The Bundesbank (Germany’s central bank) has just published a study showing that the average German household is a full three times less wealthy than its crisis-hit Spanish or Italian counterparts.
Whereas the median Spanish household has net wealth of €178,000, the equivalent in Germany is €51,000.
“These German households are downright poor,” a spokesman for the Bundesbank said after presenting the study. “Relatively speaking, I mean. In fact they are so poor that they have to eat cereal with a fork just to save milk.”
“Poor? These households are so poor they only have two TV channels: On and off.”
“We’re talking poor here, folks. These households are so poor that the ducks throw bread at them.”
Germany’s relatively low level of home ownership is one of the principal reasons suggested for the wealth disparity.