This is part 1 of 3 on the consequences of globalization. This first part deals with the increasing debt of the Swedish middle class.
Lars Bern, PhD in Engineering, has worked as a business leader and researcher. He has for a long time studied the effects of globalization.
Mass immigration has brought about a housing shortage causing a marked price increase which forces the households to borrow even more. One reason behind the increase in household loans is the fall of the interest rates, which never before have been at such a low level in modern times.
The wealth of many of the ultra-rich has increased noticeably, which has further driven the housing prices upwards in more attractive locations, at safe distances from excluded areas.
The economically most vulnerable, who compete with foreign workers and immigrants, have experienced a reduction in real wages while the costs for housing have increased sharply. We also discuss the wealth of the Swedes based on a survey that the Swiss bank Credit Suisse publishes annually.
We find that Swedes are poor and that the typical wealth of a Swede is the second lowest in Western Europe when factoring in all household debt. Only the population of Portugal is reported to be worse off than Sweden.. We will look into this issue more closely in future programs this spring.
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