Household worth falls 37.7% from peak

Household net worth has fallen 37.7% from its peak in the second quarter of 2007 to a current level of €446.4bn, which works out at €97,392 per person, according to the latest set of quarterly financial accounts released by the Central Bank.

Household worth falls 37.7% from peak

Household wealth fell by €5.5bn, or 1.2%, in the second quarter of this year compared with the first quarter. The continued decline in net worth was caused by the fall in the value of household assets and, to a much lesser degree, the decrease in value of financial assets, said the Central Bank.

Household indebtedness fell to €178.5bn over the second quarter, which is €38,938 for every person in the country. This is the lowest level of household debt since the first quarter of 2007. It peaked at €203.8bn in the fourth quarter of 2008 and has dropped by 12.4% since then.

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