Structure and distribution of household wealth: An analysis based on the HFCS
利用家庭金融与消费调查（HFCS）第一轮数据，分析了欧元区家庭财富的结构与分布，发现住房拥有率和金融资产参与度存在国际差异，净财富比收入更不平等。
The total financial wealth of households can be deduced from the financial accounts, and their total real wealth can be assessed on the basis of estimates of property ownership and property prices. However, these macroeconomic information sources reveal little about the distribution of wealth among households. That requires microeconomic survey data. The Household Finance and Consumption Survey (HFCS) comprises that type of microeconomic data. The article uses the processed results of the first wave of that survey to analyse the structure and distribution of household wealth. Regarding household assets, we find wide international variations in home ownership. There is a low level of participation in most financial assets (other than deposits), except for the wealthiest households. In regard to debt, the author finds a relatively low percentage of households with debts in the euro area, but once again there are considerable international variations. If all assets and debts are taken into account, the wealth of Belgian households is substantial by international standards. Net wealth seems to be more unevenly distributed than income. Here, too, there are considerable variations between euro area countries. Real assets and mortgage debts play a significant role in this respect. The HFCS is a rich and – certainly for Belgium – reliable statistical source with a great deal of new information on household finances in the broad sense. The microeconomic statistics provided by the HFCS are suitable mainly for structural analyses, but the macroeconomic data are useful for global analyses.