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Cited by 469Income, Poverty, and InequalityIntergenerational and Educational Inequality StudiesEconomic theories and models

Wealth Inequality and Accumulation

Open access
Killewald, Alexandra, Pfeffer, Fabian T., Schachner, Jared N.·2017·Annual Review of Sociology
DOI 10.1146/annurev-soc-060116-053331PMC PMC5546759
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Abstract

Review article on wealth inequality, accumulation, and its causes and consequences.

Integrity signals

Registry

Crossref · 10.1146/annurev-soc-060116-053331

Cites

125 of 125 references verified0 citation errors · 0 not checkable

Statistics

Nothing to recompute.

Claims the paper makes

40 of 187 cited sources checked · 22 supported · 0 flagged · accuracy not yet measured

  • Premisecitation

    Parental wealth is associated with greater offspring educational and cognitive achievement.

    “Parental wealth is associated with greater offspring educational and cognitive achievement”
    • Also stated in: § Consequences of Wealth: Wealth as Predictor · plain
      “Parental wealth is associated with greater offspring educational and cognitive achievement (Conley 1999, 2001b; Doren & Grodsky 2016, Friedline et al. 2015, Jez 2014, Orr 2003, Pfeffer 2011, Yeung & Conley 2008)”
    Quote in the paperNot a substantial claim1 of 3 sources checked
    • cites Conley 1999, 2001b

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Doren & Grodsky 2016 source

      The Results section on baccalaureate college attendance reports a positive association between parental wealth and children’s college attendance, supporting the educational part of the claim. The Data > Measures section identifies a test of children’s cognitive skills, but the passages found do not report an association between parental wealth and children’s cognitive achievement. Page numbers are unavailable in our copy. (LLM, conf=0.85)

      Experimental — accuracy not yet measured
    • cites Friedline et al. 2015 source
  • Findingcitation

    The PSID and HRS compare favorably to the SCF up until at least the 95th percentile of the wealth distribution.

    “The PSID and Health and Retirement Survey (HRS) compare favorably to the SCF up until at least the 95th percentile of the wealth distribution (Bosworth & Smart 2009, Juster et al. 1999, Pfeffer et al. 2016)”
    Quote in the paperNot a substantial claim1 of 3 sources checked
    • cites Bosworth & Smart 2009 source
    • cites Juster et al. 1999 source

      In §1.2 (p. 5), the paper reports that PSID and SCF wealth estimates differ relatively modestly from the 30th through 95th percentiles, supporting the PSID portion of the claim. That comparison does not include HRS; the retrieved HRS passage (§1.4, p. 11) does not compare its wealth distribution with SCF. (LLM, conf=0.87)

      Experimental — accuracy not yet measured
    • cites Pfeffer et al. 2016

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Interpretationreasoning

    Modeling wealth accumulation rather than net worth using lagged dependent variables or change models can require fewer data points because characteristics in one period may approximate factors determining next-period wealth change.

    “An alternative approach is to model wealth accumulation rather than net worth, using either lagged dependent variables or change models (e.g., Conley 2001a, Hurst et al. 1998, McKernan et al. 2014, O’Brien 2012). The advantage is that, rather than requiring lifetime histories of relevant covariates, fewer data points may suffice; characteristics in one period (including wealth) may approximate the”
    Quote in the paperNot a substantial claim2 of 3 sources checked
    • cites Conley 2001a

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Hurst et al. 1998 source
    • cites McKernan et al. 2014 source

      In “How Private Transfers Influence Wealth” (page not supplied), the paper describes a comparison model that includes lagged wealth, supporting that part of the citation. Its dependent variable is current wealth holdings, however, not wealth change; the section does not describe a change model or say that this approach requires fewer data points than lifetime histories. (LLM, conf=0.84)

      Experimental — accuracy not yet measured
  • Premisecitation

    Among older adults, wealth is negatively associated with mortality.

    “Among older adults, wealth is negatively associated with mortality (Attanasio & Hoynes 2000, Bond Huie et al. 2003)”
    Quote in the paperSubstantial claim1 of 2 sources checked
    • cites Attanasio & Hoynes 2000 source
    • cites Bond Huie et al. 2003 source
  • Premisecitation

    For men, wealth encourages retirement.

    “For men, wealth encourages retirement (Conley & Thompson 2013).”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Conley & Thompson 2013 source
  • May combine two claims. 35
  • Classified as probably not a substantial claim. 29

  • May combine two claims.

