Spaniards increase their financial wealth by 6.7%, two points more than the European average.

Spanish financial assets increased by 6.7% last year, exceeding, at least in terms of growth, the Western European average, according to the latest edition of the Allianz Global Wealth Report, which measures wealth distribution in 60 countries.

These assets include savings in deposits and investments through any product, whether funds, fixed-income, or stocks. The increase recorded among Spanish households surpassed the 4.6% average for Continental Europe. It was also higher than that of France (1.9%), Italy (4.3%), or Portugal (5.6%), but not Germany, where financial wealth increased by 7.4%.

Outside of this group of countries, US households increased their wealth by 9.3%, compared to 12% in China. In the United Kingdom, the increase was just 0.4%.

Another new feature of this year's report is that the value of Spanish financial assets surpassed €3 trillion for the first time in 2024. The increase in a decade has been 44%, and the value of this wealth is equivalent to 195% of GDP.

The increase in financial wealth was primarily due to a 9.8% appreciation in equity investments, following a year of strong stock market performance. Deposits increased by 3.4%.

An increase in wealth of 93 billion

The increase in wealth was $93 billion, the highest figure if we exclude the $120 billion added in 2020, the year of the pandemic. Of this amount, bank deposits accounted for $36 billion.

However, the financial wealth of Spaniards remains much lower than that of other major European economies. In Germany, it is 9 trillion euros, representing 218% of GDP, compared to 7 trillion euros in France, equivalent to 241% of GDP.

Household debt now equals 47% of GDP

These amounts correspond to gross assets, that is, without including debt. If debt is subtracted, the net financial wealth of Spaniards increased by 8.5% last year, compared to 2.8% in France, 9.6% in Germany, and 5.1% in Italy.

Spaniards' debts increased by 1.5%, more slowly than assets. The debt ratio, calculated as liabilities as a percentage of GDP, continues to decline. It now stands at 47.7%, compared to 89% in 2010.

Last year, Spain held its 20th place among the richest countries, measured by individual wealth. The United States, Switzerland, and Singapore occupy the top three positions.