Universal capital endowment at birth in Italy

This paper proposes a universal capital endowment granted at birth, financed through a small structural levy on existing financial capital and managed as a segregated public investment fund. Each newborn receives an initial endowment of €10,000, invested immediately in a globally diversified equity portfolio and allowed to compound over time. Withdrawals are permitted only at predefined life stages, within a life-cycle stabilization framework. The proposal is not designed as a redistributive policy aimed at reducing wealth inequality per se, but rather as a systemic mechanism to provide all citizens with an initial asset base, enhancing economic resilience, intergenerational cohesion, and long-term social stability.