Germaqny: Chancellor Merkel Rejects Findings Of ECB Wealth Report

According to a survey released by the European Central Bank (ECB) in early April, Germany is at the bottom of the list of the euro zone's wealthiest households. The Household Finance and Consumption Network (HFCN) published figures showing that the median German household has the lowest wealth in the euro zone, with countries like Spain and Italy appearing to be three to four times wealthier.

It was a finding that proved controversial, and one that Chancellor Angela Merkel has a vested interest in disproving as elections loom later this year.

Merkel is confident that Germans are better off than the ECB report suggests. In Southern Europe, the general public is more likely to invest in property as a pension plan, she pointed out. "Germany has robust statutory social security and occupational pension schemes, but Germans' high pension entitlements are not factored into the survey, and neither are overseas properties or assets." she said. "This makes their average assets look more modest than they actually are."

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