Unequal wealth: Exploring socioeconomic disparities across the EU
Published: 15 September 2025
Wealth inequality is not just an economic issue but a societal one. Ownership of assets can have significant implications for access to education, healthcare, housing and political influence. This study examines wealth inequality trends across EU Member States, using data from the European Central Bank’s Household Finance and Consumption Survey and covering 2010–2021. The study explores key drivers of wealth distribution, including housing wealth, saving behaviours and intergenerational wealth transfers, as well as analysing the economic position of the middle class. The study highlights significant disparities in wealth concentration, with the top deciles owning a disproportionate share of total wealth. Housing emerges as a critical yet unequal determinant of wealth, exacerbating disparities, especially among younger and lower-income groups. The research also emphasises the declining wealth share of the middle class and limited social mobility. The study concludes with policy recommendations to introduce wealth declarations, promote financial inclusion, support the middle class and address housing affordability.
Wealth inequality varies across the EU. Eastern and southern European countries have the lowest levels of inequality, while Germany, Spain and Ireland rank among the most unequal
Wealth distribution is highly unequal and exceeds income inequality. The top 5 % of the wealth distribution controls a disproportionately large share of wealth, while the bottom 20 % often holds negligible or negative net wealth.
Wealth inequality remained largely unchanged from 2010 to 2021, although some convergence of countries occurred. Countries with high levels of inequality historically saw slight reductions, whereas countries like Slovenia and Spain, with low inequality in 2010, experienced increases.
Housing wealth trends vary across the EU: rising property prices boosted wealth in most countries, although some saw declines. Housing wealth is more evenly distributed than non-housing wealth. Countries with higher homeownership rates, like Czechia and Slovakia, exhibit lower overall wealth inequality than those with high tenant populations, like Germany and the Netherlands.
Policies should prioritise affordable rental housing, improved social housing systems and targeted support for high-cost burdens, as rising housing costs disproportionately affect young people and renters, particularly in vulnerable groups like single mothers. A compulsory EU-wide wealth declaration integrated with tax filings of EU citizens could enhance transparency, improve monitoring of wealth distribution and support effective social policy design.
Wealth inequality shapes economic and social outcomes, including education, healthcare, housing and upward mobility, which are important elements of social cohesion. This study examines wealth inequality trends across the EU using data from the European Central Bank’s Household Finance and Consumption Survey from 2010 to 2021. Special attention is given to saving behaviours, housing wealth and the wealth accumulation patterns of the middle class.
The EU prioritises economic, social and territorial cohesion, reinforced by the European Pillar of Social Rights. Policies such as the European Affordable Housing Plan and the Gender Equality Strategy aim to reduce economic and social disparities between Europeans. Measures including financial literacy initiatives, poverty reduction efforts and tax reforms aim to create equitable opportunities for disadvantaged groups. Addressing low effective tax rates for the top wealth holders could help reduce inequality while supporting public finances. Understanding wealth distribution is crucial for effective policy development.
Wealth concentration and inequality trends
Wealth inequality varies across the EU. Eastern and southern European countries have the lowest levels of inequality, while Germany, Spain and Ireland rank among the most unequal. Negative wealth (where people’s debts exceed their assets) is more common in northern and western Europe due to high nonmortgage debt.
Wealth inequality remained largely unchanged from 2010 to 2021, although some convergence of countries occurred. Countries with high levels of inequality historically saw slight reductions, whereas countries like Slovenia and Spain, with low inequality in 2010, experienced increases.
Wealth distribution is highly unequal and exceeds income inequality. The top 5 % of the wealth distribution controls a disproportionately large share of wealth, while the bottom 20 % often holds negligible or negative net wealth. But there is variation: the wealthiest 5 % of the population holds a much smaller share of total wealth in Slovakia (25 %) than in Estonia (46 %).
Income inequality and wealth inequality do not always align. Austria, Finland and Denmark have low income inequality but high wealth inequality.
Social differences in wealth
In single-person households, men generally have more wealth than women. At higher wealth levels, the gender gap is more pronounced. Men also hold more diversified and higher-yield assets.
Wealth peaks at ages 55–64 and declines thereafter. Younger people have less wealth and are less likely to own high-yield assets. Inheritances widen the wealth gap between those who receive them and those who do not. However, it has an equalising effect when measured only among recipients.
Higher education correlates with greater wealth, suggesting bidirectional causation: wealthier families can provide better education for their children, and higher education leads to better jobs and higher incomes.
The self-employed are over-represented in the top 10 % wealth bracket.
Non-EU migrant families tend to have lower wealth. In Cyprus, Austria, Greece, Finland and Italy, over 80% of non-EU-born people are in the bottom 50 % of the wealth distribution.
