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Italian haves and have-nots PDF Print E-mail
Dec 20, 2010 at 05:31 PM
Image  So just in case anyone out there thought this was an egalitarian society, here's the truth according to the latest figures released by the Bank of Italy. About 45% of Italian wealth is in the hands of ten percent of Italy's families while the poorer families in this country, even when taken all together can boast only of owning ten percent of Italia Inc.

However, in comparison with the rest of the world, Italy is in a very good place, being firmly ensconced in the top ten of the world's countries in terms of pro-capita GNP.

In other words, 60% of Italian households are better off than 90% of the world's households. And even right here in Europe, Italian families are doing pretty well in the sense that they have fewer debts than families elsewhere. At the end of 2008, the indebtedness of the average Italian family (or household) stood at 78% of gross available income compared to 100% in France and Germany and 130% of Japan and the U.S.

Furthermore, 41% of household indebtedness represented mortgage charges. Real estate continues to represent the major form of private investment in Italy, with real estate owned by Italian households amounting to about 4,800billion euros, or an average of about 200,000 euros per family.

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