Net Financial Wealth of Bulgarian Households Tripled in 9 Years
The net financial wealth of Bulgarian households more than tripled in the past 9 years, amounting to nearly EUR 25 B by 2013, according to data of UniCredit Group.
According to the analysis of UniCredit?s CEE Strategic Analysis department, the net financial wealth of Bulgarian households is to reach EUR 26.9 B in 2014, compared to a level of around EUR 7 B in 2004.
The data was presented during the annual meeting of the European Bank for Reconstruction and Development (EBRD) in Warsaw, according to reports of Trud daily.
Over the past 9 years, Bulgaria outpaced the average growth registered in the region of Central and Eastern Europe (CEE), where the financial wealth of households more than doubled to nearly EUR 780 B.
Over half of the liabilities of Bulgarian households are consumer loans and 45% are mortgages. The total amount of liabilities by 2013 stands at around EUR 10.4 B and analysts expect the rate to climb to EUR 10.5 B by 2015, according to Capital Daily.
By end-2013, cash assets, comprising currency and bank deposits, accounted for 82% of the financial assets of Bulgarian households, while investments in shares and other types of securities made up only 2% of the portfolio. The remaining 16% of the total were institutionalized assets such as mutual and pension funds and insurance technical reserves.
UniCredit Group analysts expect the ratio in Bulgaria to remain almost unchanged next year, with cash registering a slight decrease to 80% of the total by 2015.
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Listen Novinite, you can publish whatever nonsense you want about the EU helping Bulgaria and so and so, but here from the world class city of Hamilton I can tell you it won't work unless Russia finances that growth. Russia is our slavic brother, a center of global peace and Putin is the 21st century Gandhi fighting against American and Western imperialism. I've said countless times here that instead of joining the European Union we should join the Eurasian Union and eventually merge as one with Russia.
Russia is an emerging market that will grow over 15% this year and tops all the rankings of ease of doing business, transparent governance and almost zero corruption What can decaying Sweden or Austria teach us? Are they slavic tigers like Russia or Bulgaria?
Face up to the fact Bulgarians that unless you start doing business with Russia, Eritrea, Myanmar and North Korea you will be no one. I tell you that because my boss Ali in our 7-Eleven in Hamilton has his retirement stock in Vanguard's Emerging Market 100 Fund and every time it goes up by 10 cents he raises my hourly salary by 1 Canadian dollar.
Go Emerging Markets.