Economic inequality in the Eurozone is limited according to European Central Bank (ECB). The gap between households in the top 5% of incomes and those in the bottom 50% has narrowed over the past five years, thanks to a big rise in house prices, according to an ECB survey.

This development is attributed by the ECB to the significant rise in the net wealth of euro area households, as recorded in the national accounts over the past five years, as property owners, who represent more than 60% of the population, benefited from increased prices of of residences.

According to this new experimental statistical visualization from the ECB, the net worth of home owners has increased by 27% over the past five years, while the net worth of non-home owners has increased by 17%, mainly due to the increase in deposits seen this year. period.

“The significant rise in euro area household net wealth seen in the national accounts over the past five years (29% or around €13.7 trillion) has been accompanied by a slight decline in inequality, partly because homeowners, who represent more than 60% of the population, benefited from rising property prices. Their net worth (per household) increased by 27% during this period. At the same time, the net wealth of non-home owners, who make up 40% of the population, increased by 17%, mainly due to the increase in deposits observed during this period,” the ECB says characteristically.

These figures have not taken into account the effects of the recent decline in house prices seen in many of its countries euro zone.