Abstract
Against the ongoing assessment of the root causes of rising economic inequality in industrialized countries, analyses of the distribution of savings along the income and wealth distribution are of high interest. We analyze the concentration of household savings in Germany by estimating saving amounts, saving rates and shares in aggregate savings across income and wealth groups. Our calculations are based on the Sample Survey of Household Income and Expenditure (EVS), containing more than 40,000 households in Germany. We show that the concentration of savings is substantial: while the top income decile’s share in total savings reaches 60 percent, the lower half of the income distribution on average does not save at all. Across wealth groups the concentration of savings is somewhat less pronounced. We also look beyond the top income threshold underlying the EVS (18,000 euros of monthly net household income) and demonstrate that corrected saving rates for the top income groups are considerably higher than those derived from the EVS alone. Hence, the top income groups’ shares in aggregate savings exceed estimated shares solely based on EVS data, revealing a substantially more pronounced concentration of savings along the income distribution.
Article Note
This paper is an outcome of the research project “Bedingte Haushaltsersparnis in Deutschland – zentraler Baustein einer endogenen Akkumulationsdynamik” funded by the Hans Böckler Foundation. We gratefully acknowledge the Hans Böckler Foundation for funding and supporting the project. Also, we thank Rolf Kleimann, Stefan Bach and Tobias Brändle for helpful comments and support with regard to the data. Fabian Mayer is acknowledged for excellent research assistance.
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Appendix
Summary statistics on income and wealth groups (in euros).
| Household net income per year | Household net wealth | ||||||
|---|---|---|---|---|---|---|---|
| By income groups | By wealth groups | ||||||
| 2003 | 2008 | 2013 | 2003 | 2008 | 2013 | ||
| 1st decile | n | 1,978 | 2,362 | 2,723 | 3,658 | 5,177 | 3,794 |
| mean | 10,457 | 9,573 | 9,600 | −10,097 | −12,061 | −16,138 | |
| median | 10,665 | 9,749 | 9,732 | 0 | −1,116 | −7,025 | |
| sd | 2,073 | 1,872 | 1,768 | 38,005 | 40,229 | 32,241 | |
| 2nd decile | n | 2,315 | 2,662 | 2,937 | 2,367 | 1,213 | 3,027 |
| mean | 15,917 | 14,539 | 14,574 | 1,270 | 303 | 26 | |
| median | 15,948 | 14,572 | 14,648 | 1,154 | 268 | 0 | |
| sd | 1,358 | 1,271 | 1,326 | 984 | 246 | 90 | |
| 3rd decile | n | 2,893 | 3,134 | 3,333 | 3,175 | 3,155 | 3,307 |
| mean | 20,488 | 18,945 | 19,065 | 6,787 | 3,193 | 2,330 | |
| median | 20,476 | 18,962 | 19,064 | 6,616 | 3,042 | 2,103 | |
| sd | 1,350 | 1,291 | 1,299 | 2,242 | 1,662 | 1,386 | |
