Financial Assets of Austrians Back at Record Level After Slump

Lifestyle & Travel ♦ Published: August 25, 2020; 17:30 ♦ (Vindobona)

Austrians have never been richer than today. Private financial assets have recovered and improved after a significant decline in the first quarter of 2020 due to Covid-19.

High proportion of bank deposits including cash and their limited reaction to fluctuations on the market are the causes for Austrians' wealth. / Picture: © Wikimedia Commons / Usien [Public Domain]

According to a recent study conducted by ING Bank, recovery in the markets and high new deposits have resulted in historically high asset growth.

Following the massive slump in the markets due to the Covid-19 crisis in the first quarter, private households across Europe have lost significant financial assets.

EUR 771 billion were lost in the eurozone within three months, and EUR 15 billion in Austria, according to a study by ING. In the meantime, however, the markets have caught up again and Austrians have more financial assets than ever before.

Compared with December 2019, private financial assets in the eurozone fell by 3 percent or EUR 771 billion in the first quarter of the year to …