    Premisecitation

    Parental wealth and home value appreciation are positively associated with college enrollment, institutional quality, and bachelor's degree completion.

    “Parental wealth and home value appreciation are positively associated with college enrollment, institutional quality, and bachelor’s degree completion”
    • Also stated in: § Consequences of Wealth: Wealth as Predictor · plain
      “Parental wealth and home value appreciation are positively associated with college enrollment, institutional quality, and bachelor’s degree completion (Conley 2001b, Doren & Grodsky 2016, Jez 2014, Lovenheim & Reynolds 2013)”
    Quote in the paperSubstantial claim1 of 3 sources checked
    • cites Conley 2001b

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Doren & Grodsky 2016 source

      The Results sections on baccalaureate college attendance, elite college attendance, and completion report positive associations with family wealth. However, the paper measures total net worth, not home value appreciation, and only the unadjusted wealth estimate for elite college attendance is statistically significant. The indexed passages provide section labels but no page numbers. (LLM, conf=0.88)

      Experimental — accuracy not yet measured
    • cites Jez 2014 source

  • May combine two claims.

    Interpretationcitation

    Whether bequests increase wealth inequality and whether whites experience greater wealth benefits of homeownership than African-Americans and Hispanics depend on whether comparisons are made in absolute or relative terms.

    “whether bequests increase wealth inequality (Boserup et al. 2016, Karagiannaki Forthcoming) and whether whites experience greater wealth benefits of homeownership than African-Americans and Hispanics (Killewald & Bryan 2016) depend on whether comparisons are made in absolute or relative terms.”
    Quote in the paperSubstantial claim1 of 3 sources checked
    • cites Boserup et al. 2016 source
    • cites Karagiannaki Forthcoming

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Killewald & Bryan 2016

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Classified as probably not a substantial claim.

    Premisecitation

    Recent research has begun to consider that both the consequences and the determinants of wealth vary across the wealth distribution.

    “Recent research has begun to consider the possibility that both the consequences (e.g., Friedline et al. 2015, Killewald 2013) and the determinants of wealth vary across the wealth distribution (e.g. Addo & Lichter 2013, Killewald 2013, Maroto 2016).”
    Quote in the paperSubstantial claim1 of 3 sources checked
    • cites Friedline et al. 2015 source
    • cites Killewald 2013 source

      The Results (page not provided) show that education, income, and parental wealth have different associations with net worth among wealth holders and debtors, supporting variation in the determinants of wealth. The Introduction describes consequences of wealth generally, but the paper does not establish that those consequences vary across the wealth distribution. (LLM, conf=0.86)

      Experimental — accuracy not yet measured
    • cites Addo & Lichter 2013 source

  • May combine two claims.

    Findingcitation

    Mean wealth rose from $323,500 to $528,400 between 1995 and 2013, reflecting disproportionate growth at the top and losses at the bottom.

    “mean wealth rose from $323,500 to $528,400 during the same time span, reflecting the disproportionate growth of wealth at the top as well as losses at the bottom”
    Quote in the paperSubstantial claim1 of 2 sources checked
    • cites Pfeffer et al. 2013 source

      The Results section (Repeated cross-sectional analyses; page not available) reports substantially greater pre-recession gains among wealthier households and declines at the bottom, supporting the claim’s description of unequal changes. It does not report mean wealth rising from $323,500 to $528,400 between 1995 and 2013; its mean-wealth trend covers 2003–2011 and includes a decline after 2007. (LLM, conf=0.88)

      Experimental — accuracy not yet measured
    • cites Wolff 2016

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Premisecitation

    Young adults' own wealth supports marriage, while debt encourages cohabitation.

    “young adults’ own wealth supports marriage, while debt encourages cohabitation (Addo 2014, Schneider 2011).”
    Quote in the paperNot a substantial claim1 of 2 sources checked
    • cites Addo 2014 source
    • cites Schneider 2011 source

  • May combine two claims.

    Premisecitation

    Among older, previously-married Americans, wealth accelerates both cohabitation and remarriage.

    “Among older, previously-married Americans, wealth accelerates both cohabitation and remarriage (Vespa 2012).”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Vespa 2012 source

      The Multivariate Analyses section reports that wealthier older adults have a greater risk of both remarriage and cohabitation than of remaining single. The Analytic Strategy section models these as associations in discrete time; it does not establish that wealth causes either transition to happen sooner, as “accelerates” implies. (LLM, conf=0.84)

      Experimental — accuracy not yet measured

  • May combine two claims.