| 4th decile | n | 3,611 | 3,549 | 3,798 | 3,700 | 3,759 | 3,806 |
| mean | 25,496 | 23,298 | 23,583 | 17,394 | 11,653 | 10,173 | |
| median | 25,453 | 23,314 | 23,532 | 17,099 | 11,295 | 9,951 | |
| sd | 1,536 | 1,255 | 1,330 | 4,116 | 3,361 | 3,279 | |
| 5th decile | n | 3,945 | 4,063 | 4,385 | 4,302 | 4,320 | 4,215 |
| mean | 31,034 | 27,965 | 28,619 | 37,304 | 27,837 | 26,200 | |
| median | 31,108 | 27,940 | 28,612 | 36,228 | 27,234 | 25,521 | |
| sd | 1,619 | 1,451 | 1,565 | 7,711 | 6,294 | 6,333 | |
| 6th decile | n | 4,289 | 4,601 | 4,778 | 4,506 | 4,758 | 4,648 |
| mean | 36,916 | 33,543 | 34,506 | 74,397 | 57,518 | 58,667 | |
| median | 36,915 | 33,479 | 34,388 | 73,680 | 56,566 | 57,686 | |
| sd | 1,787 | 1,810 | 1,892 | 13,683 | 11,110 | 12,585 | |
| 7th decile | n | 4,624 | 5,163 | 5,049 | 4,880 | 5,081 | 4,843 |
| mean | 43,578 | 40,461 | 41,863 | 132,423 | 106,715 | 109,787 | |
| median | 43,542 | 40,356 | 41,820 | 131,038 | 106,105 | 108,891 | |
| sd | 2,029 | 2,191 | 2,363 | 19,449 | 17,051 | 17,121 | |
| 8th decile | n | 5,430 | 5,822 | 5,265 | 5,201 | 5,340 | 4,985 |
| mean | 51,748 | 49,118 | 51,214 | 209,502 | 174,822 | 178,743 | |
| median | 51,613 | 48,973 | 51,040 | 208,686 | 173,365 | 177,653 | |
| sd | 2,813 | 2,910 | 3,072 | 25,221 | 22,901 | 23,011 | |
| 9th decile | n | 6,431 | 6,496 | 5,594 | 5,259 | 5,631 | 5,123 |
| mean | 64,241 | 61,838 | 64,990 | 314,945 | 277,636 | 281,536 | |
| median | 63,868 | 61,316 | 64,552 | 311,179 | 272,637 | 278,312 | |
| sd | 4,683 | 4,802 | 5,096 | 37,848 | 39,313 | 38,404 | |
| 91st–95th percentile | n | 3,565 | 3,338 | 2,683 | 2,761 | 2,916 | 2,653 |
| mean | 80,520 | 78,822 | 82,699 | 452,438 | 424,910 | 428,286 | |
| median | 79,976 | 78,405 | 82,172 | 447,968 | 420,719 | 422,582 | |
| sd | 4,766 | 4,830 | 4,999 | 41,331 | 46,481 | 46,842 | |
| 96th–99th percentile | n | 2,996 | 2,388 | 1,910 | 2,310 | 2,258 | 1,950 |
| mean | 105,695 | 104,250 | 109,092 | 705,800 | 711,106 | 694,387 | |
| median | 102,660 | 101,501 | 105,972 | 673,195 | 675,777 | 661,476 | |
| sd | 12,252 | 11,921 | 13,015 | 133,444 | 153,409 | 135,056 | |
| 100th percentile | n | 653 | 455 | 329 | 611 | 425 | 433 |
| mean | 170,347 | 162,307 | 166,679 | 1,868,203 | 1,819,950 | 1,625,481 | |
| median | 161,420 | 154,907 | 161,916 | 1,323,268 | 1,457,590 | 1,357,254 | |
| sd | 30,339 | 24,278 | 20,337 | 2,018,637 | 1,108,865 | 840,959 | |
| Total | n | 42,730 | 44,033 | 42,784 | 42,730 | 44,033 | 42,784 |
| mean | 39,941 | 37,660 | 38,962 | 147,704 | 131,954 | 130,558 | |
| median | 33,877 | 30,564 | 31,364 | 52,808 | 40,193 | 38,753 | |
| sd | 27,077 | 26,583 | 27,892 | 319,215 | 266,696 | 242,571 | |
Source: Research Data Centers of the Federal Statistical Office and the statistical offices of the Länder, EVS, 2003–2013, own calculations. Calculations based on 2013 euros.
