Capital in the Twenty-First Century

by Thomas Piketty

non-financial) is estimated to be almost one year’s national income in Britain and a little less than 1 1/2 times that amount in France. Since the public debt of both countries amounts to about one year’s national income, net public wealth (or capital) is close to zero. According to the most recent official estimates by the statistical services and central banks of both countries, Britain’s net public capital is almost exactly zero and France’s is slightly less than 30 percent of national income (or one-twentieth of total national capital: see Table 3.1).10 In other words, if the governments of both countries decided to sell off all their assets in order to immediately pay off their debts, nothing would be left in Britain and very little in France.