The Luxembourg Wealth Study (LWS) Database Introduction and Selected Demonstrations
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1 The Luxembourg Wealth Study (LWS) Database Introduction and Selected Demonstrations Markus Jäntti 1,2 1 Swedish Institute for Social Research, Stockholm University 2 Luxembourg Income Study Seventh Winter School on Inequality and Social Welfare Theory January 10, 2012 Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
2 Introduction Introduction other economic resources than income important for well-being (consumption, wealth) little information on wealth on a comparable basis across countries national datasets have existed for some while, prominent ones (US Survey of Consumer Finances) have served as examples for other countries the ECB is running Household Finance and Consumption Network (HFCN) within the Euro system no comparable definitions of wealth and debt across countries in publicly available microdata Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
3 Introduction LWS Principles Built up within the Luxembourg Income Study (LIS) http: // following the same model. Establish a network of experts of micro-data on household net worth to share accumulated knowledge and best practices Construct a comparable database containing wealth variables based on existing datasets to enable cross-country comparisons on household net worth, portfolio composition and wealth distribution (including liquid assets, debts and other holdings) Produce guidelines for data producers similar to what has been done for income distribution statistics through LIS with the final Report of the Canberra Group OECD Working Group currently occupied with producing guidelines Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
4 Introduction LWS countries and datasets Austria Survey of Household Financial Wealth 2004 Canada Survey of Financial Security 1999 Cyprus Survey of Consumer Finances 2002 Finland Household Wealth Survey 1994, 1998 Germany Socio-Economic Panel Study 2001, 2006 Italy Survey of Household Income and Wealth 2002, 2004 Japan Keio Household Panel Survey 2003 Luxembourg Socio-economic panel (PSELL) 2007 Norway Income and Wealth Survey 2002 Sweden Wealth Survey 2002 United Kingdom British Household Panel Study 2000 United States Panel Study of Income Dynamics 2000 Survey of Consumer Finances Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
5 Introduction Issues in LWS construction Surveys differ: Purpose: some designed to collect wealth data (e.g. CA, IT, US-SCF), some supplemented with special modules (e.g. GE, LX, UK, US-PSID) Source: mostly sample surveys, but supplemented with administrative data in Nordic countries Sampling frame: some over-sample the rich Unit of analysis: generally household, but individual in GE and UK, family in US and CA Number of wealth items: from 7 in UK to 30+ in IT, NW, US-SCF Perfect comparability cannot be achieved Define basic wealth concept Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
6 Introduction Ideal LWS variable structure Demographics Income and consumption aggregates Wealth variables -(household-individual-family level) Non-financial assets Financial Assets Liabilities Behavioral variables Bequest motivation Inheritance expectations Motives for savings Inter vivos transfers Risk attitude Income and health uncertainty/risk Expectations (fertility; income support from the state) Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
7 Introduction LWS Wealth Variables: Financial assets Deposit Accounts: Transaction, Savings and CDs Total Bonds: Savings and Other Bonds Stocks Mutual Funds and other investment funds Life insurance Other investment./ financial assets(non-pen) Pension Assets DA TB ST TM LI OFA PA Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
8 Introduction LWS Wealth Variables: Non-Financial assets Principal residence PR Investment real estate IR Business Equity BE Vehicles VH Durables/Collectibles DR/ CL Other non-financial assets ONF Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
9 Introduction LWS Wealth Variables: Liabilities Total Liabilities Total Home secured debt Principal residence mortgage Other property mortgage Other home secured debt Vehicle loans Total Installment debt (inc. credit card bal) Educational loans Other loans from financial institutions Informal debt TD HSD MG OMG OHSD VL IL EL OL ID Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
10 Introduction Wealth Summary Variables Risky assets Total assets Home secured debt Non-housing debt Total financial assets Total non-financial assets Total debt Net worth RA =TB+ST+TM TA=sum of all assets HSD=MG+OMG+OHSD NHD=TD-HSD TFA1=DA+ST+TB+TM TNF1=PR+IR TNF2=PR+IR+BA TD=HSD+VL+IL+EL+OL+ID NW1=TFA1+TNF1-TD NW2=TFA1+TNF2-TD NW = (sum of all assets)-(sum of all debts) Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