Summary statistics, yearly saving amounts by income and wealth groups (in euros).
| Savings | |||||||
|---|---|---|---|---|---|---|---|
| By income groups | By wealth groups | ||||||
| 2003 | 2008 | 2013 | 2003 | 2008 | 2013 | ||
| 1st decile | n | 1,978 | 2,362 | 2,723 | 3,658 | 5,177 | 3,794 |
| mean | −1,006 | −1,247 | −1,213 | 1,780 | 1,698 | 2,243 | |
| median | 0 | 0 | 0 | 566 | 514 | 1,664 | |
| sd | 5,210 | 5,710 | 8,155 | 16,407 | 9,909 | 13,521 | |
| 2nd decile | n | 2,315 | 2,662 | 2,937 | 2,367 | 1,213 | 3,027 |
| mean | 50 | −491 | −741 | 1,046 | 313 | 398 | |
| median | 368 | 116 | 60 | 533 | 219 | 0 | |
| sd | 6,145 | 6,485 | 5,652 | 12,112 | 6,847 | 7,417 | |
| 3rd decile | n | 2,893 | 3,134 | 3,333 | 3,175 | 3,155 | 3,307 |
| mean | 123 | −138 | −602 | 1,126 | 791 | 890 | |
| median | 1,005 | 643 | 492 | 1,090 | 630 | 492 | |
| sd | 10,957 | 7,016 | 9,731 | 14,132 | 7,550 | 7,348 | |
| 4th decile | n | 3,611 | 3,549 | 3,798 | 3,700 | 3,759 | 3,806 |
| mean | 662 | 464 | 197 | 2,031 | 1,873 | 1,289 | |
| median | 1,637 | 1,299 | 996 | 1,825 | 1,248 | 1,008 | |
| sd | 11,773 | 10,243 | 9,999 | 11,783 | 11,241 | 11,994 | |
| 5th decile | n | 3,945 | 4,063 | 4,385 | 4,302 | 4,320 | 4,215 |
| mean | 1,567 | 535 | 821 | 3,218 | 2,386 | 2,446 | |
| median | 2,830 | 1,929 | 1,736 | 3,090 | 2,058 | 2,040 | |
| sd | 21,129 | 12,283 | 18,670 | 29,171 | 11,694 | 16,502 | |
| 6th decile | n | 4,289 | 4,601 | 4,778 | 4,506 | 4,758 | 4,648 |
| mean | 2,076 | 1,266 | 1,248 | 4,404 | 3,553 | 3,953 | |
| median | 3,863 | 2,997 | 2,720 | 4,717 | 3,464 | 3,300 | |
| sd | 18,492 | 19,851 | 15,153 | 23,394 | 14,756 | 25,024 | |
| 7th decile | n | 4,624 | 5,163 | 5,049 | 4,880 | 5,081 | 4,843 |
| mean | 4,047 | 3,595 | 2,244 | 6,102 | 5,091 | 5,166 | |
| median | 5,571 | 4,737 | 4,328 | 5,325 | 4,592 | 4,280 | |
| sd | 24,536 | 15,722 | 28,063 | 30,101 | 16,349 | 20,310 | |
| 8th decile | n | 5,430 | 5,822 | 5,265 | 5,201 | 5,340 | 4,985 |
| mean | 6,125 | 5,962 | 5,542 | 5,955 | 5,632 | 5,254 | |
| median | 7,585 | 6,997 | 6,540 | 5,613 | 5,158 | 4,704 | |
| sd | 29,248 | 20,016 | 25,559 | 25,514 | 20,050 | 21,249 | |
| 9th decile | n | 6,431 | 6,496 | 5,594 | 5,259 | 5,631 | 5,123 |
| mean | 8,451 | 8,255 | 8,478 | 7,017 | 7,247 | 5,764 | |
| median | 10,363 | 9,723 | 10,032 | 6,500 | 5,874 | 5,372 | |
