Swedish households’ financial wealth at new record level
Thursday, 14 November 2013
There are reported impressive growths in Swedish household financial development blamed on the strength of the stock market positive performance.
During the quarter there has been a positive effect on the financial wealth of households and a new record level was registered at the end of the quarter, writes statistic Sweden in a press release.
The increase in wealth can primarily be explained by a sharp increase in value, since the contribution from financial savings was very small. During the quarter, households made net sales of shares and equity funds.
During the third quarter, the financial wealth of households, i.e. their total financial assets minus their debts, reached a new record level of SEK 5 530 billion. Their financial wealth increased in total by SEK 261 billion during the quarter, SEK 258 billion of which was due to the increase in value and SEK 3 billion to positive financial savings. The increase in value can primarily be explained by the positive effect on households’ direct and indirect ownership of shares. During the quarter, the Stockholm Stock Exchange rose by 10.3 percent according to the Affärsvärlden general index. There was also a positive effect during the quarter from the increase in value of households’ tenant ownership rights.
News source: Statistic Sweden