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Figures published by the Bank of Spain covering the first quarter of 2017 have recently been released, indicating that household wealth rose by 1.74% in that time – by €1.32 trillion - and 8.5% year-on-year.
Net personal wealth is measured as the difference between assets – cash, shares, savings, income and fixtures such as homes, land and vehicles – and liabilities, or debts.
And by the end of March this year, assets over liabilities showed a positive balance in Spain of €2.111 trillion – 4.8% more than a year previously.
Net financial assets represented 119.5% of the GDP, up 5.2% on March last year, and gross assets – before deducting liabilities, such as mortgages and personal loans - reached 187.8%, or a 1.9% year-on-year rise.
The Bank of Spain says the increase in wealth is linked to net acquisition of financial assets to the tune of €39 billion over the first quarter of 2017 and between April and December 2016 inclusive, and these having risen in value by around €58bn, largely due to more extensive buying of share capital.
Gross debt for households and for companies not including banks or other financial entities reached €1.86 trillion by the end of the first quarter of 2017, which translates to 162.5% of the GDP and 6.6% more than a year previously.
Household non-fixed assets largely involved cash held in current accounts or on deposit, being 40% of the total, followed by shares at 26%, life assurance and pension funds at 17%, and investment fund participation at 13%.
The latter saw the greatest increase in the three-month period, rising by 1.1% in value, whilst current account and savings went down the most, by 1.7%.
Overall, in the year leading up to the end of March this year, household and company net wealth showed a surplus of €25bn, equivalent to 2.2% of the GDP and 2% higher than in the last quarter of 2016.
Non-banking firms across the board – from national chains to one-man-band limited companies and family-run shops – showed a positive net balance of 1.9% of the GDP, compared with 2.1% for banks and other financial institution.
During the same period, the public sector reported a deficit of 4.2% of the GDP.
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