    Premisecitation

    For women, student debt is associated with fertility delay, while both mortgages and credit card debt accelerate transitions to parenthood.

    “For women, student debt is associated with fertility delay, while both mortgages and credit card debt accelerate transitions to parenthood (Nau et al. 2015).”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Nau et al. 2015 source

  • May combine two claims.

    Premisecitation

    Religious upbringing is associated with wealth; Jews accumulate more than otherwise similar mainline Protestants and Catholics, who accumulate more than conservative Protestants.

    “Religious upbringing is also associated with wealth, with Jews accumulating more wealth than otherwise similar mainline Protestants and Catholics, who in turn accumulate more than conservative Protestants (Keister 2003b, 2007, 2008).”
    Quote in the paperNot a substantial claim1 of 3 sources checked
    • cites Keister 2003b

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Keister 2007 source
    • cites Keister 2008 source

      The Results (page not provided) report that people raised in conservative Protestant families had significantly fewer adult assets than those raised in Catholic and mainline Protestant families after controls. The Conclusion says people born in Jewish families tend to have relatively high net worth, but it does not establish that they have more wealth than otherwise similar Catholics and mainline Protestants. (LLM, conf=0.88)

      Experimental — accuracy not yet measured

  • May combine two claims.

    Premisecitation

    Extended family wealth is associated with education, transition to homeownership, and own wealth.

    “extended family wealth is associated with education, transition to homeownership, and own wealth (Hall & Crowder 2011, Prix & Pfeffer Forthcoming).”
    Quote in the paperNot a substantial claim1 of 2 sources checked
    • cites Hall & Crowder 2011 source

      The Results (Household Wealth; Transition to Homeownership, pages not provided) associate extended-family wealth with nonowners’ own wealth and with their likelihood of becoming homeowners. Education is included as a control, but the cited paper does not establish an association between extended-family wealth and education. (LLM, conf=0.88)

      Experimental — accuracy not yet measured
    • cites Prix & Pfeffer Forthcoming

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Premisecitation

    Compared to whites, Hispanics have lower homeownership rates, transition more slowly, have higher exit rates, possess less home equity, and experience smaller wealth benefits from homeownership.

    “Compared to whites, Hispanics have lower rates of homeownership, transition to homeownership more slowly, have higher rates of homeownership exit, possess less home equity than whites, and experience smaller wealth benefits from homeownership (Flippen 2001, Killewald & Bryan 2016, Krivo & Kaufman 2004).”
    Quote in the paperNot a substantial claim1 of 3 sources checked
    • cites Flippen 2001 source
    • cites Killewald & Bryan 2016

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Krivo & Kaufman 2004 source

      The Results report homeownership for 49% of Hispanic households versus over 70% of white households, and lower median home equity among Hispanic homeowners. The Discussion and Conclusions report smaller equity payoffs from housing characteristics for Hispanics. The paper does not establish that Hispanics transition to homeownership more slowly or exit it at higher rates; slower accumulation of equity is a different finding. (LLM, conf=0.88)

      Experimental — accuracy not yet measured

  • May combine two claims.

    Premisecitation

    Median net worth is higher among Cuban-Americans than Mexican-Americans, who hold more wealth than Puerto Ricans.

    “median net worth is higher among Cuban-Americans than among Mexican-Americans, who in turn hold more wealth than Puerto Ricans”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Keister et al. 2015 source

      The Data and Research Design section says the study includes Puerto Rican and Cuban respondents for comparison, but it gives no median net-worth ranking. The Findings section compares Mexican Americans with African Americans and non-Latino whites, not with Cuban Americans or Puerto Ricans. Searches for median net worth and comparisons among the three Latino groups did not locate the claimed ranking in our copy. (LLM, conf=0.72)

      Experimental — accuracy not yet measured

  • May combine two claims.

    Findingcitation

    Scandinavian administrative data sources provide very high-quality wealth measures based on tax registers, often allowing tracking of individuals across life-course and generations for the full population.

