a minor role. Finally, we document the growing concentration of life-time wealth transfers, and their increasingly favorable tax treatment.

中文翻译：

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1995-2016年意大利个人财富集中度

我们利用遗产税档案的新来源，结合调查和国民账户，估算了 1995 年至 2016 年间意大利的财富分配情况。我们发现财富集中度与其他欧洲国家一致；然而，其时间趋势似乎与美国更加一致，在研究期间呈现显着增长。该国是底层 50% 人口财富份额下降幅度最大的国家之一。该论文还表明，年龄在解释财富集中度方面起着边际作用。相反，储蓄的变化是财富不平等加剧的主要力量，即使是在顶层也是如此。股票价格在 99% 以上的财富增长中也占很大比例，而房价的变化只发挥很小的作用。最后，我们记录了终身财富转移的日益集中及其日益优惠的税收待遇。