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Graphique 5.1.

Capital priv et public: Europe et Amrique, 1870-2010


800%
700%

Etats-Unis

Valeur du capital public et priv, en % du revenu national

Europe

600%

Etats-Unis (govt)

500%

Europe (govt)

400%
300%
Capital
public

200%

Capital
priv

100%
0%
-100%
1870

1890

1910

1930

1950

1970

1990

2010

Lecture: les mouvements du capital national en Europe comme en Amrique correspondant avant tout aux mouvements du capital priv. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique 5.2. Le capital national en Europe et en Amrique, 1870-2010


800%
Etats-Unis

700%

Europe

Valeur du capital national et tranger, en % du revenu national

600%

Etats-Unis (for)
Europe (for)

500%
400%
300%

Capital
tranger net

200%

Capital
national

100%
0%
-100%
1870

1890

1910

1930

1950

1970

1990

2010

Lecture: le capital national (public et priv) vaut 6,5 annes de revenu national en Europe en 1910, contre 4,5 annes en Amrique. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique 5.3. Le capital priv dans les pays riches, 1970-2010


800%
700%

Etats-Unis

Japon

Allemagne

France

Valeur du capital priv, en % du revenu national

600%

Royaume-Uni

Italie

Canada

Australie

500%
400%
300%
200%
100%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: le capital priv reprsente entre 2 et 3,5 annes de revenu national dans les pays riches en 1970, et entre 4 et 7 annes de revenu national en 2010. Sources et sries: voir piketty.pse.ens.fr/capital21c.

1000%

Graphique 5.4. Le capital priv exprim en annes de revenu disponible

900%

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Valeur du capital priv, en % du revenu disponible

800%
700%
600%
500%
400%
300%
200%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: exprim en annes de revenu disponible des mnages (soit 70-80% du revenu national), le rapport capital/revenu apparat plus lev que si l'on exprime en annes de revenu national.
Sources et sries : voir piketty.pse.ens.fr/capital21c.

Graphique 5.5. Capital priv et public dans les pays riches, 1970-2010
800%
Etats-Unis
Allemagne
700%
Royaume-Uni
Canada
Valeur600%
du capital, en %USA
du (govt)
revenu national
Germany (govt)

Japon
France
Italie
Australie
Japan (govt)
France (govt)

500%
400%
300%
200%

Capital
public

Capital
priv

100%
0%
-100%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: en Italie, le capital priv est pass de 240% 680% du revenu national entre 1970 et 2010, alors que le capital public passait de 20% -70%. Sources et sries: voir piketty.pse.ens.fr/capital21c.

160%

Graphique 5.6. Valeur de march et valeur comptable des socits

Rapport
entre valeur de march et valeur comptable des socits
140%

120%
100%

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Canada

80%
60%
40%
20%
0%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: le "Q de Tobin" (rapport entre valeur de march et valeur comptable des socits) a eu tendance progresser en moyenne dans les pays riches depuis les annes 1970-1980.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique 5.7. Le capital national dans les pays riches, 1970-2010


800%

Etats-Unis
Allemagne
Royaume-Uni
700%
Canada
Valeur du capital, en % du revenu national
USA (govt)
600%

Japon
France
Italie
Australie
Japan (govt)

500%
400%
300%
Capital
national

200%
Capital
tranger net

100%
0%
-100%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: les actifs trangers nets dtenus par le Japon et l'Allemagne sont compris entre 0,5 et 1 anne de revenu national en 2010. Sources et sries: voir piketty.pse.ens.fr/capital21c.

800%

Graphique 5.8. Le rapport capital/revenu dans le monde, 1870-2100


Prvisions
(scnario
central)

700%
Valeur du capital priv, en % du revenu national
Sries
observes

600%
500%
400%
300%
200%
100%
1870

1890

1910

1930

1950

1970

1990

2010

2030

2050

2070

2090

Lecture: d'aprs les simulations du scnario central, le rapport capital/revenu au niveau mondial pourrait s'approcher de 700% d'ici la fin du 21e sicle. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Tableau 5.1. Taux de croissance et taux d'pargne dans les pays riches, 1970-2010

Taux de croissance du
revenu national

Taux de croissance
de la population

Taux de croissance
du revenu national
par habitant

Epargne prive (nette de la


dprciation) (en % du
revenu national)

Etats-Unis

2.8%

1.0%

1.8%

7.7%

Japon

2.5%

0.5%

2.0%

14.6%

Allemagne

2.0%

0.2%

1.8%

12.2%

France

2.2%

0.5%

1.7%

11.1%

Royaume-Uni

2.2%

0.3%

1.9%

7.3%

Italie

1.9%

0.3%

1.6%

15.0%

Canada

2.8%

1.1%

1.7%

12.1%

Australie

3.2%

1.4%

1.7%

9.9%

Lecture: les taux d'pargne et de croissance dmographique varient fortement au sein des pays riches; les taux de croissance du revenu
national par habitant varient beaucoup moins.
Sources: voir piketty.pse.ens.fr/capital21c
Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Tableau 5.2. L'pargne prive dans les pays riches, 1970-2010

Epargne prive

(nette

(en % du
revenu national)

de la dprciation)

Etats-Unis

7.7%

Japon

14.6%

Allemagne

12.2%

France

11.1%

Royaume-Uni

7.4%

Italie

15.0%

Canada

12.1%

Australie

9.9%

dont pargne nette des


mnages

dont pargne nette des


entreprises (profits rinvestis

4.6%
60%
6.8%
47%
9.4%
77%
9.0%
81%
2.8%
38%
14.6%
97%
7.2%
60%
5.9%
60%

3.1%
40%
7.8%
53%
2.8%
23%
2.1%
19%
4.6%
62%
0.4%
3%
4.9%
40%
3.9%
40%

nets)

Lecture: une part importante (et variable suivant les pays) de l'pargne prive provient des profits non distribus des
entreprises.
Sources: voir piketty.pse.ens.fr/capital21c
Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Table 5.3. Epargne brute et nette dans les pays riches, 1970-2010

Epargne prive brute (%


revenu national)

Moins: Dprciation du
capital

Egal: Epargne prive nette

Etats-Unis

18.8%

11.1%

7.7%

Japon

33.4%

18.9%

14.6%

Allemagne

28.5%

16.2%

12.2%

France

22.0%

10.9%

11.1%

Royaume-Uni

19.7%

12.3%

7.3%

Italie

30.1%

15.1%

15.0%

Canada

24.5%

12.4%

12.1%

Australie

25.1%

15.2%

9.9%

Lecture: une part importante de l'pargne brute (gnralement autour de la moiti) correspond la dprciation du
capital et sert donc simplement rparer ou remplacer le capital usag.
Sources: voir piketty.pse.ens.fr/capital21c
Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Tableau 5.4. Epargne prive et publique dans les pays riches, 1970-2010

