Austrians Poorer Than Italians or Spaniards?

Published: March 22, 2013; 20:26 · (Vindobona)

According to a study carried out by the German Central Bank (Bundesbank) assets of private households in Austria is less than in Italy or Spain.

Austrians Poorer Than Italians or Spaniards? / Picture: © Vindobona.org

According to the study, an Austrian househould has an average wealth of € 76,400. In the countries affected most by the crisis, like Spain or Italy, the household assets are considerably higher. The average recources in Italy is at € 163,000, in Spain at € 178,300 and in France at € 113,500. The average household assets in Germay would come at a net amount of € 51,400.

The calculations were carried out with a so-called median. This is an average value but it is determined in a different way than the regular arithmetic mean. The median is less influenced by extreme figures in the lower or higher range and therefore not as distorted. In this case, particularly rich household or particularly poor household are of no consequences. For the assessments, a range of 40 million households in Germany were listed according to their assests and the sum was divided into two lists: on the first list were those households with assets above the average and on the second list the ones below average.

According to the German Central Bank, there are many reasons for the extreme differences in assets. For instance not all personal claims to assets would have been included like the legal social insurance. With this, many of these households would have chiefly covered many of the life risks and basic needs. Examples for this are the legal provisions for pension, unemployment and illness but also state-financed education in schools and universities. The average assets in Germany are also negatively affected by the German reunification. Besides, Germans do not tend to invest in real estates.

Also for the calculation of households above the average wealth the Germans lack behind, according to the statistics. For Spanish households, the average net assets are at € 285,800, in Austria at € 265,000 and in France at € 229,300. In Germany the average net assets are at € 195,200, however, they figure is higher in Western German with € 230,240 and equals France. There are no figures for Italy. Around 3,600 houshold had been asked in Germany by the German Central Bank in the time period between September 2010 and July 2011.