Few topics in economics have garnered as much attention in the past 20 years as inequality. Thomas Piketty’s tireless efforts have been a pivotal force in this process. His work estimating long-term income inequality in France and the United States laid the foundation for the expansion of this field, and his leadership in global collaborative initiatives has sustained its momentum. Other influential scholars have also played critical roles. Gabriel Zucman’s research on long-term taxation in the United States, alongside contributions from humanities scholars like Walter Scheidel, who explores the role of violence and disease in shaping inequality across centuries, have been instrumental in constructing what is now a relatively cohesive narrative. This narrative, prevalent in academia and influential in public opinion, portrays inequality as a persistent force that history shows can only be mitigated by catastrophe or radical policy intervention—a force unleashed in the past 40 years.

In Richer and More Equal, Daniel Waldenström challenges this dominant narrative with a compelling reassessment of wealth accumulation and inequality in the Western world. Central to his argument is the concept of the “Great Wealth Equalization,” a historical trend in which wealth has not only increased but also become more equitably distributed. Waldenström attributes this shift to the democratization of asset ownership, particularly through widespread homeownership and pension savings.

The book is divided into three parts.

Part I examines the evolution of wealth, highlighting the post-war surge in affluence and the shift from elite-controlled wealth to assets broadly held by the middle class. Waldenström meticulously analyzes twentieth-century economic history, presenting rich empirical data, including new series on aggregate wealth-income ratios and wealth inequality. Two early figures in the book vividly illustrate these trends: one shows real per capita wealth growing from less than $200,000 (in 2022 dollars) in 1950 to nearly $1.5 million by 2020, while the other depicts the “people’s wealth”—assets controlled by the middle class—rising from 25 percent of the total wealth in society in the early twentieth century to 75 percent by 2020 (pp. 8–9).

Part II focuses on wealth inequality, questioning the view that wars and progressive taxation were the primary equalizing forces of the twentieth century. Instead, Waldenström emphasizes the role of widespread homeownership and pension systems (pp. 155–168). His critique of Piketty’s U-shaped narrative of wealth inequality is remarkable. While acknowledging Piketty’s contributions, Waldenström argues that newer data paint a more nuanced picture, one where broad-based wealth accumulation among ordinary citizens has been a key marker of economic growth in the West for generations (p. 122).

Part III synthesizes these findings, offering actionable insights for policymakers. Waldenström advocates for policies that promote homeownership, encourage long-term savings, and reform pension systems. His recommendation to prioritize capital income taxes over wealth taxes reflects a pragmatic approach to addressing inequality without hindering wealth creation (pp. 199–203).

One of the book’s greatest strengths lies in its balanced critique of existing literature. In a field often marked by ideological biases, Waldenström lets the data speak for itself. His meticulous use of diverse data sources—including administrative records, surveys, and recent work by economic historians—underscores his rigorous approach. He also tackles key methodological challenges in the field, such as valuing pension savings and accounting for hidden offshore wealth.

Beyond its empirical contributions, the book offers a theoretical rethinking of economic inequality, emphasizing the positive-sum nature of wealth accumulation. In contrast to the zero-sum perspective often implied in inequality debates, Waldenström demonstrates that economic growth and equitable wealth distribution can coexist, driven by policies that expand access to capital for the middle and lower classes. This optimistic framing challenges the typically bleak tone of inequality scholarship and provides a refreshing perspective on the potential for equitable economic development.

However, the book is not without limitations. Waldenström’s most notable shortcoming is his limited exploration of the connections between economic and political inequality—a theme central to theoretical discussions since the early twentieth century and increasingly prominent in recent empirical research. Additionally, his pristine diagnostic approach lacks the emotive call to action that has made the dominant narrative on inequality so influential in public opinion. The extraordinary political engagement and demands for systemic change of our times have found in the dominant narrative convenient academic validation. In contrast, Waldenström’s argument does not fulfill that function. It is neither a rallying cry for conservatives seeking a return to a mythical past nor a tool for progressives advocating class struggle. This neutrality might limit the book’s broader influence, leaving it vulnerable to being misinterpreted as a defense of the status quo. Yet, this detachment reflects the inherent challenge of promoting a grateful view of history—it often struggles to resonate with those seeking urgent change.

Despite these shortcomings, Richer and More Equal is a significant contribution to the literature on economic history and inequality. It rigorously challenges entrenched narratives and offers a hopeful perspective on wealth distribution in the modern era. Scholars, policymakers, and readers interested in the dynamics of wealth and inequality will find this book invaluable, as it paves the way for a more nuanced and diverse conversation in the field.