Epargne nationale (prive +


publique) (nette de dprciation)

dont: Epargne prive

dont: Epargne publique

(en % du revenu national)

Etats-Unis

5.2%

7.6%

-2.4%

Japon

14.6%

14.5%

0.1%

Allemagne

10.2%

12.2%

-2.0%

France

9.2%

11.1%

-1.9%

Royaume-Uni

5.3%

7.3%

-2.0%

Italie

8.5%

15.0%

-6.5%

Canada

10.1%

12.1%

-2.0%

Australie

8.9%

9.8%

-0.9%

Lecture: une part significative (et variable suivant les pays) de l'pargne prive est absorbe par les dficits publics, d'o
une pargne nationale (prive + publique) plus faible que l'pargne prive.
Sources: voir piketty.pse.ens.fr/capital21c

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Graphique S5.0. Le capital priv en Europe et en Amrique, 1870-2010


800%
700%

Etats-Unis

Valeur du capital priv, en % du revenu national

Europe

600%
500%
400%
300%
200%
100%
1870

1890

1910

1930

1950

1970

1990

Lecture: le capital priv vaut environ 6,5 annes de revenu national en Europe en 1910, contre 4,5 aux Etats-Unis
Sources et sries: voir piketty.pse.ens.fr/capital21c

2010

Graphique S5.1. L'accumulation de capital priv


dans les pays riches, 1970-2010
700%
676%

Niveau observ du capital priv en 2010


650%
(en % du revenu national)

600%

601%
575%

550%
500%

522%

518%

450%
400%

410%

416%

412%

350%
300%
300% 350% 400% 450% 500% 550% 600% 650% 700%
Niveau prdit du capital priv en 2010 (en % du revenu national)
(sur la base du niveau de 1970 et des flux d'pargne priv 1970-2010)
Sources et sries: voir piketty.pse.ens.fr/capital21c

Graphique S5.2. Le capital priv dans les pays riches:


de la bulle japonaise la bulle espagnole

900%
800%

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Valeur du capital priv, en % du revenu national

700%
600%

Espagne

500%
400%
300%
200%
100%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: le capital priv s'est approch de 8 annes de revenu national en Espagne la fin des annes 2000 (soit une anne de plus que le Japon en 1990). Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.3. Les actifs financiers dans les pays riches


2200%
2000%
Valeur des actifs financiers,Etats-Unis
en % du revenu nationalJapon

1800%
1600%
1400%

Allemagne

France

Royaume-Uni

Canada

1200%
1000%
800%
600%
400%
200%
0%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: le total des actifs financiers dtenus par les secteurs domestiques (mnages, socits, administrations) atteint 20 annes de revenu national au Royaume-Uni en 2010. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.4. Les passifs financiers dans les pays riches


2200%
2000%
Valeur des actifs financiers,Etats-Unis
en % du revenu nationalJapon

1800%
1600%
1400%

Allemagne

France

Royaume-Uni

Canada

1200%
1000%
800%
600%
400%
200%
0%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: le total des passifs financiers dtenus par les secteurs domestiques (mnages, socits, administrations) atteint 20 annes de revenu national au Royaume-Uni en 2010. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.5. La part des passifs financiers trangers


dans le total des passifs financiers dans les pays riches

50%passifs financiers trangers, en % du total des passifs


Part des

40%

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Canada

30%

20%

10%

0%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: le total des passifs financiers dtenus par le reste du monde reprsente environ 40% du total des passifs financiers des secteurs domestiques au Royaume-Uni en 2010. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.6. Actifs et passifs trangers aux Etats-Unis 1970-2010


140%
120%

Actifs trangers

Actifs et passifs trangers, en % du revenu national

Passifs trangers

100%

Position nette

80%
60%
40%
20%
0%
-20%
-40%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: les passifs trangers (ce que le reste du monde dtient aux Etats-Unis) ont dpass les actifs trangers (ce que les Etats-Unis dtiennent dans le reste du monde) en 1985-1986. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.7. Actifs et passifs trangers au Japon 1970-2010


180%
160%

Actifs trangers

Actifs140%
et passifs trangers, en % du revenu national

Passifs trangers

120%

Position nette

100%
80%
60%
40%
20%
0%
-20%
-40%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: les actifs trangers (ce que le Japon dtient dans le reste du monde) sont presque deux fois plus levs que les passifs trangers (ce que le reste du monde dtient au Japon) en 2010. Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.8. Actifs et passifs trangers en Allemagne 1970-2010


280%
240%

Actifs trangers

Actifs et passifs trangers, en % du revenu national

Passifs trangers

200%

Position nette

160%
120%
80%
40%
0%
-40%
1970

1975

1980

1985

1990

1995

2000

2005

Lecture: les actifs et passifs trangers de l'Allemagne ont normmement depuis les annes 1980-1990.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

2010

Graphique S5.9. Actifs et passifs trangers en France 1970-2010


320%
280%

Actifs trangers

Actifs et passifs trangers, en % du revenu national

240%

Passifs trangers

200%

Position nette

160%
120%
80%
40%
0%
-40%
1970

1975

1980

1985

1990

1995

2000

2005

2010

Lecture: de mme qu'en Allemagne, les actifs et passifs trangers de la France ont normmement depuis les annes 1980-1990 (mais avec un position nette ngative en fin de priode). Sources et sries: voir piketty.pse.ens.fr/capital21c.

Graphique S5.10. Actifs et passifs trangers au Royaume-Uni 1970-2010


900%
800%

Actifs trangers

Actifs et passifs trangers, en % du revenu national

700%

Passifs trangers

600%

Position nette

500%
400%
300%
200%
100%
0%
-100%
1970

1975

1980

1985

1990

1995

2000

2005

Lecture: au Royaume-Uni, les actifs et passifs trangers atteignent 7-8 annes de revenu national en fin de priode.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

2010

Graphique S5.11. Actifs et passifs trangers en Espagne 1980-2010


280%
240%
Actifs trangers

Actifs et passifs trangers, en % du revenu national

200%

Passifs trangers

160%

Position nette

120%
80%
40%
0%
-40%
-80%
-120%
1980

1985

1990

1995

2000

2005

Lecture: la dette extrieure nette de l'Espagne dpasse une anne de revenu national en 2010.
Sources et sries: voir piketty.pse.ens.fr/capital21c.

