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Austrian Households’ Equity Capital – Evidence from Microdata


  • Michael Andreasch

    () (Oesterreichische Nationalbank, External Statistics, Financial Accounts and Monetary and Financial Statistics)

  • Pirmin Fessler

    () (Oesterreichische Nationalbank, Economic Analysis Division)


To date, research on household wealth has seldom focused on households’ business equity holdings. Such equity stakes represent above all ownership in domestic limited liability companies. This study for the first time provides an empirical analysis of the distribution of Austrian households’ equity stakes in limited liability companies. For our analysis, we draw on data from three sources: the Company Register, a commercial database and the OeNB’s 2004 Survey on Financial Household Wealth. In 2005, some 3% of Austrian households possessed equity capital worth around EUR 22.3 billion, which equaled about 6% of total financial wealth. These equity investor households are characterized by above-average incomes and wealth. Compared with the other households, they are also much more frequently invested in risky assets, tend to own their principal residence and have considerably higher education levels. Such equity holdings are highly concentrated even within this group of investor households.

Suggested Citation

  • Michael Andreasch & Pirmin Fessler, 2009. "Austrian Households’ Equity Capital – Evidence from Microdata," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 61-78.
  • Handle: RePEc:onb:oenbmp:y:2009:i:4:b:3

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    Cited by:

    1. Michael Andreasch & Pirmin Fessler & Martin Schürz, 2012. "Savings Deposits in Austria – A Safety Net in Times of Crisis," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 81-95.
    2. Andreasch Michael & Lindner Peter, 2016. "Micro- and Macrodata: a Comparison of the Household Finance and Consumption Survey with Financial Accounts in Austria," Journal of Official Statistics, De Gruyter Open, vol. 32(1), pages 1-28, March.

    More about this item


    households; business assets; private foundations; wealth distribution; limited liability;

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms


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