Belgian Households Twice as Wealthy

15 February 2007

BRUSSELS — The total assets belonging to Belgian households reached 1,450 billion euros yesterday, an all-time record. An average Belgian has property amounting to 140,000 euros and is therefore twice as rich as the average Belgian twenty years ago.

This makes Belgian households richer than the European average and this prosperity trend has continued over the past four years.

The main component of prosperity is real estate, which has become 8 percent more expensive in 2006 alone. So whoever owns property is virtually getting richer.

Meanwhile, prices on other goods are increasing at a slower rate, which means that Belgians can purchase more.

The low inflation of the past year is the result of globalisation. Imports from low-wage countries keep the prices on clothes and other consumer goods under pressure.

Yet it is mainly the rich who are becoming richer. An estimated 65,000 Belgians posses over 1 million euros. That is twice more than five years ago.

Subject: Belgian news