Scandinavian Working Papers in Economics

Working Paper Series,
Sveriges Riksbank (Central Bank of Sweden)

No 467: Wealth Inequality: Opportunity for Me or for Others?

Michael Haliassos (), Thomas Jansson () and Yigitcan Karabulut ()
Additional contact information
Michael Haliassos: Goethe University Frankfurt & CEPR
Thomas Jansson: Research Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Yigitcan Karabulut: Frankfurt School of Finance and Management

Abstract: Early exposure to local wealth inequality and salient wealth transitions propagates both. Unique administrative data and a quasi-field experiment with exogenous as signment show that this exposure leads better-educated, butnotless-educated, households to take financial, real-asset, and self-employment risks and move up the wealth distribution. We find little evidence for responses involving better-paying, more se cure jobs, or human capital accumulation. Our findings point away from supply side factors favoring wealth accumulation by the better-educated, and instrumental variable tests using asset-return-driven shocks to local wealth inequality strengthen this interpretation. Neighborhood-level analyses suggest local exposure and social transmission are the operative propagation mechanism.

Keywords: Household finance; wealth inequality; education; opportunity; refugees

JEL-codes: D10; D31; E21; E44; G50

Language: English

109 pages, June 1, 2026

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