2010

Tableau S5.1. Le raport (capital priv)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour le graphique 5.3)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

342%
341%
349%
339%
321%
320%
327%
326%
322%
333%
355%
351%
359%
357%
339%
346%
364%
366%
362%
373%
372%
377%
379%
380%
372%
378%
389%
401%
424%
452%
450%
436%
417%
421%
447%
470%
488%
494%
436%
406%
410%

299%
328%
373%
404%
396%
386%
375%
373%
378%
406%
434%
457%
474%
488%
486%
486%
530%
611%
656%
692%
699%
661%
627%
610%
609%
602%
586%
577%
592%
602%
596%
590%
584%
581%
571%
574%
583%
579%
587%
619%
601%

225%
220%
222%
218%
220%
229%
229%
236%
246%
249%
253%
262%
273%
280%
284%
290%
295%
304%
303%
301%
293%
287%
290%
304%
307%
310%
321%
331%
341%
351%
356%
358%
363%
371%
372%
384%
378%
379%
390%
415%
412%

310%
304%
307%
305%
303%
317%
315%
317%
319%
319%
321%
321%
313%
315%
316%
314%
318%
325%
325%
338%
343%
342%
337%
342%
339%
333%
336%
340%
342%
359%
376%
385%
399%
424%
457%
500%
534%
553%
553%
563%
575%

306%
328%
354%
340%
337%
301%
283%
284%
298%
313%
309%
310%
314%
322%
332%
338%
361%
379%
402%
435%
429%
418%
411%
420%
412%
403%
410%
432%
453%
494%
515%
494%
466%
465%
481%
499%
519%
523%
491%
504%
522%

239%
245%
258%
253%
282%
321%
304%
300%
294%
298%
322%
365%
383%
378%
369%
363%
371%
373%
369%
401%
448%
485%
534%
575%
556%
518%
514%
529%
551%
561%
563%
562%
570%
588%
600%
624%
637%
642%
661%
691%
676%

247%
252%
251%
246%
239%
242%
236%
243%
251%
255%
264%
261%
273%
277%
276%
274%
284%
282%
276%
284%
294%
308%
326%
341%
348%
346%
363%
374%
380%
377%
365%
368%
358%
355%
360%
373%
388%
402%
383%
413%
416%

330%
338%
344%
347%
348%
349%
345%
341%
348%
336%
337%
345%
347%
351%
345%
350%
350%
351%
355%
375%
386%
401%
410%
403%
408%
412%
401%
407%
417%
429%
442%
454%
463%
482%
500%
522%
532%
555%
544%
504%
518%

362%
385%
416%
435%
457%
453%
443%
444%
430%
433%
433%
442%
463%
479%
507%
546%
598%
666%
724%
769%
792%
786%
789%
755%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Europe
270%
274%
285%
279%
286%
292%
283%
284%
289%
295%
301%
314%
321%
324%
325%
326%
336%
345%
350%
369%
378%
383%
393%
410%
403%
391%
395%
408%
422%
441%
452%
450%
449%
462%
477%
502%
517%
524%
523%
543%
546%

Tableau S5.2. Le rapport (capital public)/(revenu national) dans les pays riches, 1970-2010
utilises pour le graphique 5.5)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

(sries

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

61%
64%
64%
65%
74%
77%
71%
68%
67%
70%
79%
79%
78%
71%
61%
55%
51%
47%
42%
40%
38%
35%
29%
23%
20%
20%
20%
23%
27%
32%
37%
43%
46%
45%
46%
48%
51%
54%
49%
36%
21%

61%
67%
71%
75%
81%
82%
77%
75%
72%
73%
77%
78%
76%
72%
67%
63%
63%
71%
81%
93%
103%
104%
103%
102%
101%
99%
93%
88%
82%
72%
63%
56%
47%
41%
36%
34%
36%
38%
34%
24%
14%

88%
89%
88%
88%
90%
87%
80%
78%
76%
76%
77%
77%
74%
71%
68%
66%
64%
64%
62%
61%
64%
59%
54%
50%
46%
39%
31%
28%
24%
22%
23%
22%
17%
13%
8%
4%
2%
6%
8%
7%
4%

41%
43%
45%
46%
48%
53%
55%
56%
55%
57%
62%
64%
61%
60%
58%
54%
49%
47%
46%
44%
44%
42%
39%
34%
28%
23%
16%
13%
11%
15%
19%
19%
18%
18%
21%
28%
37%
46%
43%
35%
31%

59%
69%
79%
93%
111%
102%
93%
89%
91%
100%
107%
112%
105%
97%
93%
91%
89%
87%
89%
87%
76%
66%
54%
41%
34%
29%
22%
19%
17%
18%
23%
30%
32%
31%
32%
32%
32%
32%
28%
19%
6%

20%
16%
11%
10%
11%
5%
2%
2%
0%
1%
4%
1%
-3%
-11%
-19%
-25%
-32%
-37%
-40%
-39%
-38%
-43%
-51%
-61%
-66%
-63%
-64%
-68%
-69%
-67%
-60%
-58%
-59%
-57%
-55%
-56%
-54%
-52%
-52%
-65%
-68%

37%
39%
40%
40%
44%
46%
42%
39%
36%
32%
30%
30%
27%
17%
7%
-2%
-10%
-15%
-16%
-18%
-21%
-28%
-39%
-50%
-55%
-59%
-65%
-61%
-57%
-50%
-39%
-35%
-33%
-29%
-22%
-16%
-10%
-3%
0%
-2%
-4%

61%
65%
68%
71%
78%
84%
86%
86%
88%
84%
85%
89%
90%
91%
86%
84%
83%
81%
80%
83%
87%
87%
82%
70%
60%
55%
52%
50%
56%
64%
67%
65%
63%
62%
63%
67%
69%
69%
71%
71%
67%

39%
37%
34%
30%
25%
21%
20%
20%
19%
17%
14%
12%
5%
-1%
-4%
-10%
-12%
-11%
-7%
-2%
1%
3%
6%
9%
13%
20%
26%
25%
14%
5%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Tableau S5.3. Le rapport (capital national)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour le graphique 5.7)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

404%
405%
412%
405%
396%
397%
398%
394%
389%
403%
434%
430%
437%
428%
400%
401%
415%
413%
404%
413%
410%
412%
407%
403%
392%
397%
409%
424%
451%
484%
488%
480%
463%
467%
493%
518%
539%
548%
485%
442%
431%

359%
395%
444%
479%
477%
468%
452%
448%
450%
479%
510%
535%
550%
560%
552%
550%
592%
681%
737%
786%
801%
766%
730%
712%
711%
701%
679%
665%
674%
674%
660%
646%
631%
621%
607%
608%
619%
617%
621%
644%
616%

