Bericht von Redesigning Financial Services, 5.1.2022 (engl. Originalfassung)
The 2020 pandemic year saw European wealth reach an all-time high of EUR 69 trillion, representing a 3.9% increase on the previous year. Core countries make up over 70% of Europe’s total net wealth, including Germany (EUR 16.4 trillion), France (EUR 12.6 trillion), the UK (EUR 10 trillion, and Italy (EUR 10 trillion).
Overall, Europe has witnessed a 45% increase in average wealth over the last decade, with Switzerland leading the way, adding nearly EUR 2 trillion in wealth over the previous ten years, representing a doubling in the net wealth of the period.
Spain, Switzerland, and Germany had some of the highest percentage increases in average wealth, at 94%, 83%, and 51%, respectively.
In absolute terms, Switzerland’s increase in wealth of 101% over the decade corresponds to EUR 2 trillion, while Germany’s 52% increase in private net wealth over the decade represents an enormous EUR 5.6 trillion.
Wealth is increasingly concentrated. The wealthiest 10% of European households make up no less than 51% of the total net European wealth (Figure 9). The wealthiest 1% of Europeans occupy 19% of total European wealth. Wealth concentration is highest in rich countries. The wealthiest 10% in Switzerland, Netherlands, and Austria own 64%, 63%, and 57% of the total private wealth of their respective country.
Germany, the UK, France, and Italy have the most millionaires in absolute terms. In Germany, there are 2.9 million millionaires, 2.5 million in the UK, 2.5 million in France, and in Italy 1.5 million.
The countries with the highest density of millionaires include Switzerland (14.1%) and the Netherlands (7.1%).
The average per person net wealth in Europe stood at EUR 199,471 in 2020.
Looking ahead, it seems as though capital returns are set to continue growing faster than economic growth rates, which may suggest that European families owning capital are about to gain a larger slice of Europe’s expanding wealth cake. From a policy perspective, this may not per se be an unfavorable development since the report also shows that higher concentrations of wealth are positively correlated with higher levels of average net wealth in a country.
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