This study reconstructs Spain’s national wealth from 1900 to 2014. We compare the market value and book value definitions. We then present a new asset-specific decomposition of the long-run movements in the value of wealth into a volume effect (through saving) and a price effect (capital gains or losses). We also investigate the role of offshore assets using administrative records. Our results show that the national wealth-to income ratio followed a J-shaped evolution over the last century, contrary to the U-shaped trend observed in other rich economies. Spain’s wealth accumulation also differs in that both agricultural and urban land represented a larger share of national wealth in the early twentieth and twenty-first centuries, respectively. These findings are largely explained by capital gains coming from the housing sector, which account for 45% of the real growth of national wealth over the 1950-2010 period. When offshore assets are considered, Spain’s international indebtedness reduced by approximately one quarter since the 2000s. Overall, this study highlights the importance of capital gains, housing, and offshore assets as key elements in the long-term accumulation of wealth.

中文翻译：

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西班牙的财富，1900-2017：两地国家

本研究重建了西班牙 1900 年至 2014 年的国民财富。我们比较了市场价值和账面价值的定义。然后，我们将财富价值的长期变动按特定资产分解为数量效应（通过储蓄）和价格效应（资本收益或损失）。我们还使用行政记录调查离岸资产的作用。我们的研究结果表明，上个世纪国民财富与收入之比呈 J 型演变，与其他富裕经济体中观察到的 U 型趋势相反。西班牙财富积累的不同之处还在于，在 20 世纪初期和 21 世纪初期，农业用地和城市用地分别占国家财富的更大份额。这些发现在很大程度上是由于来自住房部门的资本收益，占1950-2010年间国民财富实际增长的45%。如果考虑离岸资产，西班牙的国际债务自 2000 年代以来减少了约四分之一。总的来说，这项研究强调了资本收益、住房和离岸资产作为长期财富积累的关键要素的重要性。