For more wealth of households in Greece and its fairer distribution than the majority of other eurozone countries speaks of
For more wealth of households in Greece and its fairer distribution than the majority of other eurozone countries speak in a statement. Ministry of National Economy and Finance.
Specifically, as the Ministry notes, the European Central Bank (ECB) data, recently published about the wealth of households in Greece, confirm two important elements:
• First, that, despite the fact that we still have to cover a long distance, the wealth of households in Greece is increasing rapidly, and faster than a European average. In particular, for the three years 2022 – 2024 its cumulative percentage increase in Greece (28.5%) is the largest among the eurozone countries.
• And secondly, that the distribution of wealth is fairer in Greece than the majority of other eurozone countries, since assets, mobile and real estate, belong to more households. That is, compared to most European countries, wealth in Greece is concentrated in more hands.
In particular, from the ECB data, for the second quarter of 2024, it appears that:
1. The total net wealth of households (including deposits, shares, bonds and real estate, minus private debt) in Greece reached the second quarter of 2024 at € 963 billion. This amount is increased by 28.5% compared to 2022 and 40.1% compared to 2020.
2. All the individual components contributed to this rise, as the general index of the stock market, Greek bond prices, deposits and value of residential real estate were significantly increased in that period. It is indicative that – according to Bank of Greece data announced yesterday – by 2020 deposits increased by € 57 billion, of which 56% comes from households.
3. It is also important to note that the increase in the net wealth of Greek households is due not only to the increase in values but also to the decline in household debt by 9.7% compared to 2022.
4. Greek households are classified (based on the median value) in 11th place between 18 countries – members of the eurozone in terms of the value of the assets they hold. Thus, it is confirmed once again that the usual catastrophe that ranks Greeks in the last position of Europe is not valid, as in addition to incomes (for which enough territory should also be recovered), the value of household property is also increasing. The position of Greek households in the relative ranking of the eurozone countries is also improved.
5. The inequality index as measured by the Gini factor is according to the latest data available, the fourth lower among the eurozone member states. The lower economic strata in our country holds 12% of wealth versus 5% in the eurozone, while 10% in Greece holds 45% of wealth versus 57% in the eurozone.
In conclusion, data on the evolution of the pure wealth of households in Greece confirm both the country’s progress over the last five years and the improvement of the country’s position in relation to other eurozone countries, and on the other hand, the correctness of economic policy that increases the Greek property and ensures its fairer distribution.
Source: Skai
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