309%
310%
306%
310%
317%
309%
314%
322%
324%
330%
339%
347%
350%
352%
356%
359%
369%
365%
362%
357%
346%
344%
353%
354%
349%
352%
359%
365%
373%
379%
380%
380%
383%
380%
387%
380%
385%
398%
422%
416%
413%

351%
346%
352%
351%
351%
371%
370%
372%
374%
375%
383%
384%
374%
375%
374%
368%
367%
372%
371%
382%
387%
384%
376%
376%
368%
356%
352%
353%
352%
374%
395%
403%
417%
441%
478%
528%
571%
599%
595%
598%
605%

365%
397%
433%
433%
449%
403%
376%
373%
389%
413%
416%
422%
420%
419%
426%
429%
450%
466%
491%
522%
505%
484%
465%
461%
445%
432%
433%
450%
470%
512%
538%
523%
498%
496%
513%
531%
551%
555%
519%
523%
527%

259%
261%
269%
263%
293%
325%
306%
301%
294%
299%
326%
366%
379%
367%
350%
338%
339%
335%
329%
362%
410%
442%
483%
514%
490%
455%
449%
462%
481%
494%
503%
504%
511%
531%
545%
568%
583%
591%
608%
626%
609%

284%
291%
291%
286%
282%
288%
278%
282%
286%
286%
294%
291%
300%
294%
283%
273%
274%
267%
261%
266%
274%
280%
287%
291%
293%
288%
298%
312%
323%
327%
326%
333%
325%
326%
338%
356%
378%
399%
383%
411%
412%

391%
404%
412%
418%
426%
433%
432%
428%
436%
420%
422%
434%
437%
443%
432%
434%
433%
432%
435%
459%
473%
488%
492%
473%
468%
467%
452%
457%
473%
493%
509%
519%
526%
544%
563%
589%
601%
624%
615%
574%
584%

382%
405%
434%
451%
471%
465%
448%
443%
425%
423%
421%
431%
456%
477%
508%
549%
604%
675%
738%
789%
819%
812%
803%
760%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Europe
321%
329%
340%
339%
353%
352%
342%
342%
345%
354%
366%
380%
381%
378%
377%
374%
381%
385%
388%
406%
412%
414%
419%
426%
413%
399%
398%
408%
419%
440%
454%
453%
452%
462%
481%
502%
523%
536%
536%
541%
539%

Tableau S5.4. Le rapport (capital priv)/(revenu national) prdit et observ en 2010 dans les pays riches
(sries utilises pour le graphique S5.1)
(

Taux de
croissance rel
du revenu
national

Rapport capital
priv/revenu
Rapport capital
Rapport capital
Taux d'pargne
national prdit
priv/revenu national priv/revenu national
prive nette
(dcompos.
observ (1970)
observ (2010)
addditive, y.c. R&D)
(2010)

Etats-Unis

2.8%

7.7%

342%

410%

400%

Japon

2.5%

14.6%

299%

601%

616%

Allemagne

2.0%

12.2%

225%

412%

510%

France

2.2%

11.1%

310%

575%

526%

Royaume-Uni

2.2%

7.3%

306%

522%

371%

Italie

1.9%

15.0%

239%

676%

644%

Canada

2.8%

12.1%

247%

416%

438%

Australie

3.2%

9.9%

330%

518%

419%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Tableau S5.5. Le rapport (capital tranger net)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour le graphique 5.7)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

4%
3%
2%
3%
4%
3%
6%
7%
7%
7%
8%
8%
8%
7%
4%
1%
-2%
-4%
-5%
-7%
-7%
-7%
-8%
-8%
-6%
-7%
-8%
-10%
-11%
-10%
-12%
-18%
-22%
-22%
-22%
-20%
-19%
-19%
-24%
-29%
-25%

3%
5%
6%
6%
5%
4%
4%
5%
6%
5%
4%
4%
4%
5%
7%
8%
11%
15%
19%
17%
13%
13%
16%
19%
19%
20%
22%
27%
31%
26%
26%
38%
44%
43%
44%
44%
48%
55%
58%
66%
67%

8%
7%
7%
6%
7%
8%
9%
9%
8%
7%
5%
4%
4%
5%
7%
8%
9%
12%
16%
20%
22%
20%
17%
15%
12%
9%
6%
5%
3%
3%
5%
7%
8%
7%
10%
18%
28%
30%
30%
35%
39%

11%
13%
14%
14%
13%
14%
15%
16%
16%
17%
21%
22%
22%
23%
20%
14%
11%
11%
9%
5%
4%
4%
4%
6%
10%
14%
14%
15%
17%
14%
14%
16%
6%
-3%
-4%
-3%
-2%
-4%
-9%
-13%
-13%

6%
8%
10%
11%
9%
6%
5%
4%
4%
4%
4%
6%
7%
7%
7%
7%
6%
9%
11%
11%
5%
-1%
0%
3%
3%
-1%
-6%
-8%
-15%
-22%
-17%
-13%
-13%
-11%
-15%
-22%
-28%
-28%
-16%
-16%
-20%

12%
12%
11%
9%
3%
0%
0%
1%
4%
7%
9%
8%
3%
1%
2%
0%
-1%
-1%
-1%
-3%
-6%
-8%
-11%
-11%
-11%
-12%
-11%
-4%
0%
-1%
-4%
-6%
-9%
-14%
-16%
-16%
-19%
-26%
-31%
-33%
-31%

-41%
-40%
-38%
-35%
-32%
-32%
-34%
-36%
-39%
-42%
-42%
-42%
-45%
-43%
-42%
-44%
-48%
-48%
-45%
-44%
-45%
-47%
-50%
-53%
-52%
-49%
-47%
-42%
-39%
-31%
-20%
-16%
-18%
-19%
-17%
-12%
-3%
0%
-2%
-4%
-10%

-20%
-19%
-17%
-13%
-10%
-10%
-10%
-10%
-12%
-13%
-18%
-23%
-24%
-27%
-29%
-34%
-40%
-45%
-45%
-45%
-49%
-54%
-58%
-59%
-59%
-61%
-61%
-62%
-60%
-60%
-59%
-59%
-58%
-58%
-60%
-62%
-63%
-65%
-66%
-66%
-70%

-10%
-11%
-14%
-15%
-14%
-11%
-9%
-8%
-8%
-10%
-13%
-16%
-18%
-21%
-24%
-24%
-26%
-28%
-32%
-36%
-36%
-38%
-42%
-47%
-55%
-63%
-71%
-86%
-95%
-105%
-106%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Tableau S5.6. Le rapport (actifs trangers bruts)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour les graphiques S5.6-S5.11)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

