Wealth of Germans grows to a record high

FRANKFURT/MAIN. The average net wealth of Germans reached a new record of 316,500 euros in 2021, according to the study “Private households and their finances” by the Deutsche Bundesbank. Between 2017 and 2021, average wealth increased by EUR 83,600; by around a third (36 percent).

In addition to savings and checking accounts, shares and credit balances from private pension and life insurance policies, property, a commercial enterprise, vehicles, jewelery and collections are also considered assets in the study. For the study, a total of 4,119 representative households in Germany were surveyed by telephone between April 2021 and January 2022.

Excluding extreme differences in wealth, net wealth has risen by more than 50 percent: from 70,800 euros in 2017 to 106,600 euros in 2021. The ten percent of the wealthiest households own 56 percent of the total net wealth of Germans, three percentage points less than in the first study 2010/11.

Italians are richer than Germans

According to the study, inequality in wealth has reduced slightly by 2021, but remains high compared to Italy, Spain and Portugal. Italy performs better than Germany because of the pronounced real estate ownership of the Italians with a net wealth of 341,000 euros.

German property owners are also more wealthy than tenants and have an average of 515,000 euros in assets. According to the Bundesbank, this is mainly due to increased real estate prices, older homeowners and a higher household income than renters. (approx)