More than half of the accumulated wealth is owned by the top 10% of wealthiest households in Germany. This is according to the study “Private Households and Their Finances,” conducted by the German Federal Bank from May 2023 to February 2024.
Compared to the last survey conducted in 2021, the share of accumulated wealth owned by the wealthiest 10% of Germans has slightly decreased, now standing at around 54%. However, experts pointed out that the situation might be underestimated, as ultra-wealthy households are rarely included in the sample and, therefore, rarely participate in surveys.
The median wealth, which divides households into the poorer and richer halves, also significantly decreased in 2023, from €90,500 to €76,000 when adjusted for inflation. Analysts note that inflation, partly caused by Russia’s war against Ukraine, has hit the poorest households in Germany especially hard. However, in the long term, compared to 2017, net household assets have grown both in nominal terms and adjusted for inflation.
Most of the surveyed households stated that they save money at least from time to time, with 47% regularly saving a fixed amount. 13% of households said they do not know how to save, and 4% said they do not want to. The share of households with debts decreased from 41% to 39%.
