Germans say goodbye to 2020 and are "richer than ever"

Calculations from the German central cooperative bank showed that the Germans saved heavily during 2020, and thus became richer than ever before.

According to estimates seen by Deutsche Presse-Agentur, it is likely that the financial assets of families increased by 393 billion euros (477 billion dollars) to reach a record value of 7.1 trillion euros in 2020.

The bank's economist, Michael Staple, attributed the growth in financial assets, which amounted to 5.9% compared to the previous year, to the unprecedented high saving rate.

Worried about part-time work or unemployment, many Germans saved, and the temporary shutdown in the retail sector limited consumption.

According to the calculations, families in Germany saved 16 or 17 euros out of every 100 euros of disposable income throughout the year.

While stock markets recovered relatively quickly in 2020 from the crash caused by the pandemic in February and March 2020, gains in the value of stocks and mutual funds contributed only a small part to the growth of private financial assets.

(Photo of German citizens near Frankfurt, who crossed the roads closed by the police, heading towards the plains to ski)

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