FOCUS Online : The Germans are rich. They hold a wealth of 6.43 trillion euros. So much wrong, we don't seem to make the Save, as is always claimed, is it?

Carsten Mumm: , The total assets of the German is considered to be quite neat, Yes. Wealth creation is quite good. But this wealth is distributed relatively unevenly. On the other, it is not created today. We are facing a transformation which requires a change in thinking, in order to protect our assets in the future. For various reasons, a significant value may be lost.

FOCUS Online : What are the dangers you see?

the guts: We live in a time of structural changes. Specifically, it deals with three concepts: digitization, Decarbonisation, demographic. This Trio changed the social life and the way how the economy works.

FOCUS Online : you Have an example?

the guts: of energy or oil companies have long belonged to the largest companies in the world. Investors could expect the right to safe yields. Today, companies whose business models are based on the exploitation of fossil energy sources in the criticism. As a result of climate change, other companies will come to the fore. The shares of the energy group in the future, less value, eventually the investor pays even the follow-up costs – money for restoration, for example.

Necessarily thinking about the assets of the future

FOCUS Online : We make our assets appreciate, therefore, sometimes completely wrong?

the guts: , We run the risk of being subject to an asset illusion and find ourselves in false security. It is time that each and every power over the assets of the future. Regardless of whether he already has the assets or until the assets construction begins.

FOCUS Online : What investors should do from your point of view?

the guts: anyone Who reflects for the first Time about wealth creation, is probably quite young. He needs to use his big advantage is that the long investment horizon. It is therefore important to start with smaller contributions from a wealth of education, is a share system or a Fund savings plan correctly. With the SCC-exchange of letters next to values, and in the short term and the long term Top return on investment! (Partner quote) Here is an exclusive 30-day free trial!

anyone Who has assets, you must watch exactly how it is structured and built. You're investing in a company, one must see whether these companies are prepared for the declared breaks well. Also investors who have a Deposit account, based primarily on Federal bonds or other interest-bearing investments, the need to recognize that this capital investment works due to the low interest rates. It is hardly a real capital will be possible. Basically: The path leads away from nominal assets such as Savings accounts, off-rate bond categories, and to real-value-oriented investments: stocks or real estate.

the real values are a useful system

FOCUS Online : Let's talk about real estate talk a safe bet as an investment?

the guts: Package, I would not say that. It is important, in which property is invested, and how the real estate has structured. Anyone who is thinking to buy a house or apartment, you must have in head, that energetic considerations are more important. Nowadays, the real estate must be a state of the art. I am thinking of insulation, and low emission heating. Investors should keep that in mind when buying. To say it is clear, however, that We are in a low interest rate environment will continue. Real assets such as real estate are a sensible investment.

FOCUS Online : topic share: From the above mentioned assets of 6.43 trillion euros invested by the German only 1.36 trillion in stocks and mutual funds. The preference for Saving is a German phenomenon?

the guts: The preference for Saving in Germany, in any case, quite pronounced. We have a very strong penchant for security – in General, but especially in terms of capital investment. The Germans prefer to invest security-oriented and prefer the account or the passbook. Over the decades, which has finally works.

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risk does not necessarily mean total loss

FOCUS Online Nevertheless, you say: stocks are the investment of the future. How to arouse the enthusiasm of the German securities?

the guts: firstly, You have to place the concept of risk better. Risk all: total risk of failure to understand here – that money is gone or there is a huge loss. That is not true. It comes to fluctuations. With a long investment horizon, the risk is put into perspective. You have to convey to today's investors, generations, basic knowledge and a different way of dealing with the word risk.

Secondly, You have to start much earlier, to place the subject in the minds. Aspects of the global economy, the rules of the capital market, or the meaning of the word risk must be taught in school.

Thirdly: Everyone is private duty. Who is even in the topic, must try to inspire others. The capital market is children, at first glance, not super sexy, but everyone should strive to awaken enthusiasm-the best in the children or godparents.

assets fairer

FOCUS Online be In the policy, the claim comes up, wealth redistribution, and a wealth tax. What do you think of this claim?

the guts: A property tax is in contradiction with the idea of wealth creation. Everyone, whether wealthy or not, must be interested in the fact that all the assets to build on. The policy must support the active. Assets must be equitable – but not through redistribution, but through increased incentives for asset formation.

Similarly, the financial transaction tax: We talk about it, to make shares more attractive. The the projects, a taxation is a step in the wrong direction.

FOCUS Online away from the assets of the Individual, the assets of all: How do you rate the current economic situation in Germany?

the guts: I'm not sure whether we have weathered the economic downturn already. The industry is stuck since one and a half years in the recession. The production decreases. The momentum that we have, comes from the construction sector may remain stable. But from the consumer – and short-time working and redundancies will dampen the consumer mood. In the year 2020 quarters of negative growth are possible.

Is a monetary policy normalization in sight?

FOCUS Online And long term?

the guts: If one assumes that there is no further escalation of the geopolitical crises, we see in the long term, a slight economic recovery. Then, monetary policy can slowly, gradually prepared the way for a slight monetary policy normalization take. Specifically: In my opinion, the ECB would have the possibility, in the current year, the Deposit rates for banks to be lifted slightly.

it is Expected that a negative scenario, the political crises escalate, intervention, monetary policy again as emergency responders. The Central banks could expand bond purchases and to share expand. It would lead to a Worst-Case scenario, a new financial or economic crisis, then also the much-quoted helicopter money would come in question: direct transfers of money from Central banks to companies, States, and Private.

The SPD and the wealth tax

The above-mentioned wealth tax was and is always challenged. Most recently, the SPD has made a new foray, and a tax of 1 percent of the assets of two million euros demanded. So-called super-rich to pay 1.5 percent to 2 percent tax. According to SPD, the property tax is a question of "social justice".

As commented on the FOCUS Online readers of the post:

"When I was 30, I also had a long investment horizon. My goal was to live to 60 with a good pension, which comes from interest income. That would have worked but the policy was different. Whether the young people of today have the same experience? And how you should build with zero interest rates and Inflation, which is supposed to be even too low, even assets? Real estate Yes, but at these prices? What if the bubble bursts? What is with the energy-efficient renovation of risk? No, I would have been able to go in today and in the future Germany with my small pension only. That is why I am now in a nice house in another country."

"Are 20 years long enough - because of money, investment and asset accumulation in the form of shares? Those who bought 20 years ago is a Telecom stock, has to the present day, a 75 percent loss of value."

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iab Date Of Update: 03 February 2020, 10:00