The Importance of Gifts and Inheritances Among the Affluent

Abstract

Using data trom the 1964 Survey of the Economic Behavior of the Affluent, we estimate directly the fraction of household assets which come from inheritances and the fraction from gifts.These data are well suited for this calculation because the survey is heavily weighted toward households with high incomes, and because the respondents were directly asked about the sources of their wealth.We estimate that 15-20Z of household wealth came from inheritances and 5-IOZ from gifts.Even in households with very high incomes, very tew people say that a large fraction of their assets wre inherited or were given to them.According to the responses in this survey, it is not creditable that as much as 507. of household assets came from gitts and inheritances.Using data from the 1983 Survey of Consumer Finances with high income supplement, we roughly confirm the 1964 results, although the 1983 data are much less complete than the 1964 data.

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