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How does elite wealth persist? This paper studies the long-run distribution, transmission, and dynamics of elite wealth through micro and macro shocks. Collecting individual-level data on wealth and wealth transfers, we reconstruct the universe of manorial wealth in Estonia and Latvia from the 13th century until 1919. We document extreme levels of wealth inequality concentrated in the local Baltic German elite. By contrast, inequality within this elite is rather low. Focusing on wealth dynamics, we first consider micro shocks to family networks (premature deaths or the lack of a male heir) that we capture in genealogical data. We show how these micro shocks affect individual and family wealth. Next, we demonstrate that those micro shocks affect the resilience of family networks during macro shocks (plagues, expropriation). However, through several adaptation strategies, their wealth recovers. This paper adds to our understanding of the mechanisms of elite wealth persistence.
