Danes Now Richer Than Before Pandemic With $930 Billion Fortune

Danes are now richer than ever after their financial wealth surpassed the level before the pandemic.

Danish households had net financial assets -- mainly in the form of stocks and bonds -- of 5.66 trillion kroner ($930 billion) in the third quarter, the central bank in Copenhagen said in a report on Wednesday.

In the last two quarters, financial wealth increased by a combined 709 billion kroner, more than offsetting the record 541 billion-krone drop in the first quarter when the pandemic rattled financial markets.

The central bank said that financial wealth is set to increase to a new record in the fourth quarter as markets have continued to rise. That should help overcome the negative effect of a new lockdown imposed by the Danish government this month, in an attempt to fight rising virus numbers.

Average household wealth is around 2 million kroner, but most families have less than that, the central bank said. Looking just at pension savings, 43% are held by 10% of the population.

©2020 Bloomberg L.P.

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