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The rich are getting richer

"The net assets of private households in Germany are unevenly distributed," reads the monthly report of the Bundesbank. High assets is closely intertwined wit

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The rich are getting richer
"The net assets of private households in Germany are unevenly distributed," reads the monthly report of the Bundesbank. High assets is closely intertwined with the possession of real estate, writes the Bundesbank. It is also the Poorer, but richer, if less than the Rich. the By Markus Zydra, Frankfurt Markus Zydra

Markus Zydra writes as a financial correspondent in Frankfurt, and reports with a focus on the European Central Bank. He has previously worked as an economic editor at the Financial Times Deutschland and the Frankfurter Allgemeine Zeitung. In the 1990s, he was a Scandinavia correspondent for the Süddeutsche Zeitung in Stockholm.

In Germany, there is a clear unequal distribution of wealth, though the economy has grown strongly in recent years. This was the result of the Bundesbank, in its recent study on the asset balance of the private households: "The net assets of private households in Germany are unevenly distributed," reads the monthly report of the Bundesbank, which was released on Monday. In addition, high assets would not be "closely associated with ownership of real estate," said the expert.

The result is politically explosive. In the past few years has increased, especially in the German Metropolitan areas the real estate prices. Meanwhile, there are initiatives calling for expropriation of large real estate corporations, to create more affordable housing for Small - and medium-income earners. The zero-interest rate policy of the European Central Bank resulted in a strong boom, but only households benefited who could afford a mortgage loan. Also, the Boom in the stock markets took advantage of low-wage earners because they have little money left to invest it on the stock exchanges. Rising wages ensured that all assets have risen on average.

A good impression about the distribution of wealth in the population to win by the views of the so-called media value of the net assets of This fraud in Germany 70 800 Euro (as of October 2017). It is an average, there are just as many richer as poorer households in Germany. This Median has risen compared to the last measurement, 2014, at 17 percent. For comparison: In Italy, the household had in the middle of the distribution 126 000 Euro (as of 2016). The surveys are carried out since 2010 in Europe every three years; the evaluation of

The Bundesbank comes to the conclusion that the richest ten percent of German households own 55% of the net assets. The 40 percent of households including a total of 42 percent of the assets. The 50 percent of households with less money have a total of only three percent of the total net assets.

the differences between the East and the West are large. The Median value of the net assets (after deduction of debts) is in the West with 92 500 Euro is much higher than in the new länder, according to the study. The average net assets of a German household estimates, the Central Bank on 232 800 Euro. In this calculation, unlike the Median, the entire assets will be divided the sum by the number of households. This value is higher, because the major assets here.

method of investigation: The Bundesbank was 5000 households to consult your assets. You had to estimate, what is the value of your property, your car, your jewelry, your shares; your Fund shares / units, shares and pension insurance. The statutory pension entitlements were not taken into account.

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The increasing inequality in the distribution of income and wealth, a world-wide phenomenon. "Inequality has increased worldwide since 1980," the World Inequality Report to 2018, the French Economist Thomas Piketty, along with other scientists has been published. The inequality in Europe would be even lower than in North America, China and Russia.

The Wealth Report by real estate consultancy Knight Frank reported on Monday that the number of very rich individuals will rise, with net assets of US $ 30 million or more by 2023 to 22 percent. The company's Global Data Wealth Insight forecasts that in 2019 will be for the first time, have more than 20 million people worldwide with a net wealth of one Million US dollars or more.

The Gini coefficient for the net assets is a classic measure of inequality. The closer the value is to 100 percent, the more unequal the distribution is. He was in Germany in 2017, with 74 per cent is comparatively high. In Italy, the fluctuations in the value since the mid-nineties between the 60,5, and 64.5 percent, the Bundesbank. In the United States, he had increased in the past years, to 86 percent.

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