Housing is the main asset in most individual portfolios. The recent rise in private wealth with respect to national income has been mainly driven by capital gains on housing. How do house price cycles affect wealth inequality? Clara Martínez-Toledano explores the dynamics of wealth accumulation over forty years in Spain.

Recommendations:

"The Hidden Wealth of Nations" by Gabriel Zucman

http://gabriel-zucman.eu/hidden-wealth/

Paper:

"House Price Cycles, Wealth Inequality and Portfolio Reshuffling" by Clara Martínez-Toledano

https://www.dropbox.com/s/2l1xe9mf95jmaiq/mtt_wealthinequalityspain.pdf?dl=0

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