Surprising news comes from a recent study conducted by the Bundesbank: the richest families in Europe are not from Germany, Austria or Switzerland as many would have thought, but from the less 'virtuous' countries in the eruo zone like Spain and Italy. The report found that families in Germany, which has a solid economy and has been working to encourage austerity across the euro zone, are among the continent’s poorest.
According to the report, which used a sample of 3,600 families, families in Germany are one-third poorer than families in Spain, Italy and France. The average savings of a family in Germany are 51,400 euro, compared to the average in Spain (178,300 euro), Italy (163, 900), and France (113,500). Austrians join the Germans in the lower ranks, with average family savings recorded at 76,400 euro.
The discrepancy can be explained by the fact that only 44.2 percent of Germans own their homes, compared to 68.4 percent of Italians. The study also reveals that consumers’ purchasing power is much lower in Italy and Spain than in Germany.
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