According to calculations published by DZ Bank (Germany’s second-largest bank, comprising about 700 cooperative banks), German households collectively saved a record-high amount in the past year: €9.3 trillion.
Preliminary data shows that Germans’ financial assets grew by nearly 6%. About 20% of this capital is held in securities, with one of the main drivers of growth being the positive performance of the stock market.
Experts also point to thriftiness—a “national” characteristic of Germans—as the second key factor contributing to the increase in total wealth. The savings rate in 2024 stood at 11.5%, surpassed only in 2020 and 2021 during the pandemic. According to DZ Bank economist Michael Stappel, Germans are concerned about inflation, new energy policies, and the breakdown of the ruling coalition, which “explains why many people are holding onto their money. A large portion remains in deposit accounts, losing real value over time.”
From the perspective of economists and banking analysts, this trend can be concerning, as a high savings rate dampens borrowing, consumption, and overall economic activity. However, the rise in deposit returns due to improved interest rates for individual savers is a positive trend. Preliminary estimates suggest that deposits earned Germans around €30 billion.
