Hungarian households are 12% richer than last year

Gross financial assets of Hungarian households increased by 11.9% last year to 14.8 billion euros (6360 billion forints), but at the same time the rate of debt growth slowed down. accelerated, increasing at a pace not seen since the 2008 economic crisis, according to Allianz Global Wealth Report.

According to a summary, research from the global insurance company analyzing the situation of household wealth and debt in 60 countries shows that

in Hungary, net financial assets per capita were €18,060, placing Hungary 29th among the richest countries.

In all three asset classes – equities, bank deposits, insurance and pension fund assets – Hungarian savings increased significantly. The stock of insurance and pension fund assets increased by 7.8% last year, while bank deposits increased by 10.8%. The former represented 7% of household asset portfolios, the latter 28%.

Along with the increase in household financial wealth, the rate of debt growth accelerated, with an annual increase of 14%, the highest since the economic crisis of 2008-2009. However, the debt ratio (debt as a percentage of GDP) remained at a modest level of 25%, well below that of neighboring countries.

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Laura T. Thrasher