The assets in Germany are unequally distributed – this subjective feeling is the Bundesbank with a study a comprehensive data base. One finding: risk is rewarded
Does that make a lot of cheap money the European Central Bank (ECB) only the rich richer.? The High Level Deutsche Bundesbank still have no conclusive answer. However, showing her most recent study, “Private households and their finances” (PHF) for Germany one thing very clear. Who owns houses, flats and shares, could be assets in recent years stronger increase than the rest
lubricant for the growing wealth of the rich is the cheap central bank money, which the European Central Bank (ECB) has taken in recent years to the people. . The low interest rates also drives prices in real estate markets in the amount of
Who had no shares fell back
However: So strong as it had suggested booming stock markets and exploding property prices, laid the net assets of the German population in comparison to the years 2010 and 2014 not to. “Whether the rich buy more property or the property makes the rich richer” is not guess this based on the data, explains Tobias Schmidt from the Research Centre of the Deutsche Bundesbank, who oversees the study significantly. There is, however, “a strong relationship between property ownership and wealth,” says the study, published by the Bundesbank after extensive evaluation on Monday. One appears, however clear: Because the average German still make a big circle around stocks that really wealthy could pull away in the wake of the stock market boom in the capital last more
Overall, the researchers look through the data that was collected from April to November 2014 in 4461 representatively selected households, confirms the key finding their first survey wave, 2010: “the net assets in Germany are still unevenly distributed,” says Schmidt firmly. About half of the now surveys households participated in the study for the second time. As budget Consider the Bundesbank in the study, all living communities, is where mismanaged together – which can be either a single household and a family with many children. has
214,500 euros each household on average
9259 people over the age of 16 years provided detailed information about their assets – and their debts. The assets include about house and car, valuable collections and jewelry, balances on savings accounts, savings contracts, shares, life insurance. On the liabilities side are mortgages, consumer loans, credit card debt or student loan debt
Result:. On average, the net assets of the households surveyed again risen since 2010 at 11,000 euros. However, the growth is very unevenly distributed: Half of the households recorded only an increase of their assets by a maximum of 3,200 euros. Even more, the values between property owners and tenants are different. About half of those who have their primary residence also scored in the period asset growth of more than 33,500 euros. By contrast, the majority of tenants with growth of less than 1,000 euros had to settle -. Or even suffered declines
If you add the sum of specified assets high and shares then by 40 million households in Germany, there is an average private gross assets of 240,200 euros. In 2010 there were 222 200 euros. Net of debt remains a net worth of 214,500 Euro (2010: 195,200 euros). . The values, the researchers rely on information provided by respondents
The richest ten percent include nearly 60 percent of assets
The sober realization: the richest ten percent are 59.8 percent of net assets, while nearly three-quarters of households in 2014 had only a below-average net assets. . The lower half of the households have to make do with a meager 2.5 percent of the total net assets
Because the mean values for the assets, however, are strongly influenced by extreme values, the Bundesbank experts consider another evaluation for more meaningful: the so-called median. Here all individual data are sequentially ordered, then the center of the distribution is determined. Households are thus divided into a richer and poorer half. These median values are significantly lower than the distorted by “outliers” pure averages: gross at 77,200 (2010: 67,900). Euro, net at 60,400 (51,400) Euro
From 468,000 Euro They are among the wealthiest
ran the border between the richest ten percent and the rest of the households in 468,000 euros and is thus eight times higher than the median. For the euro area as a whole resulted in this case in the 2010 study – recent data for the currency area are expected end of 2016 – a value of five
This means that the net assets in Germany are distributed significantly more unequal than in many other European. countries. For Italy figures for 2014 are already available: There the average net assets for 218,000 euros, the median is net 138,000 euros
In the East, most only 24,800 euros have
In the German domestic assets compared. lags the East – despite growth – also behind the west. The average net assets were in the five eastern German states plus Berlin in 2014 at 96,100 (2010: 67,480) Euro, in the West there were 246,000 (230,240) euros. The median was in the east at net 24,800 (21,440 euros), in the West at 80,000 (78,910) Euro
One reason:. Real estate ownership and operation assets are less common in the East than in the West, where fortunes often for generations is multiplied. “Wealth builds up slowly,” said Bundesbank researchers Schmidt. That is why he also hopes that the central bank can make based on their next survey is scheduled for 2017 for an extended period of robust conclusions
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