Europeans getting poorer and unequal

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Europeans getting poorer and unequal-News-Time-Now

Europeans getting poorer and unequal-News-Time-NowIn the last few years Europeans became poorer and more unequal, according to a survey conducted by the European Central Bank.

The ECB’s Household Finance and Consumption Survey collected data from 84,000 homes in 18 countries where Euro is the currency. It covers 2010-2014 and was published last month.

The striking point is that the aftereffects of the Great Financial Crisis continued to make most of the Europeans poor and the European governments miserably failed to distribute wealth more widely among the people.

According the report 51.2% of the total net wealth is with the wealthiest who constitutes only 10% of the total population. Meanwhile 5% of households have negative net wealth, which means the value of their liabilities exceeds the value of their assets, the study says.

The report also says, the median of Europeans’ net wealth is €104,100 (roughly the same amount in US dollars). The poorest 10th percentile has net wealth of less than one hundredth of the median, just €1,000.

Even though the media reported similar survey results earlier, it is the first time that the European Central Bank is accepting it.