Swiss household wealth continues to rise: report
More evidence emerged on Thursday of how Switzerland is bucking the economic gloom hitting most of Europe with figures released by the country's central bank showing a further “significant” increase in household wealth.
The net worth of households rose 5.2 percent to 3,186 billion francs (more than $3.3 trillion) by the end of 2013 compared to a year earlier, the Swiss National Bank said.
This was “largely due to higher share and real estate prices,” the SNB said in a report.
The net worth figure includes financial and real estate assets less liabilities.
Household wealth in Switzerland has risen continuously every year for a decade with the exception of 2008.
Financial assets held by households grew five percent to 2,213 billion francs, while the market value of real estate climbed 4.6 percent to 1,739 billion francs.
More than half the rise in financial assets was down to capital gains on shares and on collective investment schemes, the bank said.
Deposits with banks increased by 35 billion francs to 706 billion francs, while the sum invested in insurance and pension schemes rose by 29 billion francs to 919 billion francs.
Reported real estate assets include single-family homes. owner-occupied apartments and apartment buildings with rental units in Switzerland.
Commercial real estate, land and property outside the country is not counted.
Household liabilities — mainly mortgage loans — increased 3.3 percent to 766 billion francs, the bank said.
Mortgage loans account for about 90 percent of total household liabilities, the report said.
Household net worth per capita jumped by 3.9 percent to 391,000 francs, a 15,000-franc increase from the end of 2012.
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