Most of the millionaires in Europe live in Germany: 2.9 million. And this is where private wealth is at its highest.
According to a Swiss study, Germany ranks first in terms of private wealth in Europe overall.
Private assets here amounted to around 16.4 trillion euros in 2020, followed by France with 12.6 trillion euros and Great Britain and Italy with 10 trillion euros each, as reported by the Institute Redesigning Financial Services (RSF) in Zurich.
Overall, private assets grew in this country in the first corona pandemic year 2020 despite the decline in economic output. The study covers 16 EU countries and Switzerland. In these countries, real gross domestic product fell by 6.4 percent in 2020, while private wealth rose by 3.9 percent to an all-time high of 69 trillion euros.
This shows that inequality between rich and poor continues to increase. The development will continue. “The wealthy will probably get an even bigger piece of the growing private wealth cake,” said RFS boss Robert Ruttmann.
In a reaction to the report, the German Trade Union Federation (DGB) demanded more taxes for the rich, for example by levying a new wealth tax. “In addition, a fairer inheritance tax is needed, which no longer puts company heirs in a better position,” said DGB board member Stefan Körzell. That brings five to seven billion euros for public budgets a year. The current inheritance tax would favor the super-rich.
According to the study, Germany has the most millionaires in Europe: 2.9 million, followed by Great Britain and France with 2.5 million each. The density of millionaires was therefore highest in Switzerland: 14.1 percent of the population belonged to this group.
RSF was founded in 2016 as a think tank by the universities in St. Gallen and the ETH in Zurich as well as the management consultancy EY. It deals with technology-driven new business models for financial services.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
