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Swedish household wealth rebounds: study

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Swedish household wealth rebounds: study
15:42 CEST+02:00
Swedish household wealth has rebounded strongly in 2009 and has now clawed back half of the 976 billion kronor ($143 billion) fall in the wake of the stock market crash.

During the first half of 2009 Swedish household wealth has increased by a net 472 billion kronor, according to Swedish bank SEB's new saving barometer.

"The strong stock market gains, rising house prices and a high level of savings are the reasons behind the recovery in household wealth. But there is still some way to go before household balance sheets are back at the peak of the summer of 2007," SEB economist Gunilla Nyström said in a statement.

Swedish household net wealth peaked at 6,903 billion kronor in the second quarter 2007 and bottomed out at 5,604 billion kronor in the fourth quarter of 2008.

Savings increased by 57 billion in the second quarter with 15 billion placed in investment funds.

Swedish household debt in relation to assets declined over the period as a result of the gains and is now 28.4 percent after having been as high as 30 percent.

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