These are the richest and poorest countries in the EU

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Danish households are the richest in the European Union, according to a data analysis by the country’s central bank.

The average household in Denmark had financial assets of 1.88 million Danish kroner (US $ 300,000) in the fourth quarter of 2020.

The data released on Wednesday comes from the disclosure of the financial accounts of the 27 EU member states by the European Central Bank.

The figures showed that the Danes also typically had higher debts of 560,000 Danish kroner, which was only beaten by Luxembourg, where people typically had 660,000 Danish kroner in debt.

However, Danmarks Nationalbank pointed out that the majority of the Danes’ liabilities were bank and mortgage debts “with real estate collateral (approx. 86 percent)”.

“This means that the Danes’ indebtedness is largely offset by the value of real estate assets that are not included in financial assets,” said the central bank.

Overall, the Danes had a net financial wealth of DKK 1.32 million, almost three times the EU average of DKK 450,000.

The Danish Central Bank also emphasized that while this wealth is average, there are significant differences between individuals.

For example, the central bank said that Danes with the highest incomes tend to have more assets and liabilities, while older people tend to have higher pensions.

The analysis by the central bank showed that the wealth of the Danes had grown even faster in the first quarter of this year to an average of 24,000 Danish kroner per person.

Households in the Netherlands had the second highest amount of financial assets with 1.58 million Danish kroner, followed by Luxembourg (1.59 million Danish kroner) and Sweden (1.51 Danish kroner).

Meanwhile, households in Romania were the poorest in the EU, with only DKK 80,000 in financial assets.