The Spain 2050 Plan designed by Moncloa proposes studying a possible “universal public inheritance”, an economic endowment for young people that is already being debated in surrounding countries and that seeks to end intergenerational inequality of wealth
Although it is a “still embryonic” proposal, the one presented today values universal public inheritance as a possible antidote to the challenge of wealth distribution in which “inheritance plays an increasingly crucial role.” And it is estimated that inheritances determine almost 70% of wealth inequality in Spain.
As stated in the document, the proposal could avoid worsening “the unequal distribution of inheritances decisively affects equity among young generations.”
Specifically, it would be an economic endowment that all young people in the country would receive once they reached a certain age and that could be used to acquire their first home, finance the creation of a business, or complete training.
“Right now it may sound utopian, but it is possible that in the coming decades it will become a reality in some countries,” is indicated in the document, which opens to “explore” this possibility.
According to the document, the difference in wealth between 65-year-olds and 35-year-olds has doubled so far this century and a worse functioning of the so-called ‘social elevator’ can already be seen: “Being born in low-income families conditions opportunities for education and professional development to a greater extent than in other European countries”.
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