Wealth inequality in the United States

Wealth ownership in the United States has long been concentrated in the han ds of a small minority of the population, yet researchers have paid relativ ely little attention to the causes and consequences of this inequality. In this essay, we review the literature that does exist on wealth accumulation and distribution. We begin with an examination of the reasons that wealth inequality has received little empirical attention. We then discuss methods of creating empirical estimates of wealth accumulation and distribution, a nd we present some estimates of recent trends in wealth inequality. We expl ore a diverse collection of research that explains these trends, covering t reatments of aggregate influences and individual and household factors. We conclude the chapter with a review of research on intergenerational process es and wealth mobility.