Germans have never been so rich: central bank

26th August 2011, Comments 0 comments

Germans have more personal assets than at any point since record-keeping began in 1991, the year after national reunification, according to official statistics released Friday.

The total held in cash, bank accounts, securities and insurance but not including real estate or non-financial holdings hit 4.824 trillion euros ($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 euros 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.

© 2011 AFP

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