16%
16%
15%
15%
16%
17%
20%
22%
23%
25%
26%
26%
27%
27%
25%
24%
25%
26%
27%
29%
31%
32%
32%
35%
38%
41%
46%
50%
53%
58%
60%
59%
59%
62%
70%
78%
87%
102%
99%
97%
102%

10%
12%
15%
14%
14%
14%
13%
14%
15%
14%
16%
19%
21%
23%
26%
29%
36%
49%
65%
76%
73%
69%
68%
65%
64%
66%
72%
80%
86%
82%
82%
92%
96%
98%
105%
122%
140%
148%
149%
155%
155%

27%
28%
28%
28%
29%
32%
33%
34%
35%
35%
36%
38%
40%
42%
45%
49%
52%
57%
60%
66%
70%
65%
66%
73%
75%
75%
81%
92%
106%
128%
153%
169%
173%
173%
177%
197%
213%
226%
232%
243%
265%

29%
32%
36%
37%
35%
38%
42%
44%
45%
48%
55%
61%
63%
69%
73%
69%
64%
65%
67%
73%
79%
81%
86%
96%
98%
97%
102%
116%
133%
158%
184%
194%
185%
181%
198%
234%
272%
294%
292%
296%
301%

96%
98%
101%
101%
105%
107%
111%
116%
121%
127%
132%
139%
146%
151%
157%
161%
166%
174%
182%
198%
199%
189%
202%
229%
230%
235%
241%
254%
270%
289%
323%
347%
335%
335%
391%
471%
513%
563%
735%
809%
734%

31%
34%
37%
37%
30%
25%
23%
24%
25%
26%
29%
27%
20%
20%
30%
35%
33%
31%
31%
33%
34%
35%
39%
48%
53%
54%
60%
73%
89%
107%
120%
118%
110%
106%
108%
119%
129%
132%
130%
135%
138%

34%
35%
34%
33%
31%
30%
29%
30%
33%
34%
37%
40%
42%
41%
41%
43%
45%
45%
43%
43%
47%
51%
54%
58%
64%
71%
80%
90%
102%
108%
109%
117%
116%
109%
105%
105%
115%
122%
121%
134%
129%

8%
9%
11%
13%
11%
8%
8%
8%
9%
8%
11%
12%
12%
14%
16%
18%
20%
26%
29%
31%
32%
34%
35%
38%
42%
45%
44%
47%
56%
62%
70%
80%
82%
80%
83%
87%
93%
108%
111%
106%
108%

23%
24%
25%
26%
30%
30%
27%
27%
28%
28%
29%
31%
36%
50%
57%
53%
57%
65%
74%
86%
103%
114%
115%
118%
125%
138%
152%
159%
158%
161%
160%

PZ 2013, link broken on 7-4-13

Tableau S5.7. Le rapport (passifs trangers bruts)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour les graphiques S5.6-S5.11)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

11%
12%
14%
12%
12%
13%
14%
15%
16%
17%
18%
18%
19%
20%
21%
24%
27%
30%
32%
36%
38%
39%
40%
42%
44%
48%
54%
59%
64%
68%
72%
77%
80%
84%
92%
98%
106%
121%
123%
126%
128%

7%
8%
9%
8%
9%
10%
10%
9%
9%
9%
12%
15%
17%
18%
20%
20%
24%
34%
46%
58%
60%
56%
52%
46%
44%
47%
49%
53%
55%
55%
55%
53%
52%
54%
61%
78%
93%
93%
90%
89%
88%

19%
21%
21%
21%
22%
23%
24%
25%
27%
28%
31%
34%
36%
37%
38%
41%
44%
44%
43%
46%
48%
45%
48%
58%
63%
67%
75%
87%
104%
126%
149%
161%
165%
166%
167%
179%
186%
196%
202%
208%
226%

18%
19%
21%
23%
23%
24%
26%
28%
30%
31%
34%
39%
42%
46%
53%
54%
54%
55%
58%
69%
75%
78%
81%
90%
89%
84%
88%
102%
116%
144%
169%
178%
180%
184%
203%
238%
274%
298%
301%
309%
314%

90%
90%
90%
90%
95%
101%
106%
112%
117%
122%
128%
133%
139%
144%
149%
155%
160%
166%
171%
187%
194%
190%
202%
226%
227%
235%
247%
263%
285%
311%
340%
360%
348%
345%
406%
493%
541%
591%
751%
826%
754%

20%
22%
25%
29%
27%
25%
23%
23%
21%
19%
20%
19%
17%
19%
28%
35%
33%
32%
33%
37%
40%
43%
50%
59%
63%
66%
71%
77%
89%
108%
124%
124%
119%
120%
124%
135%
149%
158%
162%
168%
169%

75%
74%
72%
68%
62%
61%
62%
66%
72%
76%
79%
82%
88%
85%
83%
86%
93%
93%
88%
87%
91%
97%
104%
112%
116%
120%
127%
132%
141%
139%
129%
133%
134%
129%
122%
117%
118%
122%
123%
138%
138%

27%
28%
28%
26%
21%
18%
18%
18%
20%
21%
29%
35%
36%
41%
44%
51%
61%
71%
74%
76%
81%
88%
93%
96%
101%
105%
106%
109%
116%
122%
129%
139%
140%
139%
143%
149%
156%
173%
177%
172%
179%

33%
36%
39%
42%
44%
42%
36%
34%
36%
38%
42%
47%
54%
71%
80%
77%
83%
93%
106%
122%
139%
151%
157%
164%
180%
201%
223%
245%
253%
266%
266%

PZ 2013, link broken on 7-4-13

Tableau S5.8. Le rapport (total des actifs financiers)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour le graphique S5.3)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

460%
462%
474%
461%
442%
445%
454%
450%
444%
456%
481%
477%
499%
513%
505%
537%
584%
599%
598%
619%
626%
646%
656%
672%
671%
692%
725%
756%
806%
868%
880%
873%
850%
855%
886%
903%
930%
992%
979%
989%
984%

482%
520%
570%
581%
571%
583%
591%
604%
619%
650%
669%
701%
739%
793%
834%
871%
952%
1048%
1117%
1203%
1180%
1126%
1133%
1156%
1201%
1234%
1234%
1235%
1292%
1347%
1365%
1374%
1381%
1394%
1404%
1454%
1486%
1440%
1425%
1499%
1479%

305%
318%
330%
331%
340%
358%
363%
376%
384%
385%
390%
407%
428%
443%
453%
465%
473%
490%
490%
487%
476%
455%
458%
496%
519%
536%
575%
623%
674%
735%
778%
787%
771%
760%
758%
787%
785%
783%
795%
837%
825%