    “Scandinavian administrative data sources are particularly powerful because they provide very high-quality wealth measures based on tax registers, often allowing the tracking of individuals across their life-course and across generations for the full population (e.g. Hällsten & Pfeffer Forthcoming for Sweden, and Hansen 2014 for Norway).”
    Quote in the paperNot a substantial claim0 of 2 sources checked
    • cites Hällsten & Pfeffer Forthcoming

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Hansen 2014 source

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Findingnone given

    Most surveys construct wealth as a household-level measure, although some treat the respondent and partner as the wealth-holding unit.

    “Most surveys construct wealth as a household-level measure, although some treat the respondent and partner (if any) as the wealth-holding unit.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Findingnone given

    Among U.S. datasets, the SCF collects the most detailed wealth information.

    “Among U.S. datasets, the SCF collects the most detailed wealth information.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Findingnone given

    Over the last several decades, collecting net worth measures has become more common in large-scale surveys in the U.S. and abroad.

    “Over the last several decades, collecting net worth measures has become more common in large-scale surveys fielded in the U.S. and abroad.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Findingnone given

    Several surveys, including the Survey of Consumer Finances in the U.S., oversample the wealthy to improve description of the top of the wealth distribution.

    “Several surveys, including the Survey of Consumer Finances (SCF) in the U.S., oversample the wealthy to improve description of the top of the wealth distribution.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Findingreasoning

    Many wealth surveys are longitudinal and several cover multiple decades, allowing observation of wealth over a large portion of the life course and across generations.

    “Many of the surveys are longitudinal and several cover multiple decades, allowing observation of wealth over a large portion of the life course and — for genealogical panel studies, such as the Panel Study of Income Dynamics (PSID) and its international sister studies — increasingly across generations.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Findingnone given

    The phase-out of wealth taxation abolishes this data source for some countries, like Sweden since 2007.

    “However, the phase-out of wealth taxation abolishes this data source for some countries, like Sweden since 2007.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Findingown data

    Correlations based on top-coding both variables at the 99th percentile, taking the natural logarithm, or using percentiles yield similar estimates of about 0.6, larger than those from raw measures or the inverse hyperbolic sine transformation.

    “Our analysis (see Figure 1) reveals that correlations based on top-coding both variables at the 99th percentile, taking the natural logarithm, or using percentiles yield similar estimates of about 0.6 — larger than those generated by raw measures or the inverse hyperbolic sine transformation.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Findingcitation

    Inequality in net worth increased in the second half of the twentieth century, but more rapidly in the new millennium.

    “Inequality in net worth increased in the second half of the twentieth century (Keister & Moller 2000), but more rapidly in the new millennium”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Keister & Moller 2000 source

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Interpretationreasoning

    Averaging income over multiple years can alleviate the contemporaneous measurement concern for wealth determinants.

    “Again, averaging income over multiple years, when possible, can alleviate this concern.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Interpretationnone given

    Using median regression rather than conditional mean models like OLS reduces sensitivity of results to extreme observations.

    “Using median regression, rather than conditional mean models like ordinary least squares, also reduces the sensitivity of results to extreme observations.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Premisenone given

    The log-transform assumes roughly constant proportional effects of independent variables on net worth, whereas the untransformed specification assumes additive effects.

    “The log-transform assumes that changes in the independent variables have (roughly) constant proportional effects on net worth, whereas the untransformed specification assumes additive effects.”
    Quote in the paperSubstantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisenone given

    There is no consensus on best practices for operationalizing net worth.

    “So far, there is no consensus on best practices.”
    Quote in the paperNot a substantial claim
    • Rests on an assumption: There is no consensus on best practices for operationalizing net worth.

  • Probably not a substantial claim: may not pass S4 (based).

    Interpretationnone given

    Wealth determinants may vary sharply across the wealth distribution.

    “Given that wealth determinants may vary sharply across the wealth distribution, we encourage researchers to use these and other methods, rather than capture only mean differences.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    First-difference models can estimate short-term wealth consequences of unemployment or health shocks but cannot reveal how chronic exposure cumulatively affects accumulated wealth later in life.

    “first-difference models might estimate the short-term wealth consequences of unemployment or health shocks, but they cannot reveal how chronic exposure to unemployment or illness cumulatively affect accumulated wealth in later life: narrowing the time window comes at the expense of fully capturing early life experiences’ downstream wealth effects.”
    Quote in the paperSubstantial claim

  • May combine two claims.

    Premisecitation

    The inverse hyperbolic sine transformation can incorporate zero and negative values, is approximately linear close to zero, and approximates the logarithm for large values.

