Wealth of Italian households falls, says Bank of Italy

(AGI) Rome, Dec. 16 - The net wealth of Italian households fell1.4 percent, at current prices, year-on-year at the end of2013, to a total of 8,728 billion euros, corresponding to anaverage 144,000 euros per capita and 356,000 euros perhousehold. The figures are contained in the supplement to theStatistical Bulletin issued by the Central Bank of Italy. Realassets represented 60 percent of total assets while financialassets made up the remaining 40 percent. Liabilities amountedto less than 900 billion euros and just over 9 percent of totalassets. The 3.5 percent drop in the

(AGI) Rome, Dec. 16 - The net wealth of Italian households fell1.4 percent, at current prices, year-on-year at the end of2013, to a total of 8,728 billion euros, corresponding to anaverage 144,000 euros per capita and 356,000 euros perhousehold. The figures are contained in the supplement to theStatistical Bulletin issued by the Central Bank of Italy. Realassets represented 60 percent of total assets while financialassets made up the remaining 40 percent. Liabilities amountedto less than 900 billion euros and just over 9 percent of totalassets. The 3.5 percent drop in the value of real assetsresulted from the 5.1 percent drop in the average price ofhouses, which was only partly compensated by the 2.1 percentrise in financial assets, and by the 1.1 percent fall inliabilities. In real terms, by using a consumption deflator,net wealth fell 1.7 percent from 2012. According to theStatistical Bulletin, the wealth of Italian households wasestimated to drop 1.2 percent in nominal terms also in thefirst semester of 2014 compared to December 2013. Despite thewealth of Italian households fell 8 percent at constant pricesfrom the beginning of the financial crisis in 2007 to the endof 2013, it still remains above that of Germany or the UnitedStates and ranks high at international level. The net wealth ofItalian households in 2012 was eight times higher than grosshousehold disposable income, in line with that of France, Japanand United Kingdom and higher than that of United States,Germany and Canada. The ratio of real assets to grossdisposable income was 5.4, lower only than that of Frenchhouseholds. Household indebtedness also resulted to berelatively low, at 81 percent of disposable income, despite thesignificant debt growth trends recorded during the past decade..