456%
444%
457%
464%
440%
443%
439%
439%
447%
450%
457%
456%
453%
476%
500%
519%
538%
559%
577%
622%
634%
632%
647%
695%
699%
690%
719%
762%
800%
885%
953%
943%
907%
902%
931%
997%
1083%
1163%
1170%
1204%
1227%

783%
821%
838%
828%
927%
869%
845%
856%
876%
906%
895%
921%
919%
894%
885%
859%
855%
813%
773%
823%
837%
828%
857%
924%
920%
927%
955%
1002%
1040%
1103%
1165%
1163%
1093%
1087%
1215%
1381%
1499%
1575%
1910%
2151%
1989%

Copied from PZ 2013 (frozen on 30-4-2013)

Italie

Canada

Australie

444%
454%
450%
430%
407%
410%
405%
426%
448%
461%
475%
477%
508%
509%
508%
518%
548%
549%
543%
560%
590%
626%
661%
694%
709%
718%
768%
803%
840%
846%
824%
848%
837%
826%
830%
854%
889%
925%
917%
1023%
1032%

405%
423%
442%
447%
456%
466%
467%
480%
504%
525%
543%
560%
558%
554%
559%
588%
624%
683%
692%
658%
660%

Espagne

Tableau S5.9. Le rapport (total des passifs financiers)/(revenu national) dans les pays riches, 1970-2010
(sries utilises pour le graphique S5.4)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

402%
405%
416%
402%
375%
379%
394%
390%
382%
390%
409%
408%
428%
444%
440%
470%
514%
527%
526%
545%
553%
573%
591%
610%
610%
629%
658%
688%
733%
786%
791%
778%
754%
757%
782%
791%
809%
855%
846%
863%
866%

481%
518%
566%
577%
569%
582%
590%
601%
615%
645%
666%
698%
737%
790%
830%
864%
942%
1035%
1099%
1187%
1168%
1113%
1117%
1137%
1181%
1214%
1212%
1209%
1261%
1320%
1338%
1336%
1337%
1351%
1360%
1410%
1439%
1385%
1367%
1434%
1412%

300%
309%
320%
323%
330%
345%
352%
364%
373%
378%
385%
402%
424%
441%
452%
463%
470%
483%
484%
476%
462%
446%
443%
476%
505%
522%
561%
615%
670%
731%
775%
784%
766%
758%
760%
776%
782%
787%
782%
805%
800%

443%
429%
440%
446%
424%
426%
421%
423%
430%
432%
435%
433%
432%
454%
480%
504%
525%
546%
565%
614%
627%
626%
640%
687%
688%
675%
705%
747%
783%
871%
939%
927%
902%
904%
935%
1001%
1085%
1167%
1179%
1218%
1240%

827%
868%
886%
882%
996%
934%
905%
917%
938%
970%
961%
987%
981%
952%
939%
908%
902%
845%
761%
811%
832%
828%
856%
921%
916%
926%
960%
1010%
1054%
1125%
1182%
1175%
1106%
1098%
1230%
1403%
1526%
1603%
1925%
2167%
2008%

Copied from PZ 2013 (frozen on 30-4-2013)


(US gap due to derivatives)

Italie

Checks: gross financial assets - gross financial liabilities - net foreign asset position
Canada
484%
493%
488%
465%
438%
442%
439%
462%
488%
503%
517%
520%
553%
552%
550%
562%
596%
597%
588%
604%
635%
673%
711%
747%
761%
767%
815%
844%
879%
877%
844%
865%
855%
845%
847%
867%
892%
925%
919%
1028%
1042%

Australie

453%
478%
500%
506%
515%
527%
528%
542%
564%
586%
602%
619%
616%
612%
619%
650%
687%
748%
758%
724%
730%

Espagne

USA

Japan

58%
57%
58%
60%
68%
67%
59%
60%
62%
66%
72%
69%
70%
69%
65%
67%
71%
72%
72%
74%
74%
73%
66%
62%
61%
63%
67%
69%
73%
81%
89%
95%
96%
98%
104%
112%
122%
137%
132%
126%
117%

-1%
-2%
-2%
-2%
-3%
-3%
-2%
-2%
-1%
-1%
-1%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-1%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

Germany

France

UK

2%
4%
2%
3%
5%
2%
3%
2%
0%
1%
1%
0%
-3%
-6%
-6%
-5%
-5%
-10%
-9%
-7%
-10%
-2%
5%
2%
6%
8%
3%
2%
2%
-1%
-4%
-4%
-5%
-11%
-7%
-25%
-34%
-17%
-2%
-14%

3%
2%
3%
4%
4%
3%
2%
1%
1%
1%
0%
0%
-1%
-1%
-1%
0%
2%
2%
3%
4%
3%
2%
2%
2%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

-51%
-55%
-59%
-65%
-79%
-72%
-65%
-65%
-67%
-68%
-70%
-72%
-68%
-66%
-61%
-56%
-53%
-41%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%

Canada

Australia
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

Tableau S5.10. Le rapport (passifs trangers)/(total des passifs financiers) dans les pays riches, 1970-2010
(sries utilises pour le graphique S5.5)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

3%
3%
3%
3%
3%
4%
4%
4%
4%
4%
5%
4%
4%
5%
5%
5%
5%
6%
6%
7%
7%
7%
7%
7%
7%
8%
8%
9%
9%
9%
9%
10%
11%
11%
12%
12%
13%
14%
15%
15%
15%

1%
1%
2%
1%
2%
2%
2%
2%
1%
1%
2%
2%
2%
2%
2%
2%
3%
3%
4%
5%
5%
5%
5%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
5%
6%
6%
7%
7%
6%
6%

6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
8%
8%
9%
8%
8%
9%
9%
9%
9%
10%
10%
10%
11%
12%
13%
13%
13%
14%
15%
17%
19%
21%
21%
22%
22%
23%
24%
25%
26%
26%
28%

4%
4%
5%
5%
5%
6%
6%
7%
7%
7%
8%
9%
10%
10%
11%
11%
10%
10%
10%
11%
12%
12%
13%
13%
13%
12%
12%
14%
15%
16%
18%
19%
20%
20%
22%
24%
25%
26%
26%
25%
25%

11%
10%
10%
10%
10%
11%
12%
12%
12%
13%
13%
13%
14%
15%
16%
17%
18%
20%
22%
23%
23%
23%
24%
25%
25%
25%
26%
26%
27%
28%
29%
31%
31%
31%
33%
35%
35%
37%
39%
38%
38%

