Belgian households are the wealthiest in Europe, study shows

With an average net worth of €450,000, Belgian households are among the wealthiest in Europe, according to a study by ING. The study shows that Belgian families have increased their wealth by 17% since 2007, write various Belgian media.

For the study, ING researched the total added value of all assets per household, including property, bank account balances and investments such as pension savings and life insurance. After deducting any outstanding loans or debts, the researchers came up with an average net worth of about €450,000 per Belgian family.

The results show that Belgium is far wealthier than other countries in Europe, which have an average household worth of €255,000. Remarkably, the buying power of Belgian families has increased signicantly since the beginning of the economic crisis in 2007, by as much as 17%, the study reveals. The numbers have nearly doubled from what they were in 2000 (when the average Belgian household was worth €250,000).

According to Julien Manceaux, senior economist at ING, the results have everything to do with the strength of the Belgian housing market. "Rising real estate prices have steadily pushed our net worth higher. We did not have a housing crisis like they experienced in Spain. And our stock market recovered faster than in the rest of Europe. In some countries, the net wealth per family didn't start to go up again until the end of 2013, two years later than in Belgium."

The striking results have raised more than a few eyebrows in Belgium, prompting Het Nieuwsblad to launch a call for opinions or personal experiences on the subject.