GEOWEALTH-US: Spatial wealth inequality data for the United States, 1960-2020
Joel Suss1,2, Tom Kemeny3,4, Dylan S Connor5
1Bank of England, Threadneedle Street, London, EC2R 8AH, UK.
Scientific Data
|February 28, 2024
Summary
Wealth inequality is rising within the US. The new Geographic Wealth Inequality Database (GEOWEALTH-US) maps this trend across locations, revealing crucial spatial disparities in opportunity and power.
Area of Science:
- Economics
- Sociology
- Data Science
Background:
- Wealth inequality has sharply increased in high-income nations.
- Subnational data on wealth distribution is lacking, hindering understanding of its impact on opportunity and power.
Purpose of the Study:
- To address the data gap by creating the first comprehensive estimates of wealth distribution at various geographical scales within the United States.
- To enable new research into the societal impacts of spatial wealth disparities.
Main Methods:
- Utilized machine-learning-based imputation to link U.S. Federal Reserve historical surveys with population survey microdata.
- Developed the Geographic Wealth Inequality Database (GEOWEALTH-US) covering 1960-2020.
Main Results:
- GEOWEALTH-US provides unprecedented estimates of wealth levels and distribution across U.S. geographies.
- The database allows for detailed analysis of wealth concentration and its spatial patterns over six decades.
Conclusions:
- Spatial wealth disparities are a critical factor in understanding societal challenges.
- GEOWEALTH-US is a vital resource for investigating wealth concentration, income inequality, social mobility, housing, and political polarization.
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