The net wealth was higher than this, RON2,047 billion in 2008, an economic boom year. This means last year’s level was the highest in a decade and second highest after 2008.
Each Romanian has a net wealth of about EUR22,300, while the debt per person stands at more than EUR1,650, according to central bank data found in the latest edition of the Financial Stability Report.
Households’ net wealth rose 9.8% in 2018 compared with the end of 2017, amid the rise in financial assets and in the increase in real estate asset holdings. Household’s net financial assets increased by 6.6% in 2018 over 2017 and reached RON443 billion, while real estate assets by 10.7% to RON1,580.2 billion, according to central bank data.
Even though Romania has the highest real estate asset ownership rate in the EU, Romania’s central bank says the wealth gap remains wide, with the richest 10% households owning about 60% of the wealth.
Net financial assets, calculated as a difference between the financial assets and financial liabilities, were more than double in 2018 compared with 2008.
Total debt rose by 6.6% to RON150 billion in 2018. The rise was because of lending (especially mortgage lending), which accounts for the biggest share of the households’ debt.
(English version by Loredana Fratila-Cristescu)