From Iceland — Iceland's Richest 10% Own 44% Of Assets

Iceland’s Richest 10% Own 44% Of Assets

Published September 23, 2020

Catherine Magnúsdóttir
Photo by
Danny Nicholson

According to a report published by Statistics Iceland the assets of families in the highest 10% of Iceland amounted to 3,267 billion ISK or about 43.9% of total assets in the country. Total family assets in Iceland increased by 8.6% from 2018 to 2019, or from 6,855 billion ISK to 7,442 billion ISK.

Total liabilities amounted to ISK 2,266 billion at the end of 2019, which is an increase of 7.3% from the previous year.

Family equity was 5,176 billion ISK in 2019, which is an increase of over 9% from the previous year. However, this is a smaller increase than in previous years.

Assets refer to all family assets, including real estate, vehicles, bank deposits and securities. Family assets in the top ten percent of assets amounted to 3,267 billion ISK, or about 44% of total assets, which is about the same percentage as the previous year.

Liabilities, assets and equity positions

Graph by Hagstofa Íslands

Statistics Iceland publishes annual statistics on assets and liabilities according to tax returns.

The results on assets and liabilities are based on a family unit formed by jointly taxed individuals and children under the age of 16 with the same legal domicile. Attention is drawn to the fact that young taxpayers are registered as individuals from the age of sixteen and must be counted as individuals even though they still live in their parents’ homes.

Note: Due to the effect the Coronavirus is having on tourism in Iceland, it’s become increasingly difficult for the Grapevine to survive. If you enjoy our content and want to help the Grapevine’s journalists do things like eat and pay rent, please consider joining our High Five Club.

You can also check out our shop, loaded with books, apparel and other cool merch, that you can buy and have delivered right to your door.

Support The Reykjavík Grapevine!
Buy subscriptions, t-shirts and more from our shop right here!

Show Me More!