Swede’s personal wealth has swelled to the highest level ever.

• Broad improvement of the Swedish economy
• George Soros warns of European recession

Despite the financial crisis and economic downturn, Swede’s personal wealth has increased to its highest nominal level ever, mainly on the back of a bullish stock market and rising house prices, the bank SEB said in a report Monday.

During the first quarter household wealth swelled by 2.8 percent, compared to a year ago, totaling 6,990 billion kronor ($875 billion). Households’ total debt has dropped to 26.8 percent of their assets.

"Continued rising stock prices and rising housing prices have boosted household wealth situation", said SEB's private economist Gunilla Nyström, adding that the fall in wealth measured in 2007 and 2008 have now been entirely recovered.

The OMX Stockholm 30 swelled by 45 percent last year and by 8.6 percent in the first quarter. Housing prices were up 1.1 percent in the first quarter.

The picture of the Swedish economy is looking brighter. Both exports and household consumption showed considerable growth rates during the first quarter and inventories increased sharply, according to the statistics office. The growth rate for household consumption was the fastest in 10 years.

The International Monetary Fund (IMF) said that Sweden has weathered the global downturn relatively well and applauded the Riksbank and government, pointing out that "aggressive stabilisation policies" had offset the impact of the global financial crisis.

“Sweden has a better situation than many other European countries”, Cecilia Hermansson, chief economist at Swedbank, told The Swedish Wire. “While other countries need to repair a leaking roof, Sweden just need to make sure the roof is solid”.