Household wealth in Greece is growing rapidly and is more fairly distributed than in the majority of other eurozone countries, the Ministry of Economy and Finance said in a statement citing European Central Bank data.

According to a statement, two important figures are confirmed:

“- First,, even though we still have a lot of ground to cover, household wealth in Greece is growing rapidly, and faster than the European average. In particular, for the three years 2022-2024, the cumulative percentage increase in Greece (28.5%) is the highest among the euro area countries.

– Second, the distribution of wealth is more equitable in Greece than in the majority of other euro-area countries, since assets, movable and immovable, are owned by more households. That is, compared to most European countries, wealth in Greece is concentrated in more hands.

More specifically, ECB data, for the second quarter of 2024, show that:

1. Total household net wealth (which includes deposits, equities, bonds, and real estate, minus private debt) in Greece reached €963 billion in the second quarter of 2024. This amount is an increase of 28.5% compared to 2022 and 40.1% compared to 2020.
2. All individual components contributed to this rise, as the general stock market index, Greek bond prices, deposits, and the value of residential real estate increased significantly during this period. It is indicative that – according to Bank of Greece data released yesterday – since 2020, deposits have increased by €57 billion, of which 56% comes from households.
3. It is also important to note that the increase in the net wealth of Greek households is due not only to the increase in values but also to a 9.7% reduction in household debt compared to 2022.
4. Greek households are ranked (based on median value) 11th among 18 eurozone member countries in terms of the value of assets held. This confirms once again that the usual catastrophism that ranks Greeks in last place in Europe is not true, as in addition to incomes (for which there is also still a lot of ground to be made up), the value of household assets is also increasing. The position of Greek households in the relative ranking of euro-area countries is also improving.
5. The inequality index as measured by the Gini coefficient is, according to the latest available data, the fourth lowest among euro area member states. The lowest economic strata in our country own 12% of the wealth compared to 5% in the euro area, while the richest 10% in Greece own 45% of the wealth compared to 57% in the euro area.

In conclusion, the data on the evolution of household net wealth in Greece confirm both the country’s progress over the last five years and the improvement of its position compared to other eurozone countries, and the soundness of economic policies that increase the wealth of Greeks and ensure its fairer distribution.