As the Bundesbank three years ago its first study on the financial situation of private households in Germany published was great indignation. Ironically, in the midst of the euro crisis – as with German assistance multibillion rescue packages for Greece laced – turned out that the assets of Deutsche low by European standards and was also distributed more unevenly.
Meanwhile is the second study of its kind before. The already available results for Germany and Italy suggest that little has changed in the findings from three years ago nothing essential. “The assets are still – compared to other countries in the euro area – fairly uneven,” Judging the Bundesbank economists in their analysis, which has now been published in the latest monthly report of the Central Bank
However, the years of the financial crisis have left quite traces especially in the south of the euro zone. Accordingly, the net assets are closely moved As is apparent from the new data, which were collected from April to November 2014 survey of 4,500 households in Germany, is the average net assets of German private households, ie the assets after deducting the debt, this country is now 214,500 euros. Compared to the first survey, which was conducted in 2010 and published in 2013, which is an increase of ten percent. Adding to the price increases out, the net assets of Germans grew in this period by three percent.
Significantly more revealing for the distribution of wealth of a country, however, is the median, divides the 40 million households in Germany in a richer and poorer half. This value of the net assets stood at 60,400 euros. Compared to the first survey which is a marked increase of 18 percent, after inflation by ten percent.
During the Germans thus become richer in recent years are, the financial situation in Italy has developed in reverse. The net assets of Italians fell by 16 percent to 218,000 euros. The median net assets slumped compared to the first survey as much as 19 percent and was last 138,000. However, this shrunken value is still significantly above the median of the German net assets.
One of the reasons for the very different distribution in Europe, however is also that in the study not all property claims are recorded. These include claims against the statutory social insurance, which has a high priority in Germany. It is also striking that the Germans have hardly reacted in their investment behavior on the extremely changing financial world. Judging by the first survey of 2010, the second wave of household surveys was after all in a completely different environment in place: The ECB interest rates lowered in this period continues and 2014 even the first time negative interest rates decided at the same time, equity prices and property prices soared
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However, neither the proportion of households who own stocks or real estate, nor the shares of financial and gross assets of Germans have changed significantly during this period. “Households have hardly reacted in their investment behavior to changing asset prices and nominal interest”, be stated the Bundesbank economists. One reason is probably that many households, despite low nominal interest rates, the necessary equity lacked to purchase real estate, especially as the prices for households in recent years have increased significantly in many regions.
like in 2010, the real estate and also share ownership remains focused mainly in the wealthier households that also were able to profit disproportionately from the rise in property prices and share prices. How crucial is just property ownership for the investment of private households, can be traced mainly to those households in 2139, who participated in the Bundesbank survey for the second time. While half of the households that also have their main residence itself, were pleased of 2010 to 2014 on growth in net assets of more than 33,500 euros, the majority of tenants had during this period with a capacity increase of less than 1000 euros settle or even suffered declines. The situation is similar when comparing households with and without holding of shares.
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