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Bulgarians' Financial Wealth Up by 23%
The total financial wealth of the households in Bulgaria has gone up with 23% during the last year, according to a report published by the analyst's section of the consulting company Industry Watch.
Industry Watch specializes in monitoring and providing analysis on overall economic dynamics, political risks and the business environment in Bulgaria.
The financial wealth is composed of the cash amounts, bank deposits, different types of bonds, deposits in mutual funds and others.
According to Industry Watch's data, the total financial wealth of the Bulgarian households in the middle of 2008 is BGN 32 M while the households' debts with different financial institutions amount to BGN 10 B.
The research further shows that 57% of Bulgarians do not have any savings while the majority of those who save prefer to have their savings in bank accounts or in cash instead of using more complicated ways to invest.
40% of those who have stated that they are saving money, keep it in bank accounts or in cash, 7% invest in real estate and 11% to 12% invest in retirement funds, stocks and bonds.
According to Georgi Angelov, expert from the Open Society Institute in Sofia two of the economy's sectors - construction and tourism were concealing about BGN 2 B per year from undeclared salaries.
Open Society Institute - Sofia is a non-governmental organization, acting for the benefit of the public to defend the values of the open society in Bulgaria and to support the integration of the country to the European Union.