| sd | 27,163 | 21,273 | 36,702 | 24,087 | 23,423 | 34,688 | |
| 91st–95th percentile | n | 3,565 | 3,338 | 2,683 | 2,761 | 2,916 | 2,653 |
| mean | 13,988 | 14,923 | 14,031 | 9,690 | 10,227 | 8,951 | |
| median | 15,217 | 14,812 | 14,228 | 8,458 | 7,305 | 7,300 | |
| sd | 34,277 | 28,271 | 32,994 | 26,837 | 27,809 | 32,163 | |
| 96th–99th percentile | n | 2,996 | 2,388 | 1,910 | 2,310 | 2,258 | 1,950 |
| mean | 22,964 | 24,028 | 25,411 | 12,632 | 13,599 | 11,682 | |
| median | 24,297 | 23,005 | 23,836 | 10,769 | 11,134 | 11,244 | |
| sd | 43,885 | 39,473 | 43,419 | 41,632 | 45,480 | 56,897 | |
| 100th percentile | n | 653 | 455 | 329 | 611 | 425 | 433 |
| mean | 67,334 | 64,196 | 58,349 | 23,000 | 17,824 | 24,204 | |
| median | 57,906 | 62,825 | 55,344 | 15,684 | 13,273 | 17,932 | |
| sd | 84,119 | 70,448 | 62,287 | 76,057 | 91,129 | 81,887 | |
| Total | n | 42,730 | 44,033 | 42,784 | 42,730 | 44,033 | 42,784 |
| mean | 4,500 | 4,169 | 3,897 | 4,500 | 4,169 | 3,897 | |
| median | 2,854 | 2,109 | 1,860 | 2,854 | 2,109 | 1,860 | |
| sd | 24,623 | 20,229 | 24,492 | 24,623 | 20,229 | 24,492 | |
Source: Research Data Centers of the Federal Statistical Office and the statistical offices of the Länder, EVS, 2003–2013, own calculations. Calculations based on 2013 euros.
Summary statistics, yearly saving rates by income and wealth groups (in percent).
| Saving rates | |||||||
|---|---|---|---|---|---|---|---|
| By income groups | By wealth groups | ||||||
| 2003 | 2008 | 2013 | 2003 | 2008 | 2013 | ||
| 1st decile | n | 1,978 | 2,362 | 2,723 | 3,658 | 5,177 | 3,794 |
| mean | −9.6 | −13.0 | −12.6 | 7.4 | 7.2 | 7.7 | |
| median | 0.0 | 0.0 | 0.0 | 8.5 | 8.0 | 9.9 | |
| sd | 91.6 | 96.1 | 111.1 | 52.1 | 34.5 | 34.4 | |
| 2nd decile | n | 2,315 | 2,662 | 2,937 | 2,367 | 1,213 | 3,027 |
| mean | 0.3 | −3.4 | −5.1 | 5.0 | 1.7 | 2.4 | |
| median | 2.4 | 0.9 | 0.4 | 4.7 | 2.6 | 0.0 | |
| sd | 38.3 | 45.2 | 38.8 | 46.8 | 29.8 | 39.2 | |
| 3rd decile | n | 2,893 | 3,134 | 3,333 | 3,175 | 3,155 | 3,307 |
| mean | 0.6 | −0.7 | −3.2 | 4.5 | 3.6 | 4.1 | |
| median | 4.9 | 3.3 | 2.7 | 7.6 | 5.3 | 4.7 | |
| sd | 52.9 | 37.3 | 50.9 | 46.7 | 30.2 | 29.6 | |
| 4th decile | n | 3,611 | 3,549 | 3,798 | 3,700 | 3,759 | 3,806 |
| mean | 2.6 | 2.0 | 0.8 | 7.0 | 7.1 | 4.8 | |
| median | 6.6 | 5.7 | 4.2 | 9.5 | 8.0 | 7.2 | |
