Average Hungarian household has HUF 27 mln in assets

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The net assets of an average Hungarian household stood at HUF 27 million at the end of 2017, up 48% from 2014, current affairs portal hvg.hu reported based on figures compiled by the National Bank of Hungary (MNB).

The median value of net household assets reached HUF 12 mln, up 39%. One quarter of the total assets of Hungarians was owned by 40,000 wealthy households.

According to the central bank’s survey, the HUF 61 trillion in assets of the richest one-tenth of society raised the average. Their assets accounted for 60% of the total Hungarian holdings. The second richest one-tenth owned a total of HUF 15 tln.

The poorest 10% of society had HUF 4.4 mln in assets on average, alongside HUF 5.6 mln in loans, making their overall balance negative, hvg.hu notes.

The study shows the average rate of home ownership in 2017 was more than 80% in all but the lowest two deciles of households, but fell in the lowest two deciles of households, to 63% and 28%, respectively. The home ownership rate for all households was 84%.

Car ownership, which averaged 54% for all households, reached 82% in the top decile, and was 30% in the lowest tenth.

Bank account ownership averaged 81% for all households, standing at 97% in the top decile and at 71% in the bottom tenth. The rate of ownership of government bonds was 30% in the top decile, but tapered sharply to 11% in the second, and was in the range of 0-6% among the rest of households.

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