    “An alternative is the inverse hyperbolic sine (IHS) transformation, which can incorporate zero and negative values, generating a function that is approximately linear close to zero and approximates the logarithm for large values (Friedline et al. 2015, Pence 2006).”
    Quote in the paperSubstantial claim0 of 2 sources checked
    • cites Friedline et al. 2015 source
    • cites Pence 2006

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Interpretationreasoning

    Top-coding net worth values can help reduce the potential for unduly influential outliers.

    “Minimally, top-coding net worth values can help reduce the potential for unduly influential outliers.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S4 (based).

    Interpretationnone given

    The difficulty of establishing causal relationships has complicated assessments of wealth accumulation processes and between-group wealth disparities.

    “The difficulty of establishing causal relationships has complicated assessments of the processes by which wealth accumulation occurs and between-group disparities in wealth arise.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationcitation

    Recoding negative net worth values to a small positive value obscures relative net debt and creates an outlier mass point at the low end of the log net worth distribution.

    “Recoding negative values to a small positive value obscures relative net debt values and creates an outlier mass point at the low end of the log net worth distribution (Friedline et al. 2015)”
    Quote in the paperSubstantial claim0 of 1 sources checked
    • cites Friedline et al. 2015 source

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing).

    Interpretationreasoning

    Wealth measures would ideally be averaged across several years to reduce attenuation bias when used as a predictor.

    “Given measurement error concerns, wealth measures would ideally be averaged across several years to reduce attenuation bias when used as a predictor variable.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable). May combine two claims.

    Premisenone given

    Wealth is a cumulative stock that reflects prior circumstances and decisions, whereas income measures a flow of financial resources at a particular time.

    “While income measures the flow of financial resources at a particular time, wealth is a cumulative stock that reflects years of prior circumstances and decisions.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Interpretationreasoning

    Log-transforming net worth requires a decision about how to treat zero and negative values.

    “Another common solution is to log-transform net worth, but this approach requires a decision about how to treat zero and negative values.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationcitation

    Developed countries have generally experienced similar trends in wealth inequality through the 20th century, although inequality levels differ considerably.

    “Piketty’s (2014) findings show that developed countries have generally experienced similar trends in wealth inequality through the 20th century, although inequality levels differ considerably.”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Piketty 2014 source

  • May combine two claims.

    Premisecitation

    Piketty shows that wealth inequality has followed a U-shaped trajectory across most developed countries since 1900, with the upswing occurring in the U.S. since about 1970 and in Europe since about 1980.

    “Piketty shows that wealth inequality has followed a U-shaped trajectory across most developed countries since 1900, with the upswing occurring in the U.S. since about 1970 and in Europe since about 1980.”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Piketty 2014 source

  • May combine two claims.

    Interpretationown data

    Long-term income better approximates wealth than single-year income, but wealth remains distinct even from long-term measures of income.

    “Thus, our results confirm that long-term income better approximates wealth than single-year income, but wealth remains distinct, even from long-term measures of income.”
    Quote in the paperSubstantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationnone given

    In old age, wealth may be a critical source of financial resources that replaces employment income.

    “In old age, wealth may be a critical source of financial resources that replaces employment income.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Premisecitation

    Education is associated with greater wealth and more rapid wealth accumulation, net of income.

    “Education is associated with greater wealth and more rapid wealth accumulation, net of income (Conley 2001a, Conley & Ryvicker 2004, Keister 2003a,b, 2004; Yamokoski & Keister 2006).”
    Quote in the paperSubstantial claim0 of 3 sources checked
    • cites Conley 2001a

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Conley & Ryvicker 2004

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Keister 2003a,b, 2004

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based). May combine two claims.

    Interpretationnone given

    Wealth may provide a cultural signal of status and achievement, potentially conferring political power.

    “Wealth may also provide a cultural signal of status and achievement, potentially conferring political power as well.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationreasoning

    Access to financial resources may ease the transition to adulthood by facilitating higher education, the purchase of a first home, or a wedding.

    “More directly, access to financial resources may ease the transition to adulthood by facilitating higher education, the purchase of a first home, or a wedding.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing), S4 (based).

    Premisenone given

    Real assets, such as vehicles and homes, have use value.

    “Real assets, such as vehicles and homes, have use value.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationnone given

    Parental wealth may benefit children by shaping the quality of their neighborhood and school contexts, as well as the resources available at home.

