Europeans in post-crisis era richer: study
Print Edition
EUROPEAN households are richer than before the global economic crisis battered their continent, though the picture is uneven, a new study by the Swiss bank Julius Baer shows.
For example, people in Switzerland have grown rapidly far wealthier, but in Spain they have suffered badly.
The cumulative wealth of Europeans exceeded the pre-crisis peak in 2013, hit an all-time high of 56 trillion euros (US$70.6 trillion), up 1.7 percent on the previous year, the bank said.
Before the crisis struck in 2007, the total had been 54.5 trillion euros.
But Julius Baer noted in a report released on Thursday, that the evolution of wealth has varied across Europe.
The likes of Switzerland and Germany last year, respectively, added over 1.1 trillion euros and 2.0 trillion euros in net wealth. That was equivalent to a net rise in household wealth of 68 percent in Switzerland, and 18 percent in Germany, since 2007.
But over the same period, wealth contracted in crisis casualties such as Spain, down by 28 percent, and Greece, where the fall was 23 percent. That amounted to a decline of private wealth of 1.4 trillion euros in Spain and 170 billion euros in Greece.
The study showed that the 10 percent of richest European households possess more than half of the continent’s wealth. A full 27 percent is held by the top one percent.
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