INEQUALITY  |  WORKING PAPERS

Corporate assets in Germany - The role of listed family businesses

by Carmen Giovanazzi and Vincent Victor

PUBLISHED

31. JULY 2024

Wealth inequality in Germany is characterized by a high concentration of corporate wealth, with family businesses being of particular importance. This study firstly presents the current state of research on the measurement and level of aggregated corporate wealth and its contribution to wealth distribution. It also traces the historical development of assets based on large family businesses. An analysis of listed companies shows that family businesses differ from non-family businesses in their use of funds. Even taking into account the tax policy environment, this wealth-relevant behavior favors the accumulation of wealth in and by family businesses and influences the concentration of wealth at the top of the distribution.

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The rising gap between rich and poor has become a threat to social cohesion in most rich countries. To reverse this trend it will be crucial to better understand the importance of different drivers of income and wealth inequality.

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