Maltese households are among the richest in Europe, according to a new study published by the European Central Bank.

According to the study, the first of its kind, the median net wealth of Maltese household in 2010 stood at €215,900, the third highest in the euro area, following Luxembourg and Cyprus.

The study defined net wealth as the difference between total gross assets and liabilities.

With a median net wealth of €397,800, Luxembourg, which has by far the largest GDP in the EU due to the number of expatriates working as well as its strong financial industry, is considered to have the wealthiest households.

They are followed by Cypriots with an estimated wealth worth €266,900. Ironically, Cyprus recently needed an EU bailout.

Surprisingly, Germany, considered Europe’s strongest economy, has the ‘poorest’ households, which according to the study hold a median net wealth of just €51,400.

Known as the Household Finance and Consumption Survey, the ECB study provides detailed household-level data on various aspects of household balance sheets and related economic and demographic variables, including income, voluntary pensions, employment and measures of consumption.

Data was also affected by factors such as home ownership, which is high in Malta and low in Germany.

According to the study, the median value of the main residence for homeowners in the EU stood at €180,300 in 2010. More than 60 per cent of households in the euro area own their main residence, 40 per cent outright while the rest through a mortgage.