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The difference between the accumulated assets of Lithuanian and European households does not seem surprising, since in the second half of the last century the population of the former countries of the European Union accumulated assets in a market economy and in Lithuania and other post-Soviet countries in a planned economy, according to the Bank of Lithuania.
The distribution of assets shows that 40 percent. The poorest households in Lithuania have accumulated more than 40% of their assets. the poorest households in many other European countries. The average Lithuanian household, which falls between 20%. of the poorest, it has accumulated 8.5 thousand. Net assets and the average household of the euro area, which represents 20% of the poorest, indebtedness is higher than the value of assets, so its net asset balance is less than 4.5 thousand. euros
According to the Bank of Lithuania, another fact that distinguishes Lithuania from other European countries is a small proportion (10.4%) of households that have bought a home with a loan, 6.8%. They do not have their own home, and even 82.8 percent. households have their own home purchased without a loan. This means that up to 4 out of 5 households in Lithuania can spend more of their income on expenses or savings, since they do not have to pay rent or a loan and their taxes.
In the euro area, on average, only 39.8% Households have their own home purchased without a loan, and 20.5 percent. It is bought with a loan.
When evaluating data from European countries, it can be seen that most assets are accumulated in the form of real estate. This trend is also revealed in Lithuania, even at 93.2 percent. The population lives in their own homes, which is the highest among the countries of the euro area. One of the lowest is the German indicator: only 43.9 percent. Families live in their own homes, and the euro area as a whole represents 60.2 percent.
The importance of non-financial assets is demonstrated by the fact that 81.7%. In the form of accumulated real estate in Lithuania, the proportion of real estate in financial form is only 4.3%. total assets (other assets – business or automobiles). In the euro area, on average, 67.6% The population’s assets are real estate and financial assets represent 19.1 percent.
In Lithuania, the most significant value of financial assets is related to the accumulation of supplementary pensions or life investment insurance. Every second home in the country participates in the second pillar of pension accumulation promoted by the state, which has accumulated more than 6 thousand on average. Participation in the third pillar, which consists of the accumulation of private pensions or life investment insurance, is much lower, only around 9%. population, while in the euro area the figure is 28.4 percent.
The values of the financial products (accumulation of third pillar pensions or life investment insurance) available to the Lithuanian population amount to around 6.4 thousand. and the euro area: around 14 thousand. euros
According to the Bank of Lithuania, the predominance of non-financial assets and their relatively more even distribution are the main assumptions that Lithuania’s indicator of wealth inequality is one of the lowest in Europe. One of the most popular units of inequality measurement, the Gini coefficient, based on Lithuanian data, is 0.589, while the Gini coefficient for euro area assets is 0.695 (a higher indicator indicates greater inequality ).
According to the Bank of Lithuania, the rather unexpected results of the wealth inequality survey are in stark contrast to the income inequality indicators, according to which Lithuania is still among the European countries with the highest inequality. Based on high income and relatively low property inequality, Lithuania is close to Greece and Italy. On the opposite side are countries like Germany, Cyprus, Austria or the Netherlands, where wealth inequality is high but income inequality is low.
In the other Baltic states, Latvia and Estonia, the distribution of income among households is slightly more uniform than in Lithuania, but they have much greater inequality of wealth. Slovakia, Poland and Slovenia have the largest balance sheets, with relatively low income and wealth inequalities.
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