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Wealth falls for families in Italy

Wealth falls for families in Italy
Price houses fell by 5.1 percent in 2013. Wealth photo: Shutterstock"

Italian families' wealth fell by 1.4 percent in 2013, although they are relatively better off than those in the US and Germany, the Bank of Italy has said.

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At the end of last year the average family’s net worth was €356,000, down on 1.4 percent at current prices, the Bank of Italy said.

The situation continued to worsen this year, with preliminary figures showing a 1.2 percent fall in families’ net worth in the first half of 2014.

Despite this, the Bank of Italy said families are relatively better off than those in the US, Germany and Canada.

By comparing family wealth to each country’s gross national income, Italy is in fact comparable to France, Japan and the UK, the Bank of Italy said.

But this will likely be of little comfort to Italian families, who saw house prices fall by 5.1 percent in 2013.

Despite government initiatives for growth, the country is bracing for its third year of recession since the start of the financial crisis in 2008. In November, the national statistics agency Istat revised its figures downwards, forecasting 0.5 percent growth next year.

Around 82,000 Italians emigrated last year, many seeking job opportunities as unemployment continues to rise to the current 13.2 percent.

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