Studienreihe Bd 26 Summary Part 2
The Austrian Central Bank (Oesterreichische Nationalbank) has been collecting data on household finances in Austria since 2010.
In the first part of this study, we focus on findings about the distribution of net wealth. We present results on the increasing importance of wealth and inheritances and the stability of wealth inequality over time.
In the second part we discuss socio-economic characteristics and attitudes of house¬holds. Generally we focus on obstacles to social mobility and complement the OECD study “Promoting Social Mobility in Austria”.
Wealth inequality in Austria is in comparison to other European countries high. The three waves of the Household Finance and Consumption Survey (HFCS) show no significant chances of crucial indicators of wealth inequality.
The results of the OECD related to social mobility can be complemented by results of the Household Finance and Consumption Survey (HFCS) to persistence of inequality among three generations and an indicator of culture in the family of origin.
The perceptions of the people related to wealth inequality do not correspond with the empirical evidence. In particular, the wealthy do not consider themselves as wealthy.
Inheritances will get more important for wealth accumulation in the future.