Premium
THE WEALTH AND ASSET HOLDINGS OF U.S.‐BORN AND FOREIGN‐BORN HOUSEHOLDS: EVIDENCE FROM SIPP DATA
Author(s) -
CobbClark Deborah A.,
Hildebrand Vincent A.
Publication year - 2006
Publication title -
review of income and wealth
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.024
H-Index - 57
eISSN - 1475-4991
pISSN - 0034-6586
DOI - 10.1111/j.1475-4991.2006.00174.x
Subject(s) - foreign born , immigration , economics , net worth , asset (computer security) , demographic economics , population , home equity , portfolio , equity (law) , real estate , diversity (politics) , labour economics , financial economics , geography , demography , political science , sociology , finance , debt , computer security , archaeology , computer science , law
SIPP data are used to analyze the wealth of the U.S. foreign‐born population. We find that the median wealth level of U.S.‐born couples is 2.5 times the median of foreign‐born couples, while the median wealth level of U.S.‐born singles is three times that of foreign‐born singles. Further, there is a great deal of diversity in wealth within the immigrant population. Diversity in net worth manifests itself primarily in source‐region differences, while entry‐cohort is more closely related to portfolio choices. Established immigrants hold less and recent immigrants hold more financial wealth. An opposite pattern emerges with respect to real estate equity.