A Head‐to‐Head Comparison of Augmented Wealth in Germany and the United States*
研究了美国和德国家庭净财富与养老金财富之和的构成，发现养老金占很大比重，且纳入养老金后财富不平等程度显著下降。
Abstract We examine the composition of augmented household wealth (i.e., the sum of net worth and pension wealth) in the United States and Germany. Pension wealth makes up a considerable portion of household wealth, of about 48 percent in the United States and 61 percent in Germany. When pension wealth is included in household wealth, the Gini coefficient falls from 0.889 to 0.700 in the United States, and from 0.755 to 0.508 in Germany. If the wealth shares in Germany were the same as in the United States, this would lead to a 12.6 percent increase in the Gini coefficient in the augmented wealth distribution in Germany.