Swedish household wealth declines

Swedish households have seen their accumulated wealth decline for the fifth consecutive quarter, new figures from Statistics Sweden show.

The broad stock market decline has taken its toll on share portfolios held by Swedish families which declined by 73 billion kronor ($11.53 billion) to 462 billion kronor during the second quarter.

Total financial assets held by Swedish households declined by 4,620 billion kronor to 4,597 billion kronor, according to the latest savings barometer from Statistics Sweden.

Household debt increased at the same time to 2,289 billion kronor at the end of June 2008, an increase of 62 billion kronor on the first quarter. Mortgages accounted for 55 percent of household debt at the period end.

Net household wealth therefore amounted to 2,307 billion kronor, a decline of 85 billion kronor during the quarter.