On the Distribution of Wealth and Capital Ownership; An Empirical Application to OECD Countries around 2019

In discussions of the composition of wealth, a common distinction is made between non-financial assets and financial assets. Within the latter category the uncommon distinction is drawn between ‘capital ownership assets’ (referring to ownership in enterprises) and other financial assets. The reason is that capital ownership assets come with a degree of actual or potential economic power – in the sense of having the capacity to significantly influence enterprises’ policies. The article empirically applies this distinction to 24 OECD countries that report uniform data on this (in line with the OECD guidelines). For the OECD average of these countries around 2019, it is shown that whereas the top 10% of households owns 51% of the total net wealth and 68% of the total financial assets, the top 10% owns 85% of the total capital-ownership assets. For individual OECD countries, the last figure ranges from 63% (Greece) to 97% (Lithuania). The figure for the USA is near to the latter, at 94%.