CURRENT POSITION OF NATIONAL WEALTH ESTIMATION IN THE WORLD *

A decade has passed since the last significant attempt to review methods of national wealth estimation of different countries in theworld and available statistical data in this field. The results of this earlier review were discussed at the Fifth Conference of this Association in 1957 and published as Volume VIII of the Income and Wealth Series in 1959 (I). For that conference Mr. Th. D. van der Weide of the Netherlands Central Bureau of Statistics prepared summary tables of available data (primarily the results of private estimators) on national wealth composi- tion of 18 countries and on particular methods used. Those tables were the result of his time- consuming recalculations on the basis of the international SNA classification. They provided some important facts to think over. First of all it was possible to discover many common features in the composition of the national wealth estimates which could serve as the basis of possible inter-country comparisons. Many estimators recognized only domestic reproducible tangible assets in the national wealth. Sub-soil deposits of minerals, standing timber and other natural resources were excluded from the estimates of most countries because of lack of reliable information and of difficulties in their evaluation, etc. At the same time the conference showed clearly that inter-country comparisons involve numerous problems, even within an identical theoretical concept. The papers presented at that conference showed many differences in concepts of national wealth used, in actual coverage of those concepts with available data, in valuation methods, in price structure, etc. Some researchers stressed the need to put indicators of national wealth in a single and consistent framework of main economic indicators (national product, national income, fixed capital formation, etc.). It was evident also that national wealth estimating required solid background in statistical information for a long period of time and certain experience of that type of estima- ting, suitable for particular conditions and possibilities of the country. It is necessary to mention, nevertheless, that many questions of comparisons were not discussed, especially the questions of some particular problems of common monetary units for actual comparisons of national wealth estimates, and some other specific problems of comparability. Since that conference there have been significant achievements in this field. Thelast decade evidenced numerous additions to the list of countries which have published estimates of national wealth (or its major components). Now there are more than 50 countries that have published such estimates, but only 15 countries succeeded in covering the whole range of national wealth components. Additional countries gathered information necessary for such estimates, but were unable to work out suitable ones. More than 40 countries (see Annex I) have official estimates made by their statistical administrations. Some countries have based their official estimates on special statistical surveys, inventories of their ked and circulating assets as in the USSR, Czechoslovakia, Poland and Japan. Some countries are on the way to such special surveys (the U.S.A.). The OECD is working on such estimates but has not yet published them (2). Sound results in each country may be obtained through hard and time-consuming work involving large amounts of calculations of reliable statistical information. For instance, preparation of recommendations to conduct an inventory in a large country such as the U.S.A. -The Wealth Inventory Planning Study-has required work of 150experts in different fields(3). About three million people participated in the USSR general inventory and revaluation of over 100millionobjects of fixed assets in 1959 and 1961 141. Nevertheless, most countries havebeen satisfied with the work of a relatively small team of economists; in many cases their calculations had been simplified by the use of electronic computers. Electronic techniques have made it possible to process huge amounts of statistical information during all evaluations of wealth in the country. *The views expressed in this paper are the sole responsibility of the author, and do not necessarily reflect the views of the Statistical Office.