Swedes are getting richer. Household net worth increased by 917 billion kronor during the first quarter, which is equivalent to 4.2%, according to SEB's savings barometer.
The increase is mainly due to a strong development on the stock market.
"Households continued to exhibit good saving behavior during the first quarter and have built up a new savings equivalent to almost 10% of Sweden's gross national product over the past year," says SEB's private economist Américo Fernández in a press release.
Debt also grew – by 25 billion kronor, or 0.5%, which is slower than the average growth rate for the past 10 years.
The interest rate ratio, i.e., households' interest expenses as a percentage of disposable income, increased by 1.3% during the quarter and is now at 8%, which is the same level as at the end of 2008.
