Since 2013, the ECB's Europe-wide Household Finance and Consumption Survey (HFCS) has made it possible to make reliable statements on the amount and distribution of private household wealth in Austria and other European countries. The HFCS data also allows for rudimentary international comparisons and a pan-European view.

However, there are two main potential sources of error in the collection of wealth-related data: Firstly, the fact that the assets of private households at the top of the distribution increase sharply in amount and dispersion (median-bias). Secondly, the situation that the probability of participation in such surveys decreases with increasing wealth (differential non-response). Without correction through oversampling, this leads to an underestimation of the level and unequal distribution of private wealth. However, not all countries are in a position to implement oversampling strategies of an appropriate quality and scope.

The aim of this research project is therefore to examine the third wave of the HFCS data based on the considerations and methods developed in Eckerstorfer et al. (2016) and Ferschli et. al (2017) to better determine the level and concentration of private wealth. In addition to the attempt to statistically correct the HFCS survey data with the aim of mitigating the deficits resulting from non-observation and non-response bias, the project also includes the estimation of possible revenues from a wealth tax, taking into account (a) different tax models, (b) possible evasion effects and (c) the difference between the original data and the data modified by the intended correction.

References
Eckerstorfer, P., Halak, J., Kapeller, J., Schütz, B., Springholz, F., Wildauer, R. (2016): Correcting for the Missing Rich: An Application to Wealth Survey Data. Review of Income and Wealth, Vol. 62(4): 605-627.

Ferschli, B., Kapeller, J., Schütz, B. und Wildauer, R. (2017): Bestände und Konzentration Privater Vermögen in Österreich. Materialien zu Wirtschaft und Gesellschaft Nr. 167.