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Researchers have documented extreme inequalities in wealth ownership, but the processes that create these inequalities are not well understood. One important contributing factor that attracts little attention is religion. This study explores the relationship between religious participation, religious affiliation, and patterns of wealth accumulation. I argue that religion affects wealth ownership indirectly by shaping demographic behaviors. I also argue that religion directly influences wealth accumulation by identifying valuable goals, by providing a set of competencies that direct strategies of action, and by contributing to social contacts that provide information and opportunities that can enhance wealth ownership. The findings suggest that Jews enjoy tremendous gains in wealth ownership, while conservative Protestants accumulate relatively little wealth. In contrast, mainline Protestants and Catholics are indistinguishable from each other and from the general population. The results demonstrate the importance of family processes in shaping wealth accumulation, and they underscore the importance of culture in shaping economic behavior and ultimately in creating social inequality. [ABSTRACT FROM AUTHOR]

Inequality in wealth has been well-documented, but its causes remain uncertain. Family processes in childhood are likely to shape adults' wealth accumulation, but these factors have attracted little attention. I argue that family size matters: children from larger families accumulate less wealth than do those from smaller families. Siblings dilute parents' finite financial resources and nonmaterial resources, such as time. This diminishment of resources reduces educational attainment, inter vivos transfers, and inheritance. Reduced educational attainment and transfers alter financial behavior; saving; and, ultimately, adults' wealth. I demonstrate that sibship size is associated with lower overall wealth in adulthood and that parents' resources and education, respondent's education, financial transfers, and financial behavior all mitigate the effect of siblings. Sibship size also reduces the likelihood of receiving a trust account or an inheritance and decreases home- and stock ownership. The findings provide important insights into early family processes that shape wealth accumulation and inequality. [ABSTRACT FROM AUTHOR]

The article examines the impact of racial differences and asset ownership on wealth distribution in the United States. Racial inequality in socioeconomic well-being has been documented extensively in the social sciences. Research has demonstrated that Blacks, in particular, have not kept pace with whites on indicators such as earnings, labor force participation, labor force outcomes, and quality of living conditions. In 1983, the correlation between total household income and household net worth was 0.49; and when asset income was removed from total income, the correlation dropped to 0.26. This suggests that many of the truly wealthy have rather low earnings, probably because they are able to support current consumption with income derived from assets. A micro-simulation model has been used to explore the relationship between racial differences in asset ownership and wealth inequality. Wealth inequality is still an unresolved issue in America. Levels of wealth inequality are so extreme that most people hardly register any wealth at all, yet wealth is one of the most central indicators of financial well-being and security. Racial differences in wealth ownership are particularly acute and have been relatively persistent in recent decades.