Greeks lost 40% of their wealth to financial crisis

According to the latest data from the Bank of Greece’s survey, Greeks lost 40% of their wealth between 2009 – 2014 during the financial crisis.

The survey data attribute this staggering loss of wealth to the decline in real estate value that hit the country during the crisis and reflected in bank deposits.

The study conducted by the Bank of Greece aimed at investigating to what extent the crisis affected the financial situation of Greek households on the microeconomic level for the period 2009 – 2014.

The average annual household income has declined at 26% in 2009-2014, which combined with the increased taxation led to a significant reduction in consumption by 27%.

Finally, the proportion of households who reported that their expenses are lower than their income decreased by 21.9% in 2009 to 13.5% in 2014, according to the Bank of Greece.