Germans wealthier than ever
The Local · 27 Aug 2011, 09:49
Published: 27 Aug 2011 09:49 GMT+02:00
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.