11 Introduction Other Wealth Variables Miscellaneous net worth: Inheritance received: Year of inheritance: Remaining inheritance: Tenure: Type of dwelling: Own business: Special variables: OWL INH1-INH3 YRINH1-YRINH3 INH4 OWN DWELL BUS IRnet, Vhnet, Flags Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
12 Introduction Access the LWS Database the LWS documentation http: // register to access the LWS data web tabulator LISSY Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
13 Exploring the distribution of wealth and income introducing Japanese data on wealth and on income (2003) compare with Canada 1999 Germany 2001 Sweden 2002 United Kingdom (UK) 2000 United States (US) 2000 Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
14 Data definitions focus now on gross wealth (not net worth = gross wealth debt) gross income (not on disposable income = gross income direct taxes) household is the sharing unit individuals are the unit of analysis both wealth and income have been equivalized outlying observations can be very influential: also study shaved data (inner 98 percent of the marginal distributions of both income and wealth) Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
15 Analysis aspects of the distribution of wealth and its components distributional comparisons (cumulative distribution functions) Lorenz, Generalized Lorenz and Absolute Lorenz orderings of countries descriptive quantile regressions (10th, 50th [median] and 90th percentiles as functions of age, education of household head and household structure) examine the (conditional) joint distribution of income and wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
16 Sample sizes and outliers Canada Germany Japan Sweden UK US Pre-shaving Post-shaving Difference Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
17 Pre-shave percentiles Percentiles Income Canada Germany Japan Sweden UK US Wealth Canada Germany Japan Sweden UK US Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
18 The distribution and composition of wealth Proportion with positive wealth and debt All and middle income classes Proportion positive Net worth Fin. assets Non-fin. assets Debt Canada all Middle Income Germany all Middle Income Japan all Middle Income Sweden all Middle Income UK all Middle Income US all Middle Income Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
19 The distribution and composition of wealth Mean wealth and debt All and middle income classes Average Net worth Fin. assets Non-fin. assets Debt Canada all Middle Income Germany all Middle Income Japan all Middle Income Sweden all Middle Income UK all Middle Income US all Middle Income Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
20 The distribution and composition of wealth 90th percentile of wealth and debt All and middle income classes 90th perc Net worth Fin. assets Non-fin. assets Debt Canada all Middle Income Germany all Middle Income Japan all Middle Income Sweden all Middle Income UK all Middle Income US all Middle Income Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
21 The distribution and composition of wealth Median wealth and debt All and middle income classes Median Net worth Fin. assets Non-fin. assets Debt Canada all Middle Income Germany all Middle Income Japan all Middle Income Sweden all Middle Income UK all Middle Income US all Middle Income Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
22 The distribution and composition of wealth Gini coefficients wealth and debt All and middle income classes Gini coefficient Net worth Fin. assets Non-fin. assets Debt Canada all Middle Income Germany all Middle Income Japan all Middle Income Sweden all Middle Income UK all Middle Income US all Middle Income Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
23 The distribution and composition of wealth Boxplots: example 1/4 1/2 3/4 Fraction of Sample Covered 9/10 Q 1 Median = Q 2 Mean Q Quantiles Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
24 The distribution and composition of wealth Boxplot: LWS data 0e+00 2e+05 4e+05 6e+05 8e+05 No Yes US UK Sweden Japan Germany Canada 0e+00 2e+05 4e+05 6e+05 8e+05 Wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
25 Distributional comparisons Distributions compared for wealth: Canada vs US Proportion <= x e+00 2e+05 4e+05 6e+05 8e+05 1e+06 n: n: m:0 m:0 wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
26 Distributional comparisons Distributions compared for income: Canada vs US Proportion <= x e+00 2e+05 4e+05 6e+05 8e+05 1e+06 n: n: m:0 m:0 wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
27 Distributional comparisons Distributions compared for wealth: Japan vs US Proportion <= x e+00 2e+05 4e+05 6e+05 8e+05 1e+06 n:13229 n: m:0 m:0 wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
28 Distributional comparisons Distributions compared for income: Japan vs US Proportion <= x e+00 2e+05 4e+05 6e+05 8e+05 1e+06 n:13229 n: m:0 m:0 wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
