Households’ net financial assets exceeded NOK 1 000 billion

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Households’ net financial assets amounted to NOK billion 1 037 at the end of the first quarter of 2017. This is the first time that net financial assets have surpassed NOK 1 000 billion. The increase during the last quarter is due to both positive net financial transactions and revaluations.

Net financial transactions during the last four quarters went down and amounted to NOK -42 billion compared to NOK -30 billion at the end of the fourth quarter in 2016. In the last quarter, the growth in debt was higher than the growth in income. The debt to income ratio therefore went up by 1.4 percentage points and was calculated to 236.7 at the end of the first quarter in 2017. Net financial revaluations during the last four quarters went up from NOK 97 billion to NOK 115 billion, and net financial assets increased by NOK 73 billion during the last four quarters.

Figure 1. Households’ capital gains in unlisted and listed shares over the last four quarters

Listed shares Unlisted shares
Mar.2011 6 38
9 41
-6 34
-9 30
Mar.2012 -5 31
-4 33
11 44
6 50
Mar.2013 2 54
6 51
5 48
13 64
Mar.2014 14 65
18 71
13 75
1 65
Mar.2015 4 63
1 60
-3 59
6 54
Mar.2016 -1 53
2 53
11 54
13 58
Mar.2017 12 61

The main contributor to the increase in net financial assets was capital gains. Gains on listed shares amounted to NOK 12 billion over the last four quarters, while capital gains on unlisted shares amounted to NOK 61 billion. Unlisted shares are valued at book value in the financial accounts, while listed shares are valued at observed market value.

 

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