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Property boom boosts Germans' wealth

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Christian Fernsby |
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Europe   The net wealth of the median German household was 70,800 euros

A boom in property prices is boosting private wealth in Germany but it remains unevenly distributed across the country, a Bundesbank study showed on Monday.

The net wealth of the median German household was 70,800 euros in 2017, a 17 percent increase from the previous survey three years earlier, largely due to a jump in the value of primary residences.

The study illustrates some of the effects of the European Central Bank’s ultra-easy monetary policy, which has helped fuel a German property boom by depressing borrowing costs.

This policy has long been criticised in the country for bringing down yields on fixed-income investments popular with local savers.

But measures of inequality painted a mixed picture: The gap between the richest and poorest quarter of the population widened even as the share of total wealth in the hands of the top 10 percent shrank slightly.

The gap between East and West Germany also remained wide.

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