Pirmin Fessler is senior economist at the Austrian central bank. He studied economics at the University of Vienna. His current research focuses on wealth inequality, intergenerational transfers, private household’s portfolio choice and household financial vulnerability. He is a member of the European Central Bank’s Household Finance and Consumption Network and Advisory Board Member of the Luxembourg Income Study.
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As early as 1900, German sociologist Georg Simmel identified a central feature of wealth in his seminal work The Philosophy of Money. Simmel writes about the superadditum of wealth for the rich, namely that a great fortune is encircled by innumerable possibilities of use, as though by an astral body.