DZ Bank: Germans’ financial assets at record high of over 7 trillion

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People in Germany saved like mad during 2020 and are therefore richer than ever before, according to calculations by DZ Bank, seen by dpa. The financial assets of private households are likely to have increased by 393 billion euros (477 billion dollars) to a record value of 7.1 trillion euros in 2020. DZ Bank economist Michael Stappel attributes the growth of 5.9 per cent compared with the previous year largely to a historically high savings rate. Many people kept their money together out of concern about short-time work or unemployment, and the temporary closures in the retail sector also put…

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