Concerns about wealth inequality have grown in recent years, with calls for wealth taxes now recurrent features of political discourse on both sides of the Atlantic.
It is often pointed out in response that most measures of wealth inequality show little to no change over the same period. Taken at face value, this argument is reasonable. The share of wealth held by the top 10 per cent in the US, UK and Europe has been flat or falling for the past 15 years. Even if we zoom in on the top 1 per cent, their share of wealth is no higher today than it was 15 years ago (although it had been climbing before this period in some places).
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