    “Parental wealth may benefit children by shaping the quality of their neighborhood and school contexts, as well as the resources available at home.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing).

    Interpretationcitation

    Another approach to understanding wealth effects is to consider which component of wealth is likely to have the effect.

    “another approach is to consider which component of wealth is likely to have the effect (Spilerman 2000).”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Spilerman 2000 source

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationnone given

    Financial assets can buffer negative economic shocks.

    “Financial assets can buffer negative economic shocks.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable). May combine two claims.

    Interpretationreasoning

    The reviewed approaches illustrate the importance of conceptualizing wealth as a cultural marker, not just a stock of financial resources, and of empirically identifying how wealth produces effects by disaggregating net worth into theoretically relevant components.

    “their approaches illustrate the importance both of conceptualizing wealth as a cultural marker, not just a stock of financial resources, and of empirically identifying how wealth produces effects by disaggregating net worth into theoretically relevant components.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Premisecitation

    Race differences in social origins, including family structure, parental and extended family economic position, and inheritances, contribute to the black-white wealth gap and to whites' higher homeownership rates.

    “Race differences in social origins, including family structure, the economic position of parents and extended family members, and inheritances, also contribute to the black-white wealth gap and to whites’ higher rates of homeownership (Avery & Rendall 2002, Charles & Hurst 2002, Conley 2001a, Gittleman & Wolff 2004, Hall & Crowder 2011, McKernan et al. 2014, Menchik & Jianakoplos 1997).”
    Quote in the paperSubstantial claim0 of 3 sources checked
    • cites Avery & Rendall 2002 source
    • cites Charles & Hurst 2002 source
    • cites Conley 2001a

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Premisecitation

    Hispanic households had higher risk of exposure to subprime mortgage lending leading up to the Great Recession and higher foreclosure rates in the ensuing crisis.

    “Hispanic households had higher risk of exposure to subprime mortgage lending leading up to the Great Recession and higher foreclosure rates in the ensuing crisis (Rugh 2015).”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Rugh 2015 source

  • May combine two claims.

    Premisecitation

    African-Americans transition to homeownership more slowly, own lower-value homes, have less housing equity, and exit homeownership at higher rates than whites.

    “Compared to whites, African-Americans have substantially lower rates of homeownership, transition to homeownership more slowly, own homes of lower values, have less housing equity, and exit homeownership at higher rates; these differences generally persist even after adjusting for race differences in other characteristics (Charles & Hurst 2002, Flippen 2001, Keister 2000, 2004; Killewald & Bryan 2”
    Quote in the paperSubstantial claim0 of 3 sources checked
    • cites Charles & Hurst 2002 source
    • cites Flippen 2001 source
    • cites Keister 2000, 2004

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Premisecitation

    Asians hold, on average, less wealth than whites, but this gap increases after adjusting for other wealth-relevant traits.

    “Asians hold, on average, less wealth than whites, but this gap increases after adjusting for other wealth-relevant traits: Asians’ wealth is lower than expected, given their relatively advantaged positions in characteristics such as education, occupation, and income (Campbell & Kaufman 2006).”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Campbell & Kaufman 2006 source

  • May combine two claims.

    Interpretationcitation

    Whether savings-incentive programs exert effects on net worth rather than specific asset components is less clear, and these effects are small relative to the scope of U.S. wealth inequality.

    “However, whether these programs exert effects on net worth — rather than incentivizing the build-up of specific asset components at the expense of others — is less clear and these effects are small relative to the scope of U.S. wealth inequality (Duflo et al. 2006, Grinstein-Weiss et al. 2014, Mills et al. 2008, Schreiner & Sherraden 2007).”
    Quote in the paperNot a substantial claim0 of 3 sources checked
    • cites Duflo et al. 2006 source
    • cites Grinstein-Weiss et al. 2014 source
    • cites Mills et al. 2008 source

  • Probably not a substantial claim: may not pass S2 (checkable), S4 (based).

    Interpretationnone given

    Decisions about appropriately operationalizing net worth may significantly shape substantive conclusions.

    “Decisions about appropriately operationalizing net worth are not merely a methodological concern; they may significantly shape substantive conclusions.”
    Quote in the paperNot a substantial claim

  • Classified as probably not a substantial claim.

