rises in wealth in the cross-section of households in the Survey of Consumer Finances. For a given household, the portfolio … share can fall in response to an increase in wealth, even though the model implies decreasing relative risk aversion …

Using the Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households’ wealth in fifteen … holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The … significance of inheritances for wealth accumulation is remarkable and underlines its key role in the process of persistent wealth …