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Title: Wealth Accumulation in the Gilded Age: The U.S. Wealth-Age Profile for 1870

Citation Type: Conference Paper

Publication Year: 2011

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Abstract: My focus for this paper is the 1870 census of wealth. As a part of the decennial count of the population the Census Office collected data from every adult enumerated on the value of the real estate owned and the amount of personal property held. The information collected has, as shouldbe expected, some deficiencies, but with due attention to the quality of the data and the conceptual problems that confound its interpretation, I am willing to proceed. I argue that the magnitude and distribution of wealth and the humped shape of the wealth-age profile indicate a widespread adoption of life-cycle saving strategies. Entrepreneurial accumulation also payed a significant, but less important, role in explaining the patterns observed.

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Authors: Sutch, Richard

Conference Name: European University Institute

Publisher Location: Fiesole, Italy

Data Collections: IPUMS USA

Topics: Aging and Retirement

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