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Germans wealthier than ever

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Germans wealthier than ever
Photo: DPA
09:49 CEST+02:00
Germans have more personal assets than at any point since record-keeping began in 1991, the year after national reunification, according to official statistics.

The total held in cash, bank accounts, securities and insurance but not including real estate or non-financial holdings hit €4.824 trillion ($6.922 trillion) in the first quarter, the Bundesbank central bank said.

That amount marked a 4.4-percent jump from the first quarter of 2010.

Personal debt also fell slightly in the same period, meaning that net personal wealth was calculated at € 3.291 trillion at the end of March.

"The cause of this development was primarily the strong increase in economic performance which led to a perceptible rise in disposable income," it said.

Economic growth in Germany, Europe's top economy with a population of about

82 million, expanded 1.5 percent in the first quarter. The Bundesbank has forecast growth of around 3.0 percent for 2011.

The 17-country eurozone has increasingly looked to Germany for a helping hand as it grapples with a crippling debt crisis, as German taxpayers show growing reluctance to contribute to rescue plans.

AFP/mw

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