Assets - Number of super-rich in Germany grows significantly
In Germany, the number of ultra-wealthy individuals continues to grow. According to a report by business consulting firm BCG, the number of people in Germany with more than 100 million dollars in financial assets increased by ten percent last year. This means that in 2023, there were 3,300 ultra-wealthy individuals in Germany, compared to 3,000 the previous year. Germany ranks third in the world in terms of the number of ultra-wealthy individuals, behind the United States (26,000) and China (8,300).
The report states: "The higher the initial wealth of an individual, the greater were the growth rates." Explained Akin Soysal, BCG partner in Zurich and co-author of the study. "The more wealth, the more significant were the growth rates in Germany last year." Wealthy investors had a higher proportion of their wealth invested in the capital market, Soysal added. "Less wealthy individuals typically invest in less risky investment classes such as savings accounts, cash, or insurance – at the expense of returns."
More than 550,000 Millionaires
The 3,300 ultra-wealthy individuals in Germany held a quarter of the total financial wealth, exactly 23 percent. Financial wealth refers to cash, bank deposits, bonds, stocks and investment funds, as well as pensions. Excluded are tangible assets such as real estate, precious metals, and other physical assets.
According to this report, the financial wealth of the ultra-wealthy in Germany amounted to 2.1 trillion dollars (approximately 1.9 trillion euros). To put it in perspective: If the 1.9 trillion euros were evenly distributed among the 84.7 million inhabitants of Germany, each person would receive approximately 23,000 euros. In dollar terms and only considering financial wealth, the number of millionaires and billionaires in Germany grew by 30,000 to 555,000 last year.
According to BCG, 66.5 million people in Germany had less than 250,000 dollars in financial wealth. The inequality is expected to grow: In five years, the ultra-wealthy are expected to own 26 percent of the total financial wealth instead of the current 23 percent. Nationwide, financial wealth grew by five percent in 2023, while tangible wealth decreased, for example, due to higher interest rates, by 2.3 percent.
Approximately a quarter of a million euros per person in Germany
Meanwhile, Swiss bank UBS has also published a wealth report. It calculates the average wealth, that is, financial and tangible assets, per capita of the population. It was 265,000 dollars (approximately 245,000 euros) in Germany in 2023. This ranked Germany 17th in the global wealth ranking. Switzerland was in first place with approximately 710,000 dollars per person. Overall, global wealth increased by 4.2 percent.
- The growth in ultra-wealthy individuals in Germany has put it in third place globally, surpassed only by the USA and China.
- BCG, a management consultancy firm based in Munich and Zurich, conducted a study on the financial assets of the ultra-wealthy in Germany.
- In Switzerland, UBS, another well-known bank, released a wealth report, revealing that the average wealth per person in Germany was significantly lower than in Switzerland.
- The USA, with its 26,000 ultra-wealthy individuals, holds the top spot globally in this category, while China follows closely with 8,300.
- The financial wealth of the ultra-wealthy in Germany saw a significant increase last year, reaching a staggering 2.1 trillion dollars.
- Internationally, the global wealth increased by 4.2 percent, with less wealthy individuals in Germany typically investing in less risky investment classes.
