台灣財富分配2004-2014：以個人財產登錄資料推估

The Wealth Distribution in Taiwan 2004-2014: Evidence from the Individual Wealth Register Data

10.6277/TER.202103_49(1).0003

連賢明(Hsien-Ming Lien)；曾中信(Chung-Hsin Tseng)；楊子霆(Tzu-Ting Yang)；韓幸紋(Hsing-Wen Han)；羅光達(Kuang-Ta Lo)

財富分配 ； 財富不均 ； 國富統計 ； 財稅資料庫 ； wealth distribution ； wealth inequality ； national wealth ； administrative tax database

經濟論文叢刊

49卷1期（2021 / 03 / 01）

77 - 130

繁體中文

本文使用財政部2004至2014年的財產登錄資料並結合資本化法，建構涵蓋房屋、土地、股票、存款、債券、金融票券與房屋貸款的個人財富資料。為確保結果貼近現實，我們以房地產實價登錄資料來計算房屋與土地價值，並在衡量股票時納入個人以投資公司持有的股權（即間接持股）。根據我們所建構的財富資料，台灣財富的吉尼係數（Gini coefficient）約爲0.79，前10％與前1％富豪的財富占比約爲62％與23％。台灣的財富不均數據低於美國，約略與瑞典、韓國相近。此外，財富分配在年齡分組中呈現明顯差異：全國財富在2004至2014年間呈現往50歲以上高齡人口集中的趨勢。

This paper estimates individual wealth distribution including houses, land, stocks, deposits, bonds, short-term transaction instruments, and mortgage by using the individual wealth register data of the Ministry of Finance from 2004 to 2014 and combining their with the method of capitalization. To ensure that the results are close to reality, we use the price data in the Actual Transaction Price of Real Estate to evaluate the values of houses and land. We also consider both direct and indirect holdings of stocks when we measure wealth. According to our calculation, the Gini coefficient of wealth in Taiwan is about 0.79, and the top 10% and top 1% wealth shares are 62% and 23% respectively. The wealth inequality in Taiwan is lower than in the U.S., approximating the results in Korea and Sweden. Moreover, the wealth in Taiwan between 2004 and 2014 showed a trend of concentration towards the elderly population over 50 years old.

