THE CONCENTRATION OF PERSONAL WEALTH IN AMERICA, 1969

This essay focuses on the problems of estimating the share of America's personal wealth in the hands of affluent individuals by a technique known as the estate multiplier method. Rather than exploring these problems in an empirical vacuum, we first present some results from the most recent estimates of the distribution of U.S. personal wealth.¹ The estimates—for the year 1969—are then used as a basis for gauging the sensitivity of estate multiplier estimates to variations in approach.
Section I presents new empirical findings dealing with the asset holdings of top wealth-holders and the super rich, and with the shares of specific assets owned by them. Also presented is information about the sex and marital status of the super rich.
Section II discusses various technical aspects of the estate multiplier as applied to federal estate tax returns. The main concern is with the weighting process, but attention is paid to the fact that estate tax returns filed in a given year are not for decedents who died in that year or any single year, and to the problems of adjusting the face value of life insurance to cash surrender value.