2023-04-26 17:29:00
How rich are the Germans? The answers to these and other questions can be found in the study “Households and their finances” published at the end of April, commissioned by the German Bundesbank. In particular, it says that in the period from 2017 to 2021, the level of well-being of Germans has increased.
Record level of savings
On average, the savings of one household are estimated at 316,500 euros. Record high! This is 83,600 euros more than four years ago and 121,300 euros more than in 2011. One of the main reasons is the desire of Germans to save money during the COVID-19 pandemic and limited opportunities to spend their savings.
The figures given are the national average. It should be noted that all segments of the population are taken into account, including a relatively small group of German millionaires. In Germany, the top ten percent of households account for 56 percent of total wealth. Also in the results of the study it is noted that in Germany property inequality has slightly decreased. However, it is not yet clear how sustainable this trend will be.
New report to be released in 2024
In order to enter the top ten richest households, in 2021 one had to have a net worth of at least 725,900 euros. The richest group of people in Germany then owned more than half of the total net assets of the country. As a rule, they were invested in real estate, company shares and securities.
For comparison, households with a capital of less than 106,600 euros were about three percent. Poorer households, according to the study, had more cash and bank deposits. All groups are characterized by an increase in the acquisition of shares and shares in funds. The German Bundesbank conducted such a representative survey for the fourth time. 4119 households took part in it.
The authors of the study did not just study their financial capabilities. The respondents provided information about all their property: real estate, cars, valuable collections and jewelry, their savings and current accounts, available cash. And also about stocks, savings housing contracts and insurances, about private pension savings. Information about ownership and stakes in companies, existing mortgages, debts, consumer loans and tuition fees was also taken into account. Only information on pensions paid by the state was not included. Thus, this study is the most comprehensive to date. The next one is scheduled for 2024. It should be borne in mind that although the results of the study have only just been published, the survey itself was conducted between April 2021 and January 2022. Therefore, the consequences caused by the Russian war against Ukraine, such as rising inflation and prices for energy and food products, rising interest rates on loans, falling property prices, and so on, are difficult to assess at the moment.
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