Richer and More Equal

Daniel Waldenström is Professor of Economics at the Research Institute of Industrial Economics (IFN)in Stockholm, Sweden, where he directs the Taxation and Society research program. Previously, he taught at Uppsala University, the Paris School of Economics, and UCLA. His research concerns economic inequality, fiscal policy, and economic history.

A Foreign Affairs Best Books of 2025A Financial Times Best Summer Books of 2024: Economics"Daniel Waldenström presents a new and compelling interpretation of wealth accumulation and wealth inequality over the past two centuries in advanced capitalist countries. Not only has more wealth than ever before been created, but its distribution, with the rising importance of private housing and private pension funds, has become more equal. Some may disagree with his conclusions, but no one can afford to overlook the book."Branko Milanovic, author of Visions of Inequality"This engaging book shows that inequality is not a law of nature or economics. While the United States has seen a rise in income and wealth inequality in recent years, other Western countries have remained more equal, even amidst economic growth. The book demonstrates that inequality is shaped by wage policies and political and institutional factors. Shared prosperity is not an automatic process but neither is it an unattainable goal."Daron Acemoglu, MIT"In this provocative and persuasive book, Waldenström shows us that, to understand the evolution of wealth inequality, we should go beyond considering the impact of war and catastrophe. We need to recognize the critical fact that an average household today enjoys far more wealth than was the case in the past, and this has deep implications. A very welcome addition to the debate."David Stasavage, New York University"With abundant new data and analyses, Waldenstrom proposes a striking new history of wealth inequality. The prevailing Jeremiads, which find capitalism and rising inequality to be inevitable bedmates, are wrong. Modern growth has substantially reduced wealth inequality in most societies in the past 100 years, not increased it."Gregory Clark, University of California, Davis"... this is an important book."John Rentoul, The Independent"... fascinating [...] This is an important perspective."Martin Wolf, The Financial Times, Best summer books of 2024: Economics"Waldenstrom insists that the century has been marked by the democratization of wealth, not spiraling inequality."Foreign Affairs"... powerful and careful."The Society of Professional Economists

• Preface1 Uncovering a Positive StoryPart I: Building Wealth2 The History of Wealth Accumulation3 The Changing Nature of Wealth4 Homes and Pensions: The Pillars of Household WealthPart II: Wealth Inequality5 The Great Wealth Equalization of the Twentieth Century6 Exploring the Great Wealth Equalization7 Hidden Offshore Wealth8 Public Sector Wealth9 Inheritance and Wealth InequalityPart III: A New History of Wealth10 Conclusions and Policy InsightsNotesReferencesIndex