P. M. BRIEFING : Japan Family Nest Egg: $86,250
The average Japanese family had stashed away $86,250 in savings as of 1989, confirming Japan’s place as one of the world’s most frugal countries, the government announced today.
The average family added 15.3% to its already large nest egg in 1989, the highest growth rate since 1979, the Management and Coordination Agency reported.
The United States has complained in trade negotiations that Japan’s high savings rate is a contributing factor to the massive U.S. trade deficit with Japan, which stood at $49 billion in 1989.
Japan’s household savings rate, or the percentage of annual income an average family puts into savings, stood at 15.1% in 1989, one of the highest in the world.
By comparison, Americans saved on average only 6.3% of their income in 1989. The British saved 4.9%, and French and West Germans saved about 12%.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
