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Frankfurt / Main (dpa) - In the Corona crisis, people in Germany have accumulated more assets than ever before.
The financial assets of private households in the form of cash, securities, bank deposits and claims against insurance companies climbed in the third quarter of 2020 compared to the second quarter by 108 billion euros or 1.6 percent to the record value of 6738 billion euros, as the Deutsche Bundesbank said on Friday announced in Frankfurt.
People kept their money together during the crisis, and at the same time they benefited from the rise in share prices.
The development was "again characterized by high savings and the sustained recovery on the capital market," explained the Bundesbank.
However, the momentum lost momentum.
In the second quarter of 2020, financial assets had increased by 4.0 percent compared to the previous quarter after a decline at the beginning of the year.
The data do not reveal how wealth is distributed.
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According to the latest data from the Federal Statistical Office, the savings rate rose from 10.9 percent a year earlier to the record high of 16.3 percent.
For every 100 euros of disposable income, households put an average of 16 euros on the high edge.
According to the Bundesbank, savers mainly relied on cash and bank deposits in the third quarter, which although the low interest rates mean that they hardly yield anything, they can access quickly.
At the same time, they invested in stocks or funds.
The involvement of private households in the capital market has recently experienced “a rapid upswing”, declared the Bundesbank.
In the third quarter, private households bought stocks and investment fund shares to the tune of 20 billion euros.
That corresponds to almost three times the average acquisitions over the past ten years.
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As in the past, people are taking advantage of the low interest rates to borrow cheap money, especially for home loans.
After deducting the debts, the financial assets rose by 80 billion to around 4802 billion euros.
When calculating, the Bundesbank takes into account cash, bank deposits, securities and insurance claims - but not real estate.
© dpa-infocom, dpa: 210115-99-36676 / 2
Financial wealth long series
Financial assets 3rd quarter