SEVEN OUT OF TEN WEALTHY FAMILIES LIVE IN THE NORTH

SEVEN OUT OF TEN WEALTHY FAMILIES LIVE IN THE NORTH

(ANSA) - Rome, October 30 - Nearly seven out of ten wealthy families in Italy live in the country's industrial north, a recent study said Friday.

Published by the Italian Private Banking Association and consulting firm Prometeia, the report said 68% of households claiming financial assets of 500,000 euros or more were located in the north.

Lombardy, the region around Milan, led Italy for wealthy households claiming close to one third of the total.

It was followed by the north central region of Emilia Romagna, Piedmont in the northwest and Veneto in the northeast.

Lazio, the region around Rome, came in fourth place with 9% of all rich families.

According to Prometeia market analyst Fabio Girotto, ''there are a greater number of investors in the north who have benefited more from the recent recovery of world stock markets''.

Girotto added that the number of rich families in Italy had increased by 4% since the end of 2008.

But national statistics bureau Istat said on Wedensday that Italian families on the whole are saving less.

With a 1% drop in income for Italian households in the second quarter of 2009, a loss of some 11 billion euros, average family savings in Italy have fallen by 0.5%.