novel survey data from the top of the wealth distribution, which have been added to the 2019 German Socio-economic Panel … Study. The data include private wealth balance sheets, in particular the value of own private business assets, and a … share of their wealth in their own businesses when they are more willing to take risks. These associations are stronger …

focus of the paper is on transitional dynamics under different initial wealth levels. Whether an initially small business … toward the informal sector even though the initial wealth level is high. Lowering taxes on formal activity joined with strict …