29 Distributional comparisons Distributions compared for wealth: Germany vs Japan Proportion <= x e+00 2e+05 4e+05 6e+05 8e+05 1e+06 n: n:13229 m:0 m:0 wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
30 Distributional comparisons Distributions compared for income: Germany vs Japan Proportion <= x e+00 2e+05 4e+05 6e+05 8e+05 1e+06 n: n:13229 m:0 m:0 wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
31 Distributional comparisons Lorenz curves for wealth: within country No Yes Canada Germany Japan Sweden UK US Lorenz curve Population share Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
32 Distributional comparisons Lorenz curves for wealth: country ordering Canada Germany Japan Sweden UK US No Yes Lorenz curve Population share Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
33 Distributional comparisons Lorenz curves for income: country ordering Canada Germany Japan Sweden UK US No Yes Lorenz curve Population share Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
34 Distributional comparisons Generalized Lorenz curves for wealth: country ordering No Canada Germany Japan Sweden UK US Yes Lorenz curve Population share Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
35 Distributional comparisons Generalized Lorenz curves for income: country ordering No Canada Germany Japan Sweden UK US Yes Lorenz curve Population share Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
36 Quantile regressions for wealth and gross income Median regressions: Gross income Coefficient estimates and 95% CI Canada Germany Japan Sweden UK US (Intercept) Fam: sng parent Fam: sng, no kids Fam: other Covariate Fam: cpl with kids Educ: Medium Educ: High Age: 50 Age: Coefficient estimates and 95% CI Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
37 Quantile regressions for wealth and gross income Median regressions: wealth Coefficient estimates and 95% CI Canada Germany Japan Sweden UK US (Intercept) Fam: sng parent Fam: sng, no kids Fam: other Covariate Fam: cpl with kids Educ: Medium Educ: High Age: 50 Age: Coefficient estimates and 95% CI Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
38 The joint distribution of wealth and gross income Why study the joint distribution? Informs us of the nature of the data. Wealth and income clearly related, but possibly in quite different ways. May reveal interesting differences that could be related to institutional and sectoral differences across countries. Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
39 The joint distribution of wealth and gross income Income-wealth quartile groups Country/ Income down the side US UK Sweden Japan Germany Canada US UK Sweden Japan Germany Canada US UK Sweden Japan Germany Canada US UK Sweden Japan Germany Canada IncomeQG : 1 WealthQG IncomeQG : 1 : WealthQG : 2 IncomeQG : 2 IncomeQG : 2 WealthQG : 1 WealthQG : 2 IncomeQG : 3 WealthQG : 1 IncomeQG : 4 WealthQG : IncomeQG : 3 WealthQG : 2 IncomeQG : 4 WealthQG : 2 IncomeQG : 1 WealthQG : 3 IncomeQG : 2 WealthQG : 3 IncomeQG : 3 WealthQG : 3 IncomeQG : 4 WealthQG : Proportion / Wealth across the top IncomeQG : 1 WealthQG : 4 IncomeQG : 2 WealthQG : 4 IncomeQG : 3 WealthQG : 4 IncomeQG : 4 WealthQG : 4 Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
40 The joint distribution of wealth and gross income Income-wealth quartile groups Proportion Canada Germany Japan Sweden UK US Income wealth cell Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
41 The joint distribution of wealth and gross income Regression results: share of variance explained DisposableIncome Wealth US UK Sweden Japan Germany Canada R 2 in regression Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
42 The joint distribution of wealth and gross income Regression results: wealth Coefficient estimates and confidence intervals Canada Germany Japan Sweden UK US Intercept Fam: sng parent Fam: sng, no kids Fam: other Covariate Fam: cpl with kids Educ: Medium Educ: High Age: 50 Age: Coefficient estimates Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
43 The joint distribution of wealth and gross income Regression results: income Coefficient estimates and confidence intervals 1e+05 2e+05 1e+05 2e+05 1e+05 2e+05 Canada Germany Japan Sweden UK US Intercept Fam: sng parent Fam: sng, no kids Fam: other Covariate Fam: cpl with kids Educ: Medium Educ: High Age: 50 Age: e+05 2e+05 1e+05 2e+05 Coefficient estimates 1e+05 2e+05 Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
44 The joint distribution of wealth and gross income Residual standard deviation Income 2e+04 4e+04 6e+04 8e+04 Wealth US UK Sweden Country Japan Germany Canada 2e+04 4e+04 6e+04 8e+04 Residual standard deviations of income and wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
45 The joint distribution of wealth and gross income Residual correlation of gross income and wealth US UK Sweden Country Japan Germany Canada Residual correlation of gross income and wealth Markus Jäntti (SOFI/LIS) LIS/Wealth and income January 10, / 54
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