Empty-Handed Germans

The study, conducted by the German Institute for Economic Research (DIW), showed that women, people living in eastern Germany and immigrants are the worst off when it comes to property and assets.

The study, published by the daily Süddeutsche Zeitung, showed that Germans have total assets of 5.4 billion euros ($7.9 billion). The total is composed of savings, property ownership, pension benefits and insurance plans, as well as art and stamp collections. The total resulted after debts had been calculated out.

If the amount were distributed equally among all Germans over the age of 17, each would have an average of 81,000 euros in real capital.

However, the DIW study showed that assets are not distributed equally. While the richest 10 percent of the population possess over two-thirds of savings and assets, half of the population has virtually nothing. The people in the latter group, the study showed, spend most of their money on goods and amortizing debts.

Eastern-Western split in wealth

Furthermore, there is a split between eastern and western Germany. Average assets among people living in western Germany are 2.6 times higher than among those living in eastern Germany -- primarily because eastern Germans have more debts and fewer own property.

Generally, women have 30,000 euros less in capital than men, the study showed. Migrants, both in western and eastern Germany, have less than half of the average asset sum at their disposal.

The study is based on surveys conducted among households that have been questioned annually since 1984 concerning their financial and social situations.

The study also showed that higher incomes among the richest Germans have led to greater discrepancies among the classes. The amount of assets composed only of wages has stagnated between 1996 and 2006; the portion composed of capital has grown by four percent to around 33.8 percent.

Bridging the gap

Markus Grabka, the author of the study, said the results showed that "many people residing in Germany are basically living from hand to mouth," as quoted by the Der Spiegel online news portal. He said that well-off people had amassed "enormous riches," and suggested that legislators correct the disparity.

However, he warned against a tax on assets, pointing out that the rich would merely relocate their wealth abroad.