Dr. Lorenz Weimann
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At the end of 2008, the gross financial assets of private households in the USA totaled EUR 29.6 trillion compared with EUR 35.8 trillion in 2007 – a loss of 17.4%. This loss was considerably higher than in Western Europe where savings fell from EUR 25.5 trillion to EUR 23.5 trillion, a loss of “only” 8%. The smallest decline experienced by the countries under consideration was in Japan with 5.5% (EUR 9.5 trillion to EUR 9 trillion).