Coen Teulings, Simon Toussaint, 23 Nov 2023, this revision 25 September 2025

CEPR Discussion Paper No. 18634

We study the shape of the global top wealth distribution, using the Forbes List of Billionaires. By
constructing test statistics from ratios of log wealth moments, we assess whether the upper tail
follows a Pareto distribution. We reject the Pareto null in all region-year combinations with
sufficient observations.We then compare log-normal and Weibull alternatives; our moment ratio
test results are compatible with both. Introducing a hazard rate–based test for log wealth
distributions reveals pronounced right-tail differences: the log-normal distribution is rejected in
favor ofWeibull. TheWeibull distribution accurately predicts regional averages of billionaire wealth,
where Pareto performs poorly. Extending the analysis, we find that U.S. city size and firm size
distributions are also Weibulldistributed.