Apartment buildings in Lauttasaari, Helsinki. LEHTIKUVA
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The wealthiest 10 percent of Finnish households now hold more than half of the nation’s total net wealth, marking a historic shift in wealth distribution, according to new data from Statistics Finland.
The median net wealth of households in Finland was 96,000 euros in 2023, a sharp drop from 121,300 euros in 2019. When adjusted for inflation, this represents a decline of about 20 percent. The median value indicates that half of households have greater net wealth, while the other half have less.
At the same time, the average net wealth per household stood at 229,000 euros, more than twice the median, highlighting a growing disparity between high- and low-income groups.
“One-quarter of households had a net wealth of over 272,100 euros, while another quarter had less than 8,100 euros,” Statistics Finland reported. Households led by individuals over the age of 54 were the wealthiest.
The latest figures show that for the first time in recorded history, the richest 10 percent of Finnish households control over half of total net wealth, while the poorest half of households account for only four percent.
“While the wealth share of the wealthiest 10 percent has increased with each survey, in other deciles the trend has been going downward practically all the time,” said Tara Junes, a senior statistician at Statistics Finland.
The wealthiest 10 percent had an average net worth of around 550,000 euros in 2023, while the bottom 10 percent had more debt than assets.
Junes noted that changes in the housing market have played a major role in the decline of median net wealth.
“The median value of one’s own main dwelling has decreased compared to 2019, while the trend in housing loans has been upwards,” she said.
HT
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Source: www.helsinkitimes.fi
