• 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)

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
Woman sues for accidental pot raid
Photo: DPA

Woman sues for accidental pot raid

A Bavarian woman is suing police for unlawful search after a reported break-in at her home led authorities to discover 158 cannabis plants in her basement. READ  

Clueless Merkel forgets the F-word
Merkel suffers from Wortfindungsstörung at the IT summit in Hamburg. Photo: DPA

Clueless Merkel forgets the F-word

Angela Merkel's government is often criticized for its lack of understanding of all things digital and an appearance by the Chancellor in Hamburg which was supposed to change those perceptions has only made things worse. READ  

Germany lags in permits for non-EU migrants
Photo: DPA

Germany lags in permits for non-EU migrants

Germany gave out fewer residency permits last year per head to non-EU citizens than any other major European economy. READ  

Hamburg volunteers test Ebola vaccine
Hamburg's UKE has helped lead the fight against Ebola. Photo: DPA

Hamburg volunteers test Ebola vaccine

Volunteers have rolled up their sleeves for the first phase of the human trial for an Ebola vaccine at the Hamburg-Eppendorf University Clinic (UKE), it was announced on Wednesday evening. READ  

US adds voice to chorus telling Germany to spend
Jacob Lew and Sigmar Gabriel. Photo: DPA

US adds voice to chorus telling Germany to spend

US Treasury Secretary Jacob Lew, in a meeting on Wednesday with German Economy Minister Sigmar Gabriel, called on Germany to boost public spending to stimulate stuttering eurozone growth, the Treasury said. READ  

Man leaps with son, 5, from third-floor window
Schönhauser Allee in Berlin. Photo: DPA

Man leaps with son, 5, from third-floor window

A father and his young son are in serious condition after police and firefighters were called to their home in northeast Berlin early on Wednesday morning. READ  

North braces for storms and floods
Cars waiting to be loaded onto the ferry at Bremerhaven, Lower Saxony, were caught in flooding on Wendnesday. Photo: DPA

North braces for storms and floods

UPDATE: The remnants of hurricane Gonzalo have drifted across the Atlantic and are now threatening North German cities with flooding, forecasters warned on Wednesday. The news followed a night of accidents caused by heavy winds in southern Germany. READ  

Kerry's challenge to Russia at Berlin Wall
US Secretary of State John Kerry at the Berlin Wall. Photo: DPA

Kerry's challenge to Russia at Berlin Wall

US Secretary of State John Kerry visited remnants of the Berlin Wall on Wednesday and warned that East-West tensions again threaten freedom in Europe, 25 years after its collapse. READ  

Satirist lives the dream on EU gravy train
Sonneborn in the EU Parliament. Photo: DPA

Satirist lives the dream on EU gravy train

Martin Sonneborn can’t believe his luck. The German comedian, leader of the political party “Die Partei”, managed to get elected to the European Parliament in May, and has found himself overwhelmed with fresh material. READ  

The Local List
Which high school cliche is your city?
Photo: DPA/Shutterstock

Which high school cliche is your city?

This week's Local List takes a leap of imagination and finds German cities fit perfectly into high school cliche categories. Who's the class clown? Who's the nerd? READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA/Shutterstock
Gallery
Which high school cliche is your German city?
Photo: DPA
Gallery
Storm hits southern Germany
Sponsored Article
An international school unlike any other : School on the Rhine
Photo: Fitzpatrick family
Society
'We still don't know what happened to Matthew'
Photo: Mariana Schroeder
Munich
Special Report: Hope and chaos at Munich's refugee shelters
Photo: DPA
Berlin
Robbers blow up Berlin bank
Photo: DPA
Culture
Can you top our history quiz leaderboard?
Photo: Facebook
Society
German motorcycle gang joins Isis fight
Photo: DPA
Politics
UKIP ‘seeks EU pact’ with German satirical party
Photo: DPA
Gallery
PHOTOS: World's biggest erotic fair opens in Berlin
Photo: DPA/Shutterstock
Gallery
11 things Germans are afraid of...
Photo: DPA
Gallery
The ten richest people in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Sponsored Article
Bilingual education from nursery to graduation at Phorms
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

3,523
jobs available
Toytown Germany
Germany's English-speaking crowd