Taxation of Household Savings by OECD

Author:OECD
Language: eng
Format: epub
Tags: Taxation
ISBN: 9789264289536
Publisher: OECD Publishing
Published: 2018-04-11T16:00:00+00:00

Figure 4.8. Breakdown of real assets, as a share of total real assets, by net wealth deciles

Note: Data are for 2013-4 (see Box 4.1).

Source: Authors’ calculations based on Household Finance and Consumption Survey (2016).

StatLink http://dx.doi.org/10.1787/888933661476

The share of vehicles and valuables varies widely across net wealth deciles.5 It makes up a substantial share of the gross wealth of those with low levels of net wealth overall, and a low share for those with higher levels of net wealth. The average share of vehicles amongst the lowest three deciles is 18.2% and the average share of valuables is 3.7%. On average, wealth held in vehicles and valuables makes up a small share of gross wealth for top deciles in all countries, with the highest value amongst the top decile being in the Slovak Republic at 3.7%. The highest overall value is in Austria at 13.5%. For most countries, the amount of wealth held in vehicles and valuables by the top decile is below 3%.

Main and other residences make up a large share of the total gross real wealth of those in lower deciles of the net wealth distribution. Among the lowest three deciles, this share is 65.7% of gross real wealth on average, varying between a lowest share of 34.4% in France and a highest of 85.6% in the Netherlands. Debt holdings are discussed further in Section 4.5 below.

Second residences form an increasing share of the gross wealth of those with higher net wealth levels. This share rises from a share of 14.9% of the gross real wealth of those in the bottom income decile on average to a share of 33% of the gross real wealth of those in the top income decile. These shares are highest in Ireland (60.3%) and Luxembourg (55.6%), and lowest in Poland (14.5%) and Slovenia (17.4%). This suggests that the taxation of second homes may be progressive with respect to net wealth as well as income. Other asset classes, including vehicles, valuables and wealth in the form of self-employed businesses also rise with income.

Households in top net wealth deciles also have high shares of gross wealth held in the form of self-employed businesses, and low shares of vehicles and valuables. Wealth held in self-employed business is particularly high in Slovenia, Austria and Estonia, where shares are 46.1%, 34%, and 33.3% respectively.

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