• Germany edition
 
Are Germans poor in European terms?
Photo: DPA

Are Germans poor in European terms?

Published: 29 Mar 2013 14:48 GMT+01:00
Updated: 29 Mar 2013 14:48 GMT+01:00

Figures contained in the report "Households and their finances" showed that the average value of assets per household was significantly lower in Germany than in France, Spain, Italy and Austria.

Commentators were swift to put the figures in the context of Germany’s role in the eurozone crisis. Television channel RTL reported on ordinary hard-working Germans supporting their much wealthier European counterparts.

Joachim Poß, parliamentary member of the centre–left SPD party, said “Before European taxpayers’ money is paid out, countries that want to help should pay more attention to private wealth.”

But the applicability of the figures produced by the Bundesbank is limited on a number of levels. The data from Spain dates back to 2008, before the housing market collapsed. "Average" household wealth was measured by the median, which is the value in the middle when figures are listed in ascending order, rather than the mean, which is the figure landed at when all values are divided by the number of households in question.

While both Germany’s mean and median values are low in comparison to other countries, the difference in the median value is more marked. The data also did not take into account pensions and social welfare payments.

Home ownership, which is far less common in Germany than elsewhere in Europe, is likely to have had a big impact on the figures.

While the effects of Germany's robust economy may not be being felt on the ground, a separate report released last week found that Germans were at less risk of poverty than the EU as a whole.

The Local/kkf

The Local (news@thelocal.de)

Don't miss...X
Left Right

Your comments about this article

17:47 March 29, 2013 by Englishted
Please stop the spinning I'm getting giddy and sick.
19:14 March 29, 2013 by Kennneth Ingle
It is always a question of averages and these reflect only part of the truth. There is plenty of wealth in Germany, but most of it is in the hands of a lucky few. The normal working citizens are left with the debts made by a series of governments which have in vain tried to buy the friendship of other states.
20:51 March 29, 2013 by ovalle3.14
This is certainly not a poor country, and on a macro scale it is a very rich country indeed, but if you believe what the official sources feed you, you'd think all of us working in this country are getting richer by the hour when the truth is somewhat different.

Like Mr. Ingle above put it, this wealth is staying in the hands of a few individuals.
14:38 March 30, 2013 by Englishted
@ovalle3.14

The wealth is not just staying in the hands of a few ,that few are increasing the gap year on year often by pushing the poorest in society closer to poverty .

A trend that is being repeated across the developed world, we seem to be going backwards not forwards .
15:55 March 30, 2013 by Tilak RaJ
It is like every where here in Germany also the same things, that wealth is staying in the hands of a few individuals.
07:36 March 31, 2013 by owlguard
I have to agree with #1. The article was so full of spin that it was obviously done to confuse and defuse what would otherwise be a very insulting report. Germany who is being asked to come up with more money to support countries who citizens are better off than they are.

I would like to hear from German citizens and what they think of this report.
08:20 March 31, 2013 by Wolfgang Fritz
I also agree in that this is misleading the public, to claim Germans with such low unemployment are worst off than those with such high unemployment.

To end with that they are not, however, subject to poverty contradicts the initial premise in that they worst off.
21:40 March 31, 2013 by tangledeuro
Germans keep calm and hide all the Money..let them finish their study with a wrong result..!!
15:43 April 3, 2013 by veronica22
give me just 1 piece of 500 euro paper every month , am just very happy and satisfied to deal with it ~~~~~
Today's headlines
Merkel & Obama fire warning to Russia
German Federal Chancellor Angela Merkel and US President Barack Obama during a meeting at the G7 Summit in July 2014. Photo: DPA

Merkel & Obama fire warning to Russia

German Chancellor Angela Merkel and President Barack Obama warned Friday that Russia was triggering a "dangerous escalation" of the conflict in Ukraine due to its military presence and shelling there. READ  

Bayern kick off title defence with win
Bayern's galaxy of stars celebrate after scoring against VfL Wolfsburg on Friday. Photo: DPA

Bayern kick off title defence with win

Reigning German champions Bayern Munich got the new Bundesliga season off to a perfect start with a dramatic 2-1 win over VfL Wolfsburg on Friday. READ  

Size does matter in this case, rules judge
Photo:Shutterstock

Size does matter in this case, rules judge

A judge has ordered a deliveryman's manhood to be measured after he claimed in court that it was too small for him to be guilty of exhibitionism. READ  

Crimea annexation unnerves Germans: Poll
Ukrainian soldiers near Luhansk, Ukraine. Photo: DPA

Crimea annexation unnerves Germans: Poll

Almost two thirds of Germans fear Russia plans further land grabs in Ukraine, according to an opinion poll released on the eve of Chancellor Angela Merkel's visit to the conflict-torn country. READ  

Ice bucket challenge gets dumped on Germany
Actress Natascha Ochsenknecht gets doused. Photo: DPA

Ice bucket challenge gets dumped on Germany

German football players, German tennis players, German TV characters and Germany's latest Topmodel winner are on it, but is it actually making a difference? READ  

Defence chief shot down over shooting quip
Defence Minister Ursula von der Leyen tries on military body armour. Photo: DPA

Defence chief shot down over shooting quip

Amid heated debates over arms for Iraq, the Ukraine crisis, and Germany's foreign military involvement despite its WWII legacy, defence chief Ursula von der Leyen stirred a debate of her own on Friday after a dud World Cup gag. READ  

Expat Dispatches
He'll take my name: yes he's really sure!
He says "I will!" Photo: DPA

He'll take my name: yes he's really sure!

A quick and uncomplicated conversation between a recently engaged couple concluded that the husband-to-be would take on his fiancee's surname. However, no one was more surprised by people's reactions than Australian expat Liv Hambrett. READ  

Newborn white lion cubs are pride of the circus
Photo:DPA

Newborn white lion cubs are pride of the circus

Four white lions born into the Krone Circus during its stop in Magdeburg yesterday find themselves in a Germany reliving a decades-old fight over exotic animals displayed for profit. READ  

Heart centre accused of fiddling transplant list
A donor heart gets delivered to the DHZB. Photo: DPA

Heart centre accused of fiddling transplant list

UPDATE: The German Heart Institute of Berlin (DHZB) is under investigation for attempted manslaughter after evidence showed a doctor manipulated patient data to get them a new heart faster. READ  

Germany sues Swiss bank over missing marks
Julius Bär bank. Photo:DPA

Germany sues Swiss bank over missing marks

Berlin is suing one of Switzerland's largest banks in its bid to recuperate hundreds of million euros that went missing during the reunification of East and West Germany, the bank said Thursday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Society
A German journalist shares the story of his US arrest in Ferguson
Photo: DPA
National
Berlin's senate puts the brakes on Über
Photo: DPA
Gallery
The mysteries of Berlin's abandoned theme park
Photo: DPA
Culture
How I deal with my German Hausmeister
Photo: Ingrid Eulenfan/flickr
Gallery
Nine German treats you'll want to eat right now (and one you won't)
Photo: DPA
Society
Who's getting German citizenship?
Photo: DPA
Culture
How World War I changed Germany forever
Photo: APA/DPA
Gallery
The 12 best words in Austrian German
Photo: DPA
Society
'Look at those German shanty towns!'
Photo: Europeana.de 1914 - 1918
Gallery
A German soldier's life behind WWI lines
Education
Raising the bar for law & business in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
Photo: DPA
Features
The Local List Archive - Your guide to all things German
National
Share news tips with The Local Germany
Photo: DPA
Culture
Sprechen Sie Deutsch? 10 reasons why you should.
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,365
jobs available
Toytown Germany
Germany's English-speaking crowd