A study by the Bundesbank has found that Germans are actually poorer than Italians or Spanish people. The study found that the average income of German citizens is quite high, at €195,000 gross, but this figure is the sum of all assets, divided by the number of families considered. In fact, the median wealth is much lower: €51,000 net. The results take not only income, but other factors such as savings, retirement insurance and real estate, into account. While only 44% of Germans own their homes, in Italy the percentage rises to 68% and it is 83% in Spain. However, the research does not account for a crucial detail: that property is wealth, not income.