ECONOMY

ECB: Cypriot households are second richest in euro area

Households in Cyprus, which secured a European Union-led bailout last month, are the second richest in the euro area, European Central Bank data showed on Tuesday.

The median net wealth of Cypriot households was 266,900 euros in 2010, according to the Eurosystem Household Finance and Consumption Survey.

Only Luxembourg’s households were more affluent, with median net wealth of 397,800 euros.

Households in Germany, which is contributing the lion’s share to bailouts of distressed nations, had a median net wealth of 51,400 euros.

[Bloomberg]