This paper empirically investigates the portfolios of wealthy households and their implications for the dynamics of inequality. Using an administrative panel of all Swedish residents, we document that returns on financial wealth are on average 4% higher per year for households in the top 1% compared to the median household. These high average returns are primarily compensations for high levels of systematic risk. Abnormal risk-adjusted returns, linked for instance to informational advantages or exceptional investment skill, contribute only marginally to the high returns of the wealthy. Implications for inequality dynamics and public policy are discussed.

中文翻译：

---

丰富的采摘？家庭财富的风险，回报和技巧

本文对富裕家庭的投资组合及其对不平等动态的影响进行了实证研究。在所有瑞典居民的行政管理小组的调查中，我们证明，与中位数家庭相比，收入最高的1％的家庭平均每年的金融财富回报平均高出4％。这些高平均回报率主要是对高水平系统风险的补偿。经风险调整后的异常收益，例如与信息优势或出色的投资技巧相关的收益，仅对富人的高收益贡献很小。讨论了对不平等动态和公共政策的影响。