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The difficulty of collecting accurate data on wealth in a household survey has long been recognized. The modern history of wealth surveys began with a 1946 survey sponsored by the Federal Reserve Board (FRB) and continued with the annual surveys of Consumer Finances conducted by the Survey Research Center at the University of Michigan during the period 1947 to 1970. In the 1960-61 Survey of Consumer Expenditures, sponsored by the Bureau of Labor Statistic (BLS), data on assets and liabilities were collected one year apart, enabling BLS to calculate the net change in assets and liabilities.
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