• Austria's news in English

Austrians 'have more money than Germans'

The Local · 29 Sep 2015, 16:31

Published: 29 Sep 2015 16:31 GMT+02:00

Facebook Twitter Google+ reddit

Austria placed 17th in a ranking of countries with the highest net financial assets (gross assets minus debt) per capita.

In 2014, every Austrian resident had an average of €48,416 in financial assets, making the country the 17th richest out of 50 countries.

Germany fell from 16th to 18th place, with an average of €44.769 per resident. Switzerland remains the country with the highest net financial assets per capita, with an average of €157,446 in financial assets, followed by the US with €138,714 per capita.

Debt as a percentage of gross domestic product (GDP) was 51 percent in Austria - compared to 55 percent in Germany and a whopping 122 percent in Switzerland.

However, Austria is lagging behind in asset growth compared to other Western European countries. Gross financial assets (the combined total of bank deposits, securities, insurance and pension funds) grew by 2.5 percent in Austria during 2014, compared to a Western European average of 6.7 percent. Sweden saw the highest growth in assets, at 13.5 percent.

Overall, the financial assets of private households reached a record €135.7 trillion, enough to pay off the planet’s sovereign debt and still have two-thirds of the total left over, according to Allianz’s Oliver Bäte.

However, these assets are distributed unequally, with 71 percent (3.5 billion) of the planet’s population holding less than five percent of net financial assets. Eighty percent of the world’s net assets are held by the “upper wealth class”, which makes up less than 10 percent of the population.

The report shows that wealth inequality in Austria is continuing to rise, as is also the case in Germany. Austria comes in at 73.6 on the Gini coefficient (a measure of income distribution of a nation’s residents where zero is perfect equality and 100 percent is maximal inequality) - a deterioration of two points since 2000. The Gini coefficient average for developed countries is 64.6.

For more news from Austria, join us on Facebook and Twitter.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Austrian far-right leader brands Merkel 'dangerous'
Heinz-Christian Strache. Photo: Facebook/Personal

The head of Austria's far-right Freedom Party has branded Angela Merkel Europe's most dangerous politician.

Austria 'horror clown' attacks leave several injured
Clown performers are not happy about the negative media stories. Photo: Graeme Maclean/Flickr

Several people have been injured in attacks by masked assailants dressed as 'creepy clowns' in the lead-up to Halloween.

Brunnenmarkt murder 'could have been prevented'
Locals remember the murdered woman. Photo: Wien Caritas

The random murder of a woman in Vienna could have been prevented if the homeless and mentally disturbed man who killed her had been admitted to a psychiatric institution.

Iraqi family ask ECJ to help them stay in Austria
Kumberg locals hold a vigil for the family. Photo: ORF

A group of people from Kumberg in Styria have asked the European Court of Justice (ECJ) for help in trying to stop the deportation of an Iraqi family.

The Local List
Five things you need to know about winter tyres
Photo: carmagazine.co.uk

It’s that time of year when temperatures start to plunge and drivers are advised to switch to winter tyres to avoid being caught out by snow and ice on the roads.

Radioactive uranium rocks on display in Austrian schools
Uraninite crystals. Photo: Rob Lavinsky, iRocks.com/Wikimedia

Education officials have carried out urgent checks in schools across the country after one of the stones on display in a classroom turned out to be radioactive.

Austrian churches slam far-right's 'God' slogan
Campaign poster for Norbert Hofer. Photo: Paul Gillingwater

Austrian church officials have denounced far-right presidential candidate Norbert Hofer for "instrumentalising" God in a new slogan.

'Scary clown' pushes 14-year-old off his bike in Salzburg
Generic photo: Graeme Maclean/Flickr

A 14-year-old boy in Salzburg has been injured after being pushed off his bike by an individual dressed as a scary clown.

Police puzzled by random stabbing of teenager in Vienna
Photo: Paul Gillingwater

A 15-year-old boy who was stabbed near his home in the Vienna district of Liesing on Friday morning by a complete stranger has spoken to the police.

'Sensational' 300-year-old Madonna found in Burgenland
The head of the statue was found beside the body. Photo: ORF

A 300-year-old statue of the Virgin Mary has been found hidden in a chapel next to a Catholic church in Loretto, Burgenland.

12 brilliant German words you won't find in English
Sponsored Article
Last chance to vote absentee in the US elections
Five films which will change your mind about Austrian cinema
Those surprising Austrians!
100 years since the last emperor's death
Afghani family's new home in Austria
Der you learn Deutsch?
Delighted by the light
Beware these passport scams
Of course we skipped Oarsch
Foodies rejoice at the choice!
Travel & Tourism
10 years after her escape from captivity
Surviving the Brexit for British expats
Day 2 of the World Bodypainting Festival 2016
Is Islam hostile to Western society?
Bodypainting festival in southern Austria
Europe's ice cream capital
Best Austrian beauty spots
Travel & Tourism
Three days in Vienna as a tourist
How to make friends in Austria
jobs available