The Dynamics of Elite Wealth: Accumulation, Shocks, and Family Networks in the Baltics over 700 years
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.

If you would like to meet the speaker before the seminar, please sign up here: tinyurl.com/23druvdp
Date: 3 June 2025, 17:00
Venue: History Faculty, George Street OX1 2RL
Venue Details: Lecture Theatre
Speakers: Tom Raster (LSE), Co-author: Maximilian Dörfler (Paris School of Economics)
Organising department: Faculty of History
Part of: Economic and Social History Research Seminar
Booking required?: Not required
Audience: Members of the University only
Editor: Belinda Clark