A Capital’s Capital: Two Hundred Years of Wealth and Inequality in Paris

Gilles Postel-Vinay; Jean-Laurent Rosenthal

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A Capital’s Capital

Two Hundred Years of Wealth and Inequality in Paris

Gilles Postel-Vinay and Jean-Laurent Rosenthal

Language: English

Published/Copyright: 2026

About this book

A study of the changes in wealth and its distribution in nineteenth- and twentieth-century Paris that maps the interplay among wealth, inequality, and welfare

Successful economies sustain capital accumulation across generations, and capital accumulation leads to large increases in private wealth. In this book, Gilles Postel-Vinay and Jean-Laurent Rosenthal map the fluctuations in wealth and its distribution in Paris between 1807 and 1977. Drawing on a unique dataset of the bequests of almost 800,000 Parisians, they show that real wealth per decedent varied immensely during this period while inequality began high and declined only slowly. Parisians’ portfolios document startling changes in the geography and types of wealth over time.

Postel-Vinay and Rosenthal’s account reveals the impact of economic factors (large shocks, technological changes, differential returns to wealth), political factors (changes in taxation), and demographic and social factors (age and gender) on wealth and inequality. Before World War I, private wealth was highly predictive of other indicators of welfare, including different forms of human capital, age at death, and access to local public goods. After World War I, public intervention reduced—but did not eliminate—the strong connection between wealth inequality and other forms of inequality. Over the two centuries covered, Paris and its wealth were on the vanguard of economic and social change that affected the rest of the country a generation later.

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Frontmatter
i

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CONTENTS
ix

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ILLUSTRATIONS
xi

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ACKNOWLEDGMENTS
xvii

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ABBREVIATIONS
xix

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Introduction. WEALTH AND INEQUALITY IN THE LONG RUN
1

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1 Dukes and Indigents: Inequality in the Shadow of the Old Régime, 1807–1867
25

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2 Belle Époque Capitalism, 1852–1912
58

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3 The Laboratory Evolves: Progressive Taxation, 1901–1972
99

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4 The Collapse of Wealth, 1912–1947
111

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5 Inequality When Wealth Collapses, 1912–1947
145

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6 Recovery, 1947–1977
174

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7 Capital and the Family: Inherited Wealth, 1822–1972
202

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8 Wealth at the Top
235

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9 The Myth of the Grasshopper and the Ant
262

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10 Inequality in Space: Within Paris and Beyond
299

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11 Inequality Beyond Wealth
323

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Conclusion: Capital and Capitals in the Long Run
347

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Appendix 1: The Datasets
371

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Appendix 2: The Data from Estate Tax Filings
373

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Appendix 3: Progressive Taxation
379

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Appendix 4: Deportation and Wealth Distribution
399

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Appendix 5: Reported and Capitalized Inheritance
407

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Appendix 6: The Top Wealth Holders Each Year
409

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Notes
413

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References
421

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Index
431

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The Princeton Economic History of the Western World
439

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A NOTE ON THE TYPE
443

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Publishing information

Pages and Images/Illustrations in book

eBook published on:

February 3, 2026

eBook ISBN:

9780691276137

Pages and Images/Illustrations in book

https://doi.org/10.1515/9780691276137

eBook ISBN: 9780691276137

Keywords for this book

Wealth; Estate; Tax; Parisian; Inequality; Population; Decile; Bonds; Inherited wealth; Portfolios; Financial; Wealthy; Bequests; Investment; Heirs; Francs; Pensions; Growth; Property; Labor; Market; Retirement; Holders; Inheritance; Section; Fraction; Inflation; Capital income; Community; Economic; Taxation; Decedents; Super rich; Government; Accounts; Equity; Wealth holders; Business; Wealth distribution; Wealth inequality; Inherited assets; Labor income; Accumulation; Cross sections; Mortality; Arrondissements; Evolution; Evidence; Fortunes; Fiscal; Shareholders; Economy; Rothschild; Military; Inheritance tax; Capital gains; Rentiers; Finance; Banque; Aggregate; Interwar; Foreign; War ii; Rapid; Policy; Individuals estate; Financial assets; Community property; Ninth decile; Income taxes

Audience(s) for this book

For a non-specialist adult audience

Princeton University Press

A Capital’s Capital

Overview

About this book

Topics

Table of contents

Frontmatter

CONTENTS

ILLUSTRATIONS

ACKNOWLEDGMENTS

ABBREVIATIONS

Introduction. WEALTH AND INEQUALITY IN THE LONG RUN

1 Dukes and Indigents: Inequality in the Shadow of the Old Régime, 1807–1867

2 Belle Époque Capitalism, 1852–1912

3 The Laboratory Evolves: Progressive Taxation, 1901–1972

4 The Collapse of Wealth, 1912–1947

5 Inequality When Wealth Collapses, 1912–1947

6 Recovery, 1947–1977

7 Capital and the Family: Inherited Wealth, 1822–1972

8 Wealth at the Top

9 The Myth of the Grasshopper and the Ant

10 Inequality in Space: Within Paris and Beyond

11 Inequality Beyond Wealth

Conclusion: Capital and Capitals in the Long Run

Appendix 1: The Datasets

Appendix 2: The Data from Estate Tax Filings

Appendix 3: Progressive Taxation

Appendix 4: Deportation and Wealth Distribution

Appendix 5: Reported and Capitalized Inheritance

Appendix 6: The Top Wealth Holders Each Year

Notes

References

Index

The Princeton Economic History of the Western World

A NOTE ON THE TYPE

Bibliographic data