    Interpretationnone given

    Scholars in wealth research have not yet reached consensus on fundamental modeling and methodological decisions.

    “Despite the growth of scholarship and data, scholars in this area have not yet reached consensus on fundamental modeling and methodological decisions.”
    Quote in the paperSubstantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisecitation

    The extent to which higher tax rates would directly reduce wealth inequality remains unclear.

    “For example, the extent to which higher tax rates would directly reduce wealth inequality remains unclear (Looney & Moore 2015, Piketty 2014).”
    Quote in the paperNot a substantial claim0 of 2 sources checked
    • cites Looney & Moore 2015

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Piketty 2014 source

  • May combine two claims.

    Premisecitation

    Government transfer programs including AFDC/TANF and Medicaid may affect household wealth by reducing saving incentives and encouraging dissaving due to asset tests, or both, but evidence for these effects is mixed.

    “Government transfer programs, including AFDC/TANF and Medicaid, may affect household wealth by reducing saving incentives and encouraging dissaving due to asset tests, or both, but evidence for these effects is mixed (Gruber & Yelowitz 1999, Hurst & Ziliak 2006, Sullivan 2006).”
    Quote in the paperNot a substantial claim0 of 3 sources checked
    • cites Gruber & Yelowitz 1999 source
    • cites Hurst & Ziliak 2006 source
    • cites Sullivan 2006 source

  • Probably not a substantial claim: may not pass S2 (checkable), S4 (based). May combine two claims.

    Interpretationnone given

    We currently know little about heterogeneity in wealth's determinants across the wealth distribution and its consequences for group-level disparities in wealth.

    “We currently know little about heterogeneity in wealth’s determinants across the wealth distribution and this heterogeneity’s consequences for group-level disparities in wealth.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Premisecitation

    Through FHA/VA lending programs, the secondary mortgage market, and the mortgage interest deduction, federal policy expanded the proportion of Americans who could afford homeownership and likely increased the average size and value of homes purchased.

    “Through lending programs administered by the Federal Housing Administration (FHA) and the Veterans Administration (VA), the creation of a secondary mortgage market through Fannie and Freddie Mac, and the mortgage interest deduction, federal policy has expanded the proportion of Americans who could afford homeownership and likely increased the average size and value of homes purchased (for a review”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Shlay 2006 source

  • May combine two claims.

    Premisecitation

    Socialist systems limit the accumulation of private wealth and thereby diminish the role of inheritance for asset accumulation.

    “While socialist systems limit the accumulation of private wealth and thereby diminish the role of inheritance for asset accumulation (Szydlik 2004)”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Szydlik 2004 source

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisenone given

    The core argument that wealth is an independent and important dimension of social stratification is now widely accepted.

    “A core argument advanced in these review pieces — that wealth is an independent and important dimension of social stratification — is now widely accepted.”
    Quote in the paperNot a substantial claim
58 of 58

  • The authors state this as an assumption.

    Wealth is a population-level phenomenon, not merely an aspect of closure among economic elites.

    “we conceptualize wealth not merely as an aspect of closure among economic elites but as a population-level phenomenon”

  • The paper relies on this without support.

    The wealth distribution is highly right-skewed.

    “A second problem is that the wealth distribution is highly right-skewed.”

  • The paper relies on this without support.

    There is no consensus on best practices for operationalizing net worth.

    “So far, there is no consensus on best practices.”

  • The paper relies on this without support.

    Wealth carries traces of prior experiences.

    “given that wealth carries traces of prior experiences.”

  • The paper relies on this without support.

    Other time-varying wealth determinants, such as marriage and neighborhood context, are subject to the same cumulative measurement challenge.

    “other time-varying wealth determinants, such as marriage and neighborhood context, are subject to the same challenge.”

  • The paper relies on this without support.

    The typically-cited wealth-income correlation estimate is thin on empirical detail.

    “which is thin on empirical detail”

  • The paper relies on this without support.

    Wealth shocks do not immediately lead to health changes or increased mortality rates.

    “the fact that wealth shocks do not immediately lead to health changes or increased mortality rates”

  • The paper relies on this without support.

    Health outcomes, like wealth levels, reflect many years of prior influences.

    “health outcomes, like wealth levels, reflect many years of prior influences.”

  • The authors state this as an assumption.

    Causality runs from income to wealth rather than from wealth to income when asset income is excluded from income measures.

