Recent research has shown that rich' households save at much higher rates than others (see Carroll (2000); Dynan, Skinner, and Zeldes (1996); Gentry and Hubbard (1998); Huggett (1996); Quadrini (1999)). This paper documents another large difference between the rich and the rest of the...

Researchers have traditionally assumed that theportfolio allocation patterns of the wealthy are simply a scaled-up version ofthe average household's portfolio; however, data on the wealthy, particularlythe 1962-63 Survey of Financial Characteristics of the Consumers and the 1983Survey of...