1. 伍大開, Da-Kai,陳國樑, Joe(2018)。以遺產稅資料分析我國財富分配不均與財富之組成。經濟論文叢刊，46(4)，523-567。
   連結：
2. 朱敬一, Cyrus C. Y.,康廷嶽, Ting-Yueh(2015)。經濟轉型中的 「社會不公平」。台灣經濟預測與政策，45(2)，1-22。
   連結：
3. 林依伶, Yi-Ling,楊子霆, Tzu-Ting(2018)。經濟成長、薪資停滯?初探台灣實質薪資與勞動生產力成長脫鉤之成因。經濟論文，46(2)，263-322。
   連結：
4. 盧姝璇, Shu-Shiuan(2018)。以數量分析方法探討台灣薪資停滯成因。經濟論文，46(4)，519-553。
   連結：
5. Alstadsæter, Annette, Martin Jacob, Wojciech Kopczuk, and Kjetil Telle(2016), “Accounting for Business Income in Measuring Top IncomeShares: Integrated Accrual Approach Using Individual and Firm Datafrom Norway,” NBER Working Paper, No. 22888.
6. Alvaredo, Facundo,Atkinson, Anthony B.,Morelli, Salvatore(2018).Top Wealth Shares in the UK Over More than a Century.Journal of Public Economics,162,26-47.
7. Balfour, Frederik and Chinmei Sung (2019), “In Asia’s Stealthy Rich City,the Ultra Wealthy Hide Their Hermes,” Bloomberg, URL: https://www.bloomberg.com/news/articles/2019-04-01/ultra-rich-hide-their-hermes-in-asia-s-city-of-stealth-wealth.
8. Behrman, Jere R.,Mitchell, Olivia S.,Soo, Cindy K.,Bravo, David(2012).How Financial Literacy Affects Household Wealth Accumulation.American Economic Review,102(3),300-304.
9. Biancotti, Claudia,D’Alessio, Giovanni,Neri, Andrea(2008).Measurement Error in the Bank of Italy’s Survey of Household Income andWealth.Review of Income and Wealth,54(3),466-493.
10. Boserup, Simon H.,Kopczuk, Wojciech,Kreiner, Claus T.(2016).The Role of Bequests in Shaping Wealth Inequality: Evidence from Danish Wealth Records.American Economic Review,106(5),656-661.
11. Boserup, Simon H., Wojciech Kopczuk, and Claus T. Kreiner (2016a), “Intergenerational Wealth Formation over the Life Cycle: Evidence from Danish Wealth Records 1984–2013,” Working Paper.
12. Bricker, Jesse,Dettling, Lisa J.,Henriques, Alice,Hsu, Joanne W.,Jacobs, Lindsay,Moore, Kevin B.,Pack, Sarah,Sabelhaus, John,Thompson, Jeffrey,Windle, Richard A.(2017).Changes in U.S. Family Financesfrom 2013 to 2016: Evidence from the Survey of Consumer Finances.Federal Reserve Bulletin,103(3),1-42.
13. Brown, Jeffrey,Liebman, Jeffrey B.,Pollet, Joshua(2002).EstimatingLife Tables That Reflect Socioeconomic Differences In Mortality.The Distributional Aspects of Social Security and Social Security Reform,IL:
14. Card, David, Raj Chetty, Martin S. Feldstein, and Emmanuel Saez (2010),“Expanding Access to Administrative Data for Research in the UnitedStates,” National Science Foundation White Paper, URL: http://www.rajchetty.com/chettyfiles/NSFdataaccess.pdf.
15. Cesarini, David,Lindqvist, Erik,Notowidigdo, Matthew J.,Östling, Robert(2017).The Effect of Wealth on Individual and Household LaborSupply: Evidence from Swedish Lotteries.American Economic Review,107(12),3917-3946.
16. Chu, C. Y. Cyrus, Teyu Chou, and Sheng-Cheng Hu (2015), “Top IncomeShare in Taiwan, 1977–2013,” Technical report, The World Top Incomes Database.
17. Chu, C. Y. Cyrus,Kan, Kamhon,Lin, Jou Chun(2019).Variationsof Wealth Resemblance by Family Relationship Types in Modern Chinese Families.Proceedings of the National Academy of Sciences,116(14),6548-6553.
18. Elinder, Mikael,Erixson, Oscar,Waldenström, Daniel(2018).Inheritance and Wealth Inequality: Evidence from Population Registers.Journal of Public Economics,165,17-30.
19. Epland, Jon and Mads Ivar Kirkeberg (2012), “Wealth distribution in Norway: Evidence from a new register-based data source,” Technical report,Statistics Norway.
20. Kennickell, Arthur B. (2009), “Ponds and Streams: Wealth and Income inthe U.S., 1989 to 2007,” Finance and Economics Discussion Series,Board of Governors of the Federal Reserve System.
21. Kim, Nak Nyeon(2018).Wealth Inequality in Korea, 2000–2013 Evidence from Inheritance Tax Statistics.Journal of the Korean Welfare Stateand Social Policy,2(1),26-57.
22. Kopczuk, Wojciech(2015).What Do We Know about the Evolution ofTop Wealth Shares in the United States?.Journal of Economic Perspectives,29(1),47-66.
23. Kopczuk, Wojciech,Saez, Emmanuel(2004).Top Wealth Shares in theUnited States, 1916-2000: Evidence from Estate Tax Returns.NationalTax Journal,57(2),445-487.
24. Lerman, Robert I.,Yitzhaki,Shlomo(1985).Income Inequality Effectsby Income Source: A New Approach and Applications to the UnitedStates.The Review of Economics and Statistics,67(1),151-156.
25. Leth-Petersen, Søren(2010).Intertemporal Consumption and Credit Constraints: Does Total Expenditure Respond to an Exogenous Shock toCredit?.American Economic Review,100(3),1080-1103.
26. Lundberg, Jacob,Waldenström, Daniel(2018).Wealth Inequality inSweden: What can We Learn from Capitalized Income Tax Data?.Review of Income and Wealth,64(3),517-541.
27. Nekoei, Arash and David Seim (2018), “How do Inheritances Shape WealthInequality? Theory and Evidence from Sweden,” CEPR Discussion Paper, No. DP13199.
28. OECD(2015).In It Together: Why Less Inequality Benefits All.Paris:OECDPublishing.
29. Pfeffer, Fabian T.,Danziger, Sheldon,Schoeni, Robert F.(2013).WealthDisparities before and after the Great Recession.Annals of the AmericanAcademy of Political and Social Science,650(1),98-123.
30. Piketty, Thomas(2014).Capital in the 21st Century.Cambridge, MA:Harvard University Press.
31. Piketty, Thomas,Postel-Vinay, Gilles,Rosenthal, Jean-Laurent(2006).Wealth Concentration in a Developing Economy: Paris and France,1807–1994.American Economic Review,96(1),236-256.
32. Roine, Jesper,Waldenström, Daniel(2015).Long-run Trends in theDistribution of Income and Wealth.Handbook of Income Distribution,Amsterdam:
33. Saez, Emmanuel,Zucman, Gabriel(2016).Wealth Inequality in theUnited States since 1913: Evidence from Capitalized Income Tax Data.Quarterly Journal of Economics,131(2),519-578.
34. Smeeding, Timothy (2012), “Income, Wealth, and Debt and the Great Recession,” Stanford Center on Poverty and Inequality.
35. 沈哲穎, Zhe Ying(2016)。國立清華大學經濟學研究所=National Tsing Hua University。
36. 林知微, Chih-Wei(2016)。國立台灣大學會計學研究所=National Taiwan University。
37. 林柔均, Jou-Chun(2017)。國立台灣大學經濟學研究所=National Taiwan University。
38. 劉立雯, Li-Wen(2016)。國立台灣大學會計學研究所=National Taiwan University。
39. 蔡文松, Wen-Sung(2005)。國立政治大學經濟學研究所=National Chengchi University。

1. Ming-Jen Lin,Hsuan-Li Su,Cyrus Chu,Chien-Yu Chen(2023)。Distributional National Accounts of Taiwan, 1981-2017。經濟論文叢刊，51(2)，137-181。
2. 曾中信,傅健豪(2021)。以財稅資料分析台灣不動產稅制公平性。經濟論文，49(3)，411-444。
3. 曾中信,傅健豪(2021)。以財稅資料分析台灣不動產稅制公平性。經濟論文，49(3)，411-444。
4. 羅時萬,黃勢璋,陳敬達,陳國樑,伍大開(2022)。代際財富流動性之探討－2001－2018遺產稅配對資料分析。臺灣經濟預測與政策，53(1)，79-115。
5. (2023)。財富流動性與遺產稅。臺灣銀行季刊，74(3)，1-19。
6. (2023)。人口老化對貨幣政策與財政政策的長期影響。中央銀行季刊，45(1)，5-46。