Wealth Inequality and Stratification by Social Classes in 21st-Century Europe
JRC Working Papers Series on Social Classes in the Digital Age 2024/01
Wealth is a central determinant of life chances and intergenerational status persistence in modern societies. Yet, sociologists traditionally overlooked its role in class measurement and inequality, while most economists focused on the elites. This article reconciles sociological and economic perspectives on class analysis by examining the relationship between classes and wealth inequality versus income. Drawing from the Luxembourg Wealth Study (2002-2018) in five European countries, we test whether occupational classes, based on the entire division of labour, keep up with rising economic inequality trends. In contrast to bold claims on class death or decomposition, inequality of outcomes in wealth accumulation is firmly rooted across big occupational classes in contemporary capitalism, potentially harming future equal opportunity and social mobility. Still, occupational classes better capture between-group income inequality and stratification than wealth, emphasising the importance of economic resources beyond labour market attachment that spark advances in social class theory and measurement.
GIL HERNANDEZ Carlos;
SALAS-ROJO Pedro;
VIDAL LORDA Guillem;
VILLANI Davide;
2024-02-27
European Commission
JRC137025
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