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Borg has 'worst' personal finances among Swedish ministers: report

Borg has 'worst' personal finances among Swedish ministers: report

Published: 24 Oct 2011 17:05 GMT+02:00
Updated: 24 Oct 2011 17:05 GMT+02:00

Swedish finance minister Anders Borg, known for lecturing Swedes about the dangers of borrowing too much money, has a mortgage worth more than the value of his home, according to new investigation.

In an opinion article published in January, Borg cautioned that, “we can't live beyond our means”.

“We all have a responsibility to not be cavalier, but rather to make careful and responsible calculations when it comes to investments and consumption,” Borg wrote.

“Responsibility and prudence ought to be our guiding lights for the years ahead.”

But a few months later, Borg took out an addition 500,000 kronor ($76,000) loan on his 368 square-metre home in Katrineholm in central Sweden.

The new loan brought the finance minister's overall mortgage up to 3.65 million kronor on a home with an assessed value of only 3.2 million kronor, according to a report in the Aftonbladet newspaper.

Moreover, the newspaper concluded that Borg had the worst personal finances of all of Sweden's government ministers, saddled with mortgage debt totaling more than 110 percent of his home's value.

But Borg is far from the only Swedish minister with a sizeable amount of housing debt.

Social insurance minister Ulf Kristersson, as well as children and the elderly minister Maria Larsson, also have mortgages worth more than the value of their homes.

Overall, a total of seven ministers have mortgages that exceed Sweden's 85 percent mortgage ceiling, Aftonbladet found.

Meanwhile, foreign minister Carl Bildt was found to be the wealthiest Swedish minister, with assets totaling 23.8 million kronor, including a 170 square-metre flat in Stockholm's posh Östermalm district valued at 10 million kronor.

Agriculture minister Eskil Erlandsson is Sweden's next wealthiest minister, with newly appointed environment minister Lena Ek coming in third with assets totaling 11 million kronor.

The Local/dl (news@thelocal.se)

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Your comments about this article

18:46 October 24, 2011 by zircon
This is Europe. No one owns anything if you pay inheritance tax.
07:01 October 25, 2011 by RobinHood
The politician with the best finances is julholt. Vote for him.
08:27 October 25, 2011 by Gordy
"Social insurance minister Ulf Kristersson, as well as children and the elderly minister Maria Larsson, also have mortgages worth more than the value of his home."

"Agriculture minister Eskil Erlandsson is Sweden's next wealthiest minister, with newly appointed environment minister Lena Ek coming in third with assets totally 11 million kronor."

Swenglish FAIL again!
12:02 October 25, 2011 by Addendum
They have the finances to buy their way out of the inhumane policies they subject the rest of us to... Borg also has the worst hair among Swedish ministers...
12:23 October 25, 2011 by Great Scott
This picture The Local keeps showing of this idiot makes him look like a prize pr—k.

If he ever gets into financial trouble, he will just use tax payers money to bail himself out just as he did with the banks.
13:29 October 25, 2011 by salalah
That's why he will do anthing to keep interest rates low - for his own selfish reasons, totally disregarding of the fact that the housing market has overheated in the past 5 years...
20:04 October 25, 2011 by The Grand Master
The Economic insight and genius of some of the posters on here never ceases to amaze me. It's like being on the MENSA site. Have any of you ever actually been to school? The best post ever must be the suggestion that Borg keeps interest rates low just so his mortgage repayments are kept down. I suggest you go and double check that theory with the Swedish Central bank, they might have a different theory. But you just keep making it up in your head, you'll feel all warm and fuzzy inside if you can believe you have a clue what you are talking about.

Isn't it just fantastic in Sweden how we can all nose around into other people's personal finances as well? Doesn't matter whether it's the finance minister or your next door neighbour, we can all snook into their private affairs. Makes it easier to go away and cry ourselves to sleep with jealousy. Pathetic.
17:33 October 26, 2011 by salalah
Yes, I am feeling warm and fuzzy right now, Grand Master! The government is the policymaker, not the Central Bank, so the bank will of course listen to the government. if the interest rates would rise right now, the housing bubble would burst and Borg would feel a dent in his wallet...The government are afraid to make anything that will make them unpopular, even though it would be good for the country.
23:57 October 26, 2011 by The Grand Master
Why exactly would the Central bank (or according to you the Government) want to raise interest rates now whilst all of Europe (except Sweden and one or two other well run countries) are on the verge of another credit crunch/recession? It's nothing to do with avoiding unpopularity-it's just sound policy.

Interest rates are more likely to temporarily fall again in the first quarter of 2012.

Desperate arguments there on your part. Government/bank are following the correct course-live with it.

Actually I would imagine the Social Democrats would probably be following a similar path. It's called logic.
00:46 October 29, 2011 by salalah
This recession crap is something being told us by the govt, but why are we having high inflation then? Food prices and cost of living have increased 40 percent over the last 6 years that interest rates have been low, according to my estimates...
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