The common thread connecting the three empirical essays of this dissertation is the analysis of household wealth, carried out from three different perspectives: (1) wealth accumulation through inheritance, (2) wealth creation via the use of debt, and (3) investment management among high-net-worth individuals. The first essay examines the heterogeneous effect of asset-specific shocks to households' wealth and balance sheet composition. Using a panel dataset from the European Central Bank’s Household Finance and Consumption Survey (HFCS), it shows that real-asset bequests are the main driver of wealth accumulation, especially in the short term, while financial transfers do not have a corresponding wealth effect. In addition, real assets contribute to increased investments by providing collateral and relaxing credit constraints, and are associated with new income generation from the rental market. The second essay investigates household borrowing as an active channel of wealth creation. By distinguishing productive from consumptive debt, and applying linear and conditional fixed-effects models to HFCS data, it finds that loans used for real-estate, education, and business investment raise future income and business wealth, highlighting households’ entrepreneurial role in the economy. The third essay shifts the focus to the top of the wealth distribution, studying Family Offices (FOs) as investment vehicles of ultra-wealthy households. Using an original dataset of over 2,800 FO-backed investments, it reveals that FOs differ from independent venture capitalists in their investment strategy, showing a preference for long-term engagement with portfolio firms, greater diversification, and a tendency to support start-ups operating in ESG-related sectors. Taken together, the three essays provide new empirical analyses related to the literature of household finance, and offer novel interpretations associated with the mechanisms of wealth accumulation in modern economies.
Three Essays on Household Finance and Wealth Accumulation
FERRARO, ANTONIO
2026-06-16
Abstract
The common thread connecting the three empirical essays of this dissertation is the analysis of household wealth, carried out from three different perspectives: (1) wealth accumulation through inheritance, (2) wealth creation via the use of debt, and (3) investment management among high-net-worth individuals. The first essay examines the heterogeneous effect of asset-specific shocks to households' wealth and balance sheet composition. Using a panel dataset from the European Central Bank’s Household Finance and Consumption Survey (HFCS), it shows that real-asset bequests are the main driver of wealth accumulation, especially in the short term, while financial transfers do not have a corresponding wealth effect. In addition, real assets contribute to increased investments by providing collateral and relaxing credit constraints, and are associated with new income generation from the rental market. The second essay investigates household borrowing as an active channel of wealth creation. By distinguishing productive from consumptive debt, and applying linear and conditional fixed-effects models to HFCS data, it finds that loans used for real-estate, education, and business investment raise future income and business wealth, highlighting households’ entrepreneurial role in the economy. The third essay shifts the focus to the top of the wealth distribution, studying Family Offices (FOs) as investment vehicles of ultra-wealthy households. Using an original dataset of over 2,800 FO-backed investments, it reveals that FOs differ from independent venture capitalists in their investment strategy, showing a preference for long-term engagement with portfolio firms, greater diversification, and a tendency to support start-ups operating in ESG-related sectors. Taken together, the three essays provide new empirical analyses related to the literature of household finance, and offer novel interpretations associated with the mechanisms of wealth accumulation in modern economies.
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