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Greeks lost 40% of their wealth during the crisis

Greeks have lost 40% of their wealth in the crisis years, according to a study of the European Central Bank (ECB). According to the report, 5% of the Eurozone households are financially stronger, who held 37.8% from the new wealth in 2014. At the same time 5% of the poorest households had only debts. The median net worth of households in the Eurozone decreased by around 10% in the period 2010-2014 to 104,000 EUR mainly due to the decline in property prices.

The problem of debt in the Eurozone deepens because of inequality, as countries on the periphery such as Greece, Italy, Spain and Portugal face serious difficulties, while the inland countries as Germany grow significantly faster.

The data show that the wealth of the average household in Greece and Cyprus fell by 40%. According to calculations by the ECB, the household wealth in Greece decreased from 108,700 EUR in 2009 to 65,100 EUR in 2014.

Interesting are also the data on the origin of the income of Greek citizens during the five-year period. If in 2005, 54% of their income came from wages, 8.4% of rents and 8.1% of financial investments, then in 2014 the income from wages fell to 46.9%, incomes from rents to 5.9% and those from financial investments to 7.3%.

In comparison, for the same period the wealth of the Germans increased by 10%.

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