Overview
- Revised Bundesbank data show private households’ financial assets at €9,389 billion in Q3 2025, a new price-adjusted high after a €165 billion quarterly increase.
- The rise reflected €78 billion in net acquisitions and €86 billion in valuation gains, with equities up €47 billion and investment fund positions up €63 billion.
- The poorer half of households recorded negative real returns, while the wealthiest 10% benefited from capital-market holdings as global stocks advanced.
- Household liabilities increased by €16 billion to €2,167 billion, leaving the debt ratio unchanged at 49.0% of GDP and lifting net money wealth to €7,221 billion.
- External financing of non-financial corporations climbed to €47 billion, with bank credit rising to €28 billion and equity issuance at €20 billion as lending standards tightened.