Home Economy Greek household wealth increased by 7.5% in 2021.

Greek household wealth increased by 7.5% in 2021.

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Greek household wealth increased by 7.5% in 2021.

In 2021, there was a significant increase in the private wealth of households around the world and in HellasAccording to Research Alliance for world wealth. In particular, private wealth, expressed as gross financial assets, recorded double-digit growth of 10.4% last year, reaching a total of $233 trillion. Euro. At the same time, household debt increased by 7.6% globally, the fastest rate of change since the start of the international financial crisis. However, Allianz analysts predict a nominal decline in global financial assets of more than 2% for this year, which in real terms means the loss of a tenth of household wealth.

In Greece, gross financial assets, i.e. household wealth, increased by 7.5% in 2021, reflecting the fastest growth since the period leading up to the international financial crisis. This is slightly faster growth than the Western European average of 6.7% due to the stock market boom coupled with high savings efforts. That is, the value of stock market securities increased by 15.8%, while Greek depositors increased their net inflow (in terms of securities) to 4.4 billion euros from 0.8 billion euros in 2018 for the third year in a row. , despite zero interest rates, increased last year by 3.5%, and net financial assets placed per capita in the amount of 17,900 euros. This amount puts Greece in 30th place in the list of the richest countries.

According to an Allianz report, Greece ranks 30th on the list of richest countries.

According to the survey, Greece, along with Norway, is among the countries in which the well-being of the middle class has grown. This fact is explained, according to the study, by the inclusion of the highest income category of people in the middle class. The question arises whether this form of strengthening the middle class is really desirable, since it leads to the formation of an even smaller wealthy elite, located at a considerable distance from society. On the contrary, according to the study, in other countries, the strengthening of the middle class has former members of the lowest income category as a matrix.

Greece also recorded a 3% increase in debt in 2021, the second in a decade and mostly after 2018. Since the euro crisis, Greek households have consistently reduced their debt by an average of 3% per year, or $44 billion. total euro. Over that period, the debt ratio (liabilities as a percentage of GDP) fell by 8 percentage points to 61%, well below the regional average of 76%.

Author: Dimitris Delevegos

Source: Kathimerini

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