In this session of the International Macro History Online Seminar, join us for a presentation by Neil Cummins, Associate Professor of Economic History at the London School of Economics.
Professor Cummins will present his recent paper Hidden Wealth (PDF, 907 KB).
I propose a method to measure hidden wealth using historical archives. Applying this to England, 1920-1992, it is revealed that elites conceal, at minimum, around 20% of their inherited wealth. Among dynasties, this hidden wealth, independent of declared wealth, predicts appearance in the Offshore Leaks Database of 2013-6, house values in 1999, and Oxbridge attendance, 1990-2016. Accounting for hidden wealth eliminates one-third of the observed decline of the top 10% wealth-share over the past century. I find 8,839 dynasties that are hiding at least £7.4 Billion.
The International Macro History Online Seminar series is jointly organised by the Graduate Institute's Centre for Finance and Development and a consortium of numerous other universities and institutions from around the world. It brings macroeconomic history topics to an interested public on a weekly basis.
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