This paper studies whether the rise in measured wealth inequality in the Distributional National Accounts (DINA) provided by Piketty, Saez and Zucman can be accounted for by a combination of changing asset prices on the one hand, and household heterogeneity in portfolio compositions on the other. In particular, I study the gap between the share of wealth held by individuals in the top quantiles of the wealth distribution, and the same individuals’ share of the capital income flows associated with that wealth. I find that the size of this gap varies a lot over time. However, the steady rise in top wealth shares since the late 1970s, is not primarily accounted for by a rise in the size of this gap. Rather, top wealth shares and shares of the associated cash flows rise together. I also examine whether the rise in measured wealth inequality is primarily associated with increasingly concentrated distributions of wealth within broad asset classes or with differences in performance between those asset classes. I find that the trend rise in measured wealth inequality is primarily associated with an increase in the concentration of wealth within asset classes.