The 2010 British data point
Prof Piketty prefers HMRC estate tax records over the ONS Wealth and Assets Survey. I believe this is the wrong choice, since the ONS data was specifically designed to measure wealth, correcting for potential biases. The survey oversamples the top decile to address known non-response biases, samples between 21,000 and 30,000 households in each wave and bases its sample on stratified techniques, not just bumping into people in the street and asking them questions.
I was therefore surprised by prof Piketty’s response to Bloomberg that the ONS wealth and assets survey is “very low quality” for two reasons.
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