    “Scholars often implicitly assume that causality flows from income to wealth, rather than the other way around, provided that asset income is excluded from income measures.”

  • The authors state this as an assumption.

    Risky assets have higher rates of return than cash accounts or homeownership.

    “Risky assets, such as businesses, stocks, and mutual funds, are assumed to have higher rates of return than either cash accounts or homeownership.”

  • The authors state this as an assumption.

    Wealth is a family-level characteristic shared equally between spouses or partners.

    “The authors note that these findings question the assumption that wealth is a family-level characteristic, shared equally between spouses or partners.”

  • The paper relies on this without support.

    A broad consensus has emerged on the key ascribed traits that determine wealth.

    “Now that broad consensus on the key ascribed traits determining wealth has emerged, we believe scholars’ relative emphasis should shift to the causal pathways linking these characteristics to wealth accumulation.”
12 of 12

Cites

Flagged first, then by citations

4 of the 129 references couldn’t be matched to a known paper.

Research works printed but not linked: 20

  1. Conley D, 2008, Wealth Mobility and Volatility in Black and White
  2. Conley D, 2004, J. Income Distrib., 13, 41
  3. Czajka JL, 2003, Soc. Secur. Bull., 65, 63
  4. Devlin-Foltz S, 2016, Russell Sage Found. J. Soc. Sci., 2, 59
  5. Di ZX, 2007, Cityscape, 9, 137
  6. Díaz-Giménez J, 1997, Fed. Reserve Bank Minneap. Q. Rev, 21, 3
  7. Fed. Reserve., 2013, Survey of Consumer Finances full public dataset
  8. Hanna SD, 2010, J. Financ. Couns. Plan., 21, 44
  9. Jäntti M, 2008, Growing Unequal? Income Distribution and Poverty in OECD Countries, 253
  10. Keister LA, 2003, Demography, 40, 521
  11. Keister LA, 2015, Bus. Econ. J., 6, 188
  12. Killewald A, 2016, Russell Sage Found. J. Soc. Sci., 2, 110
  13. Kochhar R, 2011, Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics
  14. Lovenheim MF, 2013, J. Hum. Resour., 48, 1
  15. Panel Study Income Dyn., 2013, Panel Study of Income Dynamics: public use dataset and restricted use data
  16. Pence KM, 2006, B.E. J. Econ. Anal. Policy, 5
  17. Pfeffer FT, 2015, How rigid is the wealth structure and why? Inter‐ and multigenerational associations in family wealth
  18. Pfeffer FT, 2016, Russell Sage Found. J. Soc. Sci., 2, 2
  19. Schreiner M, 2007, Can the Poor Save? Saving & Asset Building in Individual Development Accounts
  20. Wolff EN, 2016, Russell Sage Found. J. Soc. Sci., 2, 24

Cited by

Sorted by citations

Related

Authors
Killewald, A., Pfeffer, F. T., & Schachner, J. N.
Affiliations
  • Harvard University (US)
  • University of Michigan (US)
Corresponding author
Killewald, Alexandra
ORCID
Venue
Annual Review of Sociology
Publisher
Annual Reviews
Published
2017-07-31
Volume
43
Issue
1
Pages
379-404
ISSN
  • 0360-0572 (ISSN-L)
  • 1545-2115
DOI
10.1146/annurev-soc-060116-053331
PMC
PMC5546759
OpenAlex
W2538902588
Cited by
469
References
129
Citations by year
2026: 42 · 2025: 59 · 2024: 68 · 2023: 52 · 2022: 58 · 2021: 57 · 2020: 62 · 2019: 28 · 2018: 27 · 2017: 5 · 2013: 1
FWCI
16.75
Type
journal article
Language
en
Open access
Locations
  • Annual Review of Sociology (publishedVersion)
  • PubMed (publishedVersion)
  • Europe PMC (PubMed Central) (submittedVersion)
  • PubMed Central (submittedVersion)
Topics
  • Social Sciences › Sociology and Political Science › Income, Poverty, and Inequality
  • Social Sciences › Sociology and Political Science › Intergenerational and Educational Inequality Studies
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
Keywords
wealth inequality, wealth accumulation, skewed distributions, causal inference, social stratification

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Claims read under definition version 3 (extract-v3) on 2026-09-28.

Classified by jev-1.13-20260917 (gold-guideline-v0.2) on 2026-09-28.

Cited sources are checked by gpt-6-sol.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

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