Saving patterns
Saving rates rise with income and are higher among employees, individuals with lower educational attainment, women, younger households, homeowners and smaller households. However, higher saving rates do not always translate into higher absolute savings.
The main motives behind saving behaviour are as a precaution against unexpected events and retirement. Younger households prioritise homeownership, while middle-aged people focus on retirement savings. Larger households allocate more towards education and child support.
Lower-wealth households increased their saving rates significantly between 2017 and 2021 in some countries (such as Cyprus, Estonia and Slovakia), while in others (for example, Spain, Belgium and Germany) the wealthiest 10 % increased their saving rates most.
Housing wealth and inequality
Housing wealth trends vary across the EU: rising property prices boosted wealth in most countries, although some saw declines. Housing wealth is more evenly distributed than non-housing wealth. Countries with higher homeownership rates, like Czechia and Slovakia, exhibit lower overall wealth inequality than those with high tenant populations, like Germany and the Netherlands.
The distribution of housing status substantially differs between countries and has remained largely unchanged, with renters disproportionately represented among lower-wealth and lower-income households.
Housing is the primary asset of middle- and lowerwealth households. Housing costs range from 15 % to 35 % of gross household income across the EU. Renters face a higher cost burden than mortgage holders due to lower incomes
Lower-income mortgage holders face financial strains, with housing costs exceeding 30 % of gross income in all 22 countries surveyed. In some countries, such as Latvia, Slovakia, Slovenia and Greece, mortgage payments consume nearly all household income. Rental costs are similarly excessive for low-income households in many Member States.
A 20 % rise in housing costs would sharply worsen affordability, especially in Belgium, Cyprus, Finland, Slovakia and Spain.
More young adults staying in parental homes reflects housing inaccessibility, driven largely by rising costs relative to income, beyond cultural factors.
Single mothers have lower homeownership and higher housing costs than two-parent families in all countries.
Wealth and the middle class
The middle class generally holds a smaller share of wealth than its population share, due to wealth concentration at the top of the wealth distribution. People with a secondary education comprise the largest share of the middle class; the largest occupational groups are professionals, clerical workers, and services and sales workers.
Despite persistent class membership, upward and downward mobility are significant: 11–29 % of individuals in the lower class transitioned to the middle class between 2017 and 2021. Mobility is lower when the middle class is defined by wealth rather than income, indicating that wealth status is more persistent than income status.
Higher educational attainment is associated with greater upward mobility and lower downward mobility in every class. It shields people from slipping from the middle to the lower class and from the upper to the lower class and is also associated with a higher probability of moving from the middle to the upper class and staying there.
Younger households have higher upward mobility potential, while older households face greater risks of downward mobility. Homeownership stabilises middleclass status and enhances upward mobility. Single-parent households, the unemployed and those with lower educational levels are more exposed to downward movement and have less chance of upward mobility.
A compulsory EU-wide wealth declaration integrated with the tax filings of EU citizens could enhance transparency, improve monitoring of wealth distribution and support effective social policy design. It would also combat hidden wealth and encourage financial awareness without necessarily increasing or harmonising wealth taxation.
Improving financial literacy is crucial for better financial decision-making, particularly among women, low-wealth individuals and young people. Member States could integrate financial education into curricula and offer lifelong learning opportunities.
Progressive wealth taxation could address concerns about wealth inequality and compensate somewhat for the ability of wealthy households to reduce their tax load, while generating revenue. However, implementation requires EU-wide cooperation and careful design to balance equity and efficiency.
Policies should prioritise affordable rental housing, improved social housing systems and targeted support for high-cost burdens, as rising housing costs disproportionately affect young people and renters, particularly in vulnerable groups like single mothers. Demand-side incentives for homeownership should be calibrated not to worsen affordability
Targeted energy-efficient renovation subsidies for lowincome groups can reduce utility costs, lower housing burdens and improve financial stability while supporting environmental goals.
Addressing the significant disparities in women’s wealth requires comprehensive policies, including affordable childcare and elderly care and pension system adjustments. Tackling these issues will help reduce the economic vulnerabilities faced by women, especially single mothers and older women, and promote equality.
This section provides information on the data contained in this publication.
List of tables
Table 1: Average net wealth, by net wealth percentile, Member States, 2021 (nominal EUR)
Table 2: Median net wealth, by net wealth percentile, Member States, 2021 (nominal EUR)
Table 3: Average asset portfolio, by net wealth quintile, selected Member States, 2021 (% of gross assets)
Table 4: Incidence of household asset holdings and debt liabilities, EU-22 and Member States, 2021 (%)
Table 5: Conditional median values of assets and liabilities along the wealth distribution, EU-22, 2021 (EUR)
Table 