| sd | 46.0 | 44.2 | 42.2 | 42.7 | 32.5 | 49.3 | |
| 5th decile | n | 3,945 | 4,063 | 4,385 | 4,302 | 4,320 | 4,215 |
| mean | 5.1 | 1.9 | 2.9 | 8.9 | 7.5 | 7.4 | |
| median | 9.1 | 7.0 | 6.0 | 12.3 | 10.5 | 9.9 | |
| sd | 67.5 | 43.7 | 65.0 | 70.6 | 32.6 | 38.7 | |
| 6th decile | n | 4,289 | 4,601 | 4,778 | 4,506 | 4,758 | 4,648 |
| mean | 5.6 | 3.8 | 3.6 | 10.6 | 9.5 | 10.2 | |
| median | 10.5 | 9.0 | 8.0 | 14.7 | 12.9 | 12.2 | |
| sd | 50.1 | 59.8 | 44.4 | 50.9 | 35.6 | 57.9 | |
| 7th decile | n | 4,624 | 5,163 | 5,049 | 4,880 | 5,081 | 4,843 |
| mean | 9.3 | 8.9 | 5.4 | 13.3 | 11.7 | 11.6 | |
| median | 12.8 | 11.8 | 10.3 | 14.9 | 14.7 | 13.9 | |
| sd | 56.2 | 38.9 | 66.0 | 57.9 | 36.5 | 43.5 | |
| 8th decile | n | 5,430 | 5,822 | 5,265 | 5,201 | 5,340 | 4,985 |
| mean | 11.8 | 12.1 | 10.8 | 11.8 | 12.0 | 10.6 | |
| median | 14.7 | 14.3 | 13.0 | 14.8 | 14.8 | 13.9 | |
| sd | 56.2 | 40.5 | 50.6 | 48.1 | 42.5 | 40.2 | |
| 9th decile | n | 6,431 | 6,496 | 5,594 | 5,259 | 5,631 | 5,123 |
| mean | 13.2 | 13.3 | 13.0 | 12.7 | 13.5 | 10.2 | |
| median | 16.3 | 15.9 | 15.5 | 15.5 | 15.9 | 14.5 | |
| sd | 42.1 | 34.5 | 55.2 | 40.8 | 44.5 | 64.0 | |
| 91st–95th percentile | n | 3,565 | 3,338 | 2,683 | 2,761 | 2,916 | 2,653 |
| mean | 17.4 | 18.9 | 17.0 | 15.5 | 16.2 | 13.6 | |
| median | 19.2 | 18.8 | 17.5 | 18.2 | 17.8 | 16.9 | |
| sd | 42.5 | 35.7 | 39.4 | 39.4 | 51.8 | 51.6 | |
| 96th–99th percentile | n | 2,996 | 2,388 | 1,910 | 2,310 | 2,258 | 1,950 |
| mean | 21.7 | 23.0 | 23.3 | 17.1 | 18.4 | 15.6 | |
| median | 23.4 | 22.5 | 23.2 | 20.7 | 21.5 | 22.2 | |
| sd | 41.5 | 37.5 | 39.2 | 61.0 | 68.1 | 75.6 | |
| 100th percentile | n | 653 | 455 | 329 | 611 | 425 | 433 |
| mean | 39.5 | 39.6 | 35.0 | 23.8 | 19.8 | 25.4 | |
| median | 37.3 | 42.0 | 35.0 | 25.2 | 25.8 | 26.2 | |
| sd | 45.4 | 41.3 | 36.2 | 70.1 | 104.2 | 120.6 | |
| Total | n | 42,730 | 44,033 | 42,784 | 42,730 | 44,033 | 42,784 |
| mean | 11.3 | 11.1 | 10.0 | 11.3 | 11.1 | 10.0 | |
| median | 13.6 | 12.8 | 12.0 | 13.6 | 12.8 | 12.0 | |
| sd | 52.1 | 44.8 | 53.7 | 52.1 | 44.8 | 53.7 | |
Source: Research Data Centers of the Federal Statistical Office and the statistical offices of the Länder, EVS, 2003–2013, own calculations. Calculations based on 2013 euros.
Distribution of income conditional on wealth, 2013.
