Gross household assets reach HUF 90 tln, says MNB

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Hungarian householdsʼ gross assets reached HUF 90 trillion at the end of 2015, while the sectorʼs indebtedness remained among the lowest in the European Union, the National Bank of Hungary (MNB) said in a report today, according to Hungarian news agency MTI.

Gross assets stood at HUF 22 million per household, or HUF 9 mln per capita. Almost half of householdsʼ gross assets are financial assets, the MNB said.

About 38% of Hungarian households have some form of debt, and this averaged out to HUF 4 mln per household in 2014.

The MNB noted that it had used both national accounts statistics and the results of the Household Finance and Consumption Survey coordinated by the European Central Bank in 2014 for the report. The ECBʼs survey had put gross household assets at HUF 69 tln and net assets at HUF 63 tln, while showing real estate made up almost 60% of the total. 

National statistics, on the other hand, show gross household assets reached almost HUF 86 tln and net assets HUF 75.6 tln at the end of 2014, while tangible assets accounted for about 55% of the total. The MNB explained the discrepancies by citing householdsʼ tendency to underestimate their financial assets.

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