Hungary has fared poorly in a report released by the Central Statistical Office that details household wealth statistics, the first such survey ever conducted in the country, according to the Budapest Beacon.
The survey was coordinated by the Household Finance and Consumption Network of the European Central Bank, which has conducted similar surveys in Eurozone countries since 2006, with Hungary and Poland (non-Eurozone states) voluntarily joining in 2014. The data was collected between October and December 2014.
The report ranks the average total wealth of households across Eurozone countries plus Hungary and Poland. Wealth is defined by the total assets belonging to a household, including cash savings, real estate, valuable personal property, life insurance, and others. The ranking places Hungary second to last in total household wealth, just above Latvia, and well below the Eurozone average.
The average household wealth in Hungary amounts to EUR 50,800, a mere 22.7 percent of the Eurozone average, meaning average wealth would need to increase 440 percent to reach that average, and 500 percent to reach that of neighbouring Austria. Neighbouring Slovakia’s average household wealth surpasses Hungary’s by 30 percent, while Poland’s is nearly twice as high.
The report shows that in terms of wealth distribution, Hungary ranks somewhere in the middle of Eurozone countries; 46 percent of the country’s wealth is owned by the wealthiest 10 percent. This compares to around 35 percent of wealth in the hands of the richest 10 percent in The Netherlands, and 57 percent in Germany. Wealth distribution in Hungary is slightly more equal than the Eurozone average. PHOTO: Budapest’s parliament building READ MORE: http://budapestbeacon.com/news-in-brief/survey-finds-hungarys-average-household-wealth-second-lowest-eurozone/44427