Household wealth hits record EUR268.4trn in 2025, driven by stock markets, says Allianz

According to Allianz, about 80% of the rise came from stock market gains rather than saving, which actually declined.

What happened

Adjusted for inflation, the gain is modest: real growth since 2019 stands at just 23%, according to the report. Those most exposed to markets gained the most.

Household financial assets by country

The United States, with more than 60% of household portfolios in securities, generated half of the global increase. Western Europe stayed flat in real terms despite saving more, because households invest too little in equities, the report says. The United States ranks first in the world for net wealth per capita, while Switzerland leads on gross wealth. Italy is 13th in the net ranking.

Household debt and net wealth

Household debt grew slowly, by 3.4%, so net wealth rose by 10.1%. The catch-up of emerging economies is slowing, and inequality remains broadly unchanged.

Why it matters

Wealth inequality and distribution

The richest 10% of the world's population own 85.4% of net wealth, while the poorer half hold almost nothing, according to Allianz.

AI, stock valuations and wealth

Allianz identifies artificial intelligence as the decisive factor. It can fuel growth, but it also risks shifting more value from wages to profits, favouring those who own capital.

What to watch next

For 2026, Allianz forecasts growth of around 9%, easing to 5-6% a year in the medium term. Several questions will shape that outlook:

• Whether household wealth growth keeps relying on equity markets rather than saving.
• Whether European households raise their exposure to equities.
• How AI affects the split between wages and profits, and so wealth concentration.
• Whether valuations tied to AI hold, given the concentration of wealth in US markets.

The gap between nominal and real wealth growth, and the pace of emerging-market convergence, are further indicators to follow in future editions of the report.