Wealth Accumulation in the Eurozone

This research report from Allianz Research examines the trends in wealth accumulation among private households in nine Eurozone countries over the past two decades, particularly in turbulent economic times. It details how households have managed to double their financial assets despite various crises, including the global financial crisis, the euro crisis, and the COVID-19 pandemic. The report outlines significant differences in savings behavior and financial growth across countries, with German savers primarily increasing wealth through high savings rates, while others like Finland and the Netherlands benefited more from value gains. The report also discusses the impact of inflation on real returns, noting that households in Austria and Germany faced negative real returns. Furthermore, it presents scenarios for future generations, particularly Gen Z, and how they can adjust their savings strategies to match the wealth accumulation of Baby Boomers. The analysis includes data on average financial assets per capita and the effects of recent economic events on savings behavior.