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On the scale from poor to rich, the average family in our country had more than 277,000 euros last year. This emerges from the latest figures from the National Bank on the net assets of Belgian households. Which Eurozone countries are doing better? And what share of the total assets do the ten percent of the richest Belgians own?
The National Bank of Belgium (NBB) has published new figures on Belgian assets. The average net worth in our country – half of the families have more, the other half less – was exactly 277,277 euros on June 30 last year. That is around 12,000 euros more than the year before. If you look at the average, a Belgian family owns no less than 565,000 euros – according to the NBB, the group of large money owners significantly increases this amount.
The BNB examined, among other things, the amounts in savings accounts, the value of our homes and other real estate, stocks, mutual funds and life insurance, less the outstanding amounts on mortgage loans and other debts.
Better than the neighbors
In terms of average amount, Belgians are not the richest in the Eurozone. We end up in fifth place there, far behind the absolute top Luxembourg – thanks to the significantly higher real estate prices there. But the median net worth is also higher in the other small state Malta as well as in Ireland and Cyprus. We are doing better than, for example, our neighboring countries the Netherlands, France and Germany (106,206 euros).
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Striking: 29 percent of all residential properties in our country and 79 percent of listed stocks belong to the ten richest Belgians, as the figures show.
Although wealth inequality has fallen slightly over the past five years, it remains worryingly high. The select club of the very richest 10 percent of our country now owns 55 percent of the total net worth of all households. In 2018 it was 57.30 percent. The 50 percent of least wealthy Belgians improved: they now own 8.4 percent, compared to 7.63 percent five years ago.
House prices
According to the NBB, explanations include the rise in real estate prices, which has increased the prosperity of a large part of the population. Seven out of ten Belgians can call themselves homeowners. The fact that the stock markets did not perform as well also plays a role. As a result, the value of shares, which are typically held primarily by large wealth groups, rose less significantly.
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