A Century of Super–Rich Longevity

Longevity contributes to welfare, but little is known about the relationship between wealth and longevity prior to World War II. This paper examines longevity of the very highest income people during the 20th century using several “rich lists.” I find that the very wealthy did not have lower mortality early on. Life expectancy at age 40 flipped from a 1.9 year penalty to a 7.5 year bonus. This increase in longevity inequality has a welfare impact that is an order of magnitude larger than increasing consumption inequality from 1950 to 1985. The urban longevity penalty of the early 20th century, particularly due to poor air quality, likely contributed to the rich penalty. The rich, a very urban population, died from causes that were more common in urban areas, particularly pneumonia.