| Wealth decile | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Total | ||
| Income decile | 1 | 13.7 | 40.6 | 21.7 | 11.0 | 5.5 | 3.1 | 1.7 | 1.0 | 1.1 | 0.8 | 10.0 |
| 2 | 14.1 | 23.1 | 21.3 | 15.6 | 10.9 | 7.2 | 4.1 | 2.0 | 1.1 | 0.6 | 10.0 | |
| 3 | 13.7 | 14.5 | 17.4 | 16.8 | 13.7 | 9.1 | 6.9 | 4.1 | 2.6 | 1.2 | 10.0 | |
| 4 | 13.0 | 8.6 | 12.2 | 15.4 | 13.4 | 12.1 | 9.3 | 8.3 | 4.9 | 3.0 | 10.0 | |
| 5 | 12.2 | 5.4 | 9.6 | 12.5 | 13.1 | 12.8 | 11.9 | 10.5 | 7.9 | 4.1 | 10.0 | |
| 6 | 10.1 | 3.6 | 6.9 | 10.1 | 12.8 | 13.7 | 12.1 | 13.1 | 11.3 | 6.3 | 10.0 | |
| 7 | 8.2 | 2.1 | 5.4 | 8.3 | 11.5 | 12.4 | 13.3 | 15.0 | 14.2 | 9.6 | 10.0 | |
| 8 | 7.9 | 1.2 | 3.2 | 5.7 | 9.3 | 13.0 | 15.6 | 14.8 | 15.9 | 13.7 | 10.0 | |
| 9 | 4.8 | 0.6 | 1.8 | 3.2 | 6.4 | 10.5 | 15.3 | 16.6 | 19.6 | 21.2 | 10.0 | |
| 10 | 2.5 | 0.3 | 0.6 | 1.5 | 3.6 | 6.2 | 9.9 | 14.6 | 21.4 | 39.5 | 10.0 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |
Source: Research Data Centers of the Federal Statistical Office and the statistical offices of the Länder, EVS, 2013, own calculations. Table entries denote column percentages.
Regression models for the saving rate.
| Dependent variable: saving rate | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| ln(income) | 12.852*** | ||||||||
| (0.317) | |||||||||
| income | 0.003*** | 0.004*** | 0.006*** | 0.007*** | 0.010*** | 0.009** | 0.008 | 0.027*** | |
| (0.000) | (0.000) | (0.001) | (0.001) | (0.002) | (0.003) | (0.006) | (0.010) | ||
| income2 | −0.000*** | −0.000*** | −0.000** | −0.000** | −0.000 | −0.000 | −0.000* | ||
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |||
| income3 | 0.000*** | 0.000 | 0.000 | 0.000 | 0.000 | 0.000* | |||
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||||
| income4 | −0.000 | −0.000 | 0.000 | 0.000 | −0.000 | ||||
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |||||
| income5 | 0.000 | −0.000 | −0.000 | 0.000 | |||||
| (0.000) | (0.000) | (0.000) | (0.000) | ||||||
| income6 | 0.000 | 0.000 | −0.000 | ||||||
| (0.000) | (0.000) | (0.000) | |||||||
| income7 | −0.000 | 0.000 | |||||||
| (0.000) | (0.000) | ||||||||
| income8 | −0.000 | ||||||||
| (0.000) | |||||||||
| constant | −94.177*** | −0.800** | −3.575*** | −6.908*** | −8.232*** | −10.587*** | −9.813*** | −9.579*** | −18.117*** |
| (2.527) | (0.367) | (0.503) | (0.753) | (1.095) | (1.587) | (2.238) | (3.291) | (4.640) | |
| N | 41,784 | 41,784 | 41,784 | 41,784 | 41,784 | 41,784 | 41,784 | 41,784 | 41,784 |
| Adjusted R2 | 0.123 | 0.125 | 0.127 | 0.128 | 0.129 | 0.129 | 0.129 | 0.129 | 0.129 |
| RMSE | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 |
| AIC | 377,049 | 376,945 | 376,837 | 376,768 | 376,763 | 376,755 | 376,755 | 376,755 | 376,742 |
| BIC | 377,066 | 376,962 | 376,863 | 376,794 | 376,789 | 376,781 | 376,781 | 376,781 | 376,768 |
*/**/***=significant at the 10/5/1 % level.
Source: Research Data Centers of the Federal Statistical Office and the statistical offices of the Länder, EVS, 2003–2013, own calculations. Monthly income used as regressors, 2013 prices. Standard errors robust against heteroskedasticity.
© 2018 Oldenbourg Wissenschaftsverlag GmbH, Published by De Gruyter Oldenbourg, Berlin/Boston
