Rome

Bank of Italy says top 10% control 45.9% of riches

Poorest half of Italians hold 9.4% of wealth, report says

Bank of Italy says top 10% control 45.9% of riches

Rome, December 13 - The Bank of Italy said the top 10% of Italy's richest families control almost half of the nation's wealth, according to the regulator's monthly bulletin report. The poorer half of the nation's families own 9.4% of the country's riches, the bank said, adding that the distribution of wealth in the euro zone's third largest economy was "characterized by a high degree of concentration". The Bank of Italy indicated that the Gini index which measures the degree off inequality of wealth in the nation, is on the rise. The bank said Italian families' wealth dropped 5.8% as a result of the economic crisis since 2007, the year in which it peaked in real terms.

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