Italie

Canada

Australie

15%
15%
15%
15%
14%
14%
14%
14%
15%
15%
15%
16%
16%
15%
15%
15%
16%
16%
15%
14%
14%
14%
15%
15%
15%
16%
16%
16%
16%
16%
15%
15%
16%
15%
14%
14%
13%
13%
13%
13%
13%

18%
18%
19%
19%
20%
20%
20%
20%
21%
21%
21%
22%
23%
23%
23%
23%
23%
23%
23%
24%
24%

Espagne

Tableau S5.11. Le rapport (valeur comptable des socits)/(valeur de march) dans les pays riches 1970-2010 (Q de Tobin) (sries
utilises pour le graphique 5.6)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

80%
80%
86%
77%
49%
42%
50%
47%
42%
42%
45%
45%
45%
49%
49%
52%
59%
61%
62%
67%
69%
75%
88%
95%
95%
100%
108%
116%
126%
134%
128%
114%
102%
100%
106%
103%
101%
100%
92%
89%
95%

30%
27%
34%
35%
28%
24%
25%
26%
28%
29%
27%
26%
27%
30%
36%
41%
46%
49%
53%
58%
53%
44%
41%
40%
44%
47%
48%
44%
40%
50%
56%
48%
44%
49%
55%
64%
70%
65%
52%
43%
45%

33%
33%
32%
32%
31%
31%
31%
30%
29%
27%
25%
26%
28%
31%
33%
35%
36%
38%
38%
39%
39%
35%
34%
37%
40%
41%
43%
49%
54%
59%
61%
59%
53%
51%
53%
54%
57%
60%
55%
50%
52%

62%
57%
57%
59%
50%
45%
45%
40%
40%
41%
39%
34%
31%
33%
39%
49%
61%
63%
65%
74%
72%
68%
69%
72%
69%
64%
66%
71%
75%
84%
87%
82%
78%
77%
77%
77%
78%
80%
75%
72%
73%

59%
59%
58%
51%
43%
41%
39%
39%
38%
38%
37%
38%
39%
41%
42%
44%
49%
58%
70%
77%
84%
90%
95%
102%
100%
103%
112%
124%
139%
151%
149%
138%
124%
113%
114%
122%
131%
130%
115%
113%
115%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 8-2-13

Italie

Canada

Australie

79%
78%
78%
74%
64%
56%
55%
56%
59%
62%
63%
62%
60%
62%
65%
66%
68%
69%
68%
67%
65%
65%
68%
73%
77%
76%
82%
90%
92%
95%
99%
95%
90%
92%
97%
101%
103%
103%
94%
89%
95%

61%
62%
67%
71%
73%
74%
75%
79%
84%
90%
94%
96%
92%
82%
79%
81%
85%
91%
88%
74%
67%

Tableau S5.12. Le rapport (capital priv)/(revenu disponible) dans les pays riches, 1970-2010
(sries utilises pour le graphique 5.4)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Etats-Unis

Japon

Allemagne

France

Royaume-Uni

Italie

Canada

Australie

Espagne

430%
421%
436%
424%
401%
382%
395%
397%
394%
409%
431%
426%
424%
418%
398%
408%
431%
438%
433%
446%
442%
440%
437%
440%
434%
441%
457%
477%
510%
549%
551%
523%
484%
485%
517%
552%
579%
585%
502%
444%
449%

367%
410%
463%
506%
505%
483%
461%
462%
462%
505%
543%
581%
600%
616%
619%
626%
683%
806%
876%
939%
958%
911%
859%
818%
803%
790%
764%
755%
768%
771%
767%
770%
745%
730%
714%
728%
757%
752%
763%
764%
741%

295%
289%
289%
293%
292%
290%
295%
309%
320%
324%
330%
337%
350%
359%
368%
380%
384%
394%
389%
391%
378%
368%
372%
389%
393%
392%
404%
419%
435%
455%
464%
457%
459%
466%
464%
479%
479%
489%
508%
534%
526%

404%
396%
403%
398%
399%
414%
423%
422%
426%
436%
440%
433%
425%
428%
430%
425%
426%
440%
439%
459%
466%
463%
450%
453%
453%
445%
455%
461%
465%
495%
519%
530%
543%
571%
620%
684%
737%
758%
753%
742%
757%

425%
450%
467%
441%
448%
405%
376%
375%
384%
405%
409%
411%
421%
428%
439%
447%
473%
502%
539%
591%
581%
550%
521%
519%
510%
506%
515%
546%
589%
660%
698%
665%
612%
606%
633%
662%
701%
698%
648%
640%
659%

286%
291%
302%
296%
329%
362%
350%
348%
339%
344%
376%
413%
440%
435%
414%
405%
416%
426%
427%
464%
520%
562%
626%
672%
646%
611%
606%
659%
687%
709%
712%
710%
718%
751%
761%
787%
828%
847%
865%
892%
871%

328%
334%
331%
327%
322%
313%
306%
315%
319%
325%
335%
338%
343%
341%
337%
332%
349%
351%
347%
356%
372%
382%
400%
416%
429%
429%
459%
484%
493%
496%
488%
480%
463%
462%
472%
493%
516%
533%
499%
528%
528%

408%
417%
426%
431%
439%
443%
440%
429%
433%
415%
422%
432%
432%
432%
422%
434%
438%
449%
456%
483%
491%
510%
508%
492%
505%
511%
502%
521%
543%
570%
598%
588%
602%
634%
658%
694%
717%
750%
723%
629%
653%

362%
385%
416%
435%
457%
453%
443%
444%
430%
433%
433%
442%
463%
479%
507%
546%
598%
666%
724%
769%
792%
786%
789%
755%

Liens vers les fichiers Piketty-Zucman 2013 rompus le 15-3-13

Europe
352%
357%
365%
357%
367%
368%
361%
363%
367%
377%
389%
399%
409%
412%
413%
414%
425%
441%
449%
476%
486%
486%
492%
508%
501%
489%
495%
521%
544%
580%
598%
590%
583%
599%
619%
653%
686%
698%
694%
702%
703%

Tableau S5.13. L'accumulation d'actifs trangers dans les pays riches, 1970-2010: balance des paiements,
balance commerciale et revenu du capital

Moyenne 1970-2010 (%
revenu national)

Excdent de la balance des


paiements

dont: Excdent commercial

dont: Revenu net du capital


tanger

Etats-Unis

-2.8%

-3.6%

0.8%

Japon

2.8%

1.4%

1.4%

Allemagne

2.0%

1.7%

0.2%

France

-0.3%

-1.1%

0.8%

Royaume-Uni

-1.5%

-1.6%

0.1%

Italie

-0.3%

0.5%

-0.8%

Canada

-0.1%

2.9%

-3.0%

Australie

-4.7%

-1.3%

-3.5%

Lecture: entre 1970 et 2010, les Etats-Unis ont enregistr en moyenne un solde commercial ngatif gal 3,6% de leur revenu national, mais un solde positif de
revenus du capital en provenance de l'tranger de 0,8% de leur revenu national, d'o un solde ngatif total de la balance des paiements de 2,8% de leur revenu
national. Sources: voir piketty.pse.ens.fr/capital21c.

Donnes reprises de Piketty-Zucman (liens gels le 20-2-13)

Details on Table S5.4. Data for Figures on growth rate vs saving rate and predicted vs observed wealth income ratio
R&D 2010 stock

Real growth rate


Net private
of national
saving rate
income

Net national
saving rate

Observed private
wealth-national
income ratio (1970)

50%

Share of rise in
Share of rise in
Share of rise in
Predicted
Predicted
Share of rise in
Predicted private Predicted private
Predicted private
Predicted private
Predicted national
Predicted national
private wealthnational wealthnational wealthnational wealth- national wealthObserved private
Observed national Observed national
private wealthwealth-national
wealth-national
wealth-national
wealth-national
wealth-national
wealth-national
income ratio
income ratio
income ratio
national income national income
wealth-national
wealth-national
wealth-national
income ratio
income ratio (2010) income ratio (2010)
income ratio (2010) income ratio (2010)
income ratio (2010) income ratio (2010)
explained by saving explained by saving explained by saving
ratio (2010)
ratio (2010)
income ratio (2010)
income ratio (1970) income ratio (2010)
explained by saving
(additive
(multiplicative
(additive
(multiplicative
(additive
(multiplicative
(multiplicative
(additive
(multiplicative
(additive
(multiplicative
(additive
decomposition)
decomposition)
decomposition)
decomposition)
decomposition)
decomposition)
decomposition)
decomposition)
decomposition)
decomposition) decomposition)
decomposition)

Etats-Unis

2.8%

7.7%

5.2%

342%

410%

350%

351%

404%

431%

326%

309%

11%

13%

-284%

-349%

400%

401%

376%

359%

Japon

2.5%

14.6%

14.6%

299%

601%

566%

414%

359%

616%

588%

440%

88%

38%

89%

31%

616%

464%

638%

490%

Allemagne

2.0%

12.2%

10.2%

225%

412%

460%

559%

313%

416%

440%

486%

126%

179%

124%

168%

510%

609%

490%

536%

France

2.2%

11.1%

9.2%

310%

575%

476%

548%

351%

605%

441%

424%

63%

90%

35%

29%

526%

598%

491%

474%

Royaume-Uni

2.2%

7.3%

5.3%

306%

522%

321%

276%

346%

523%

293%

258%

7%

-14%

-29%

-50%

371%

326%

343%

308%

Italie

1.9%

15.0%

8.5%

239%

676%

594%

582%

259%

609%

396%

339%

81%

78%

39%

23%

644%

632%

446%

389%

Canada

2.8%

12.1%

10.1%

247%

416%

388%

435%

284%

412%

349%

350%

83%

111%

51%

52%

438%

485%

399%

400%

Australie

3.2%

9.9%

8.9%

330%

518%

369%

358%

391%

584%

365%

304%

21%

15%

-13%

-45%

419%

408%

415%

354%

Liens vers les fichiers Piketty-Zucman 2013 (tableaux Figures.xls) rompus le 8-2-13

Copie du Tableau S4.5: Private and national wealth (% of national income) (decennial estimates)
Private wealth

1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010

USA

Germany

France

UK

Europe

USA

446%
437%
478%
448%
440%
407%
485%
328%
356%
361%
332%
357%
392%
447%
410%

644%
644%
592%
611%
604%
259%
307%
266%
166%
209%
229%
284%
313%
377%
412%

699%
733%
726%
726%
699%
330%
344%
317%
219%
280%
311%
320%
341%
474%
575%

696%
637%
609%
650%
673%
441%
508%
399%
313%
313%
314%
350%
428%
496%
522%

680%
671%
643%
662%
659%
343%
386%
318%
232%
267%
285%
331%
403%
490%
545%

443%
452%
505%
475%
475%
434%
537%
350%
384%
409%
400%
418%
419%
492%
431%

Links to PZ 2013 frozen on 8-2-2013

) (decennial estimates)
National wealth

Public wealth

Germany

France

UK

Europe

USA

Germany

France

711%
693%
626%
648%
642%
355%
379%
287%
233%
297%
313%
353%
355%
388%
414%

719%
695%
695%
695%
671%
291%
384%
284%
278%
320%
363%
365%
368%
503%
605%

672%
676%
676%
676%
679%
288%
361%
261%
235%
284%
333%
398%
462%
492%
523%

701%
688%
665%
673%
664%
311%
375%
277%
249%
301%
322%
371%
428%
499%
553%

-3%
15%
28%
27%
35%
27%
51%
22%
28%
48%
68%
60%
27%
45%
21%

67%
49%
33%
37%
38%
96%
72%
20%
68%
88%
84%
68%
42%
11%
3%

20%
-38%
-31%
-31%
-28%
-39%
40%
-33%
59%
41%
52%
45%
26%
28%
31%

c wealth
UK

Europe

-24%
39%
66%
26%
7%
-154%
-147%
-138%
-78%
-29%
19%
47%
34%
-3%
1%

21%
17%
23%
11%
5%
-32%
-11%
-50%
16%
33%
51%
54%
34%
12%
11%

Italy (PW)

279%
369%
527%
614%
671%

Italy (NW)

USA

279%
369%
527%
614%
671%

-18%
-17%
-19%
-15%
-12%
7%
13%
2%
5%
6%
5%
2%
-8%
-21%
-25%

Net foreign wealth wealth


Germany

France

UK

Europe

30%
41%
47%
44%
39%
-5%
-27%
-4%
-1%
7%
8%
9%
11%
18%
39%

80%
107%
110%
110%
113%
6%
0%
0%
3%
0%
14%
0%
10%
0%
-13%

70%
100%
130%
150%
176%
84%
60%
40%
-6%
0%
6%
0%
-4%
-10%
-20%

60%
82%
96%
101%
109%
28%
11%
12%
-1%
2%
9%
3%
6%
2%
12%

Copie TS12.3 (liens rompus 7-4-13)

Capital priv /revenu

Total

1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010
2020
2030
2040
2050
2060
2070
2080
2090

447%
464%
473%
489%
502%
358%
361%
301%
261%
275%
303%
340%
393%
427%
440%
450%
502%
513%
557%
605%
614%
627%
643%

2100

667%