Between 2016 and 2020, the equivalent income of Italian families (i.e. the figure at constant prices and adjusted to compare nuclei of different compositions) grew by 3,7%, but is still almost 8 percentage points lower than the peak reached in 2006, before the last three recessions that hit our country. The Bank of Italy writes it in the latest "Survey on the balance sheets of Italian households", published on Friday and based on interviews with over 6 thousand households.
Wealth increases, but not for everyone
With regard to the average wealth, valued at constant prices, from 2016 to 2020 is climb of 1,7%, while the median dropped by 10%. The gap between average and median net wealth, an indicator of the degree of inequality. According to the survey, in 2020 the bottom 50% of households owned only 8% of total net worth, while the richest 7% held 50%.
This result has been helped by the fact that, among the less well-off families, the most important property assets are real estate, which have lost value in recent years (-6,9%); among the richest, on the other hand, the possession of is more widespread financial activities, which in the same period increased by an average of 30,8% in the portfolios of Italian households.
“The average wealth owned by the 5% of the richest families increased by over 20% compared to 2016, driven by the increase in the value of financial assets, the growth in savings and the increase in real assets in companies - writes Bankitalia - Even the average net wealth ofthe poorest 30% of households increased compared to 2016, while continuing to represent less than 2% of total assets. On the other hand, the average wealth in the central classes of distribution, due to the decrease in house prices, which constitute the main component of the assets of these families".
The result is an increase in inequality in the distribution of net wealth: “Net of the methodological change, in 2020 the Gini index it has risen to 64,7 from 61,6 in 2016.
Indebted households start to increase again
The analysis also shows that, in the same four-year period, the share of indebted households started to rise again (from 21,3 to 24,7%), interrupting the decline that began after 2008. In particular, both households who have debt contract for the purchase of housing, both those who have borrowed for consumption purposes. On the other hand, the percentage of families with debts for professional reasons or to relatives and friends remained stable.
But financially vulnerable families are declining
At the same time, however, they are decreased by 4% families considered financially vulnerable, which they represent today less than 2% of the population. These are households with an equivalent income lower than the median one and an annual debt service expenditure exceeding 30% of income. The increase in 2020 of the cases in which it was possible to obtain one contributed to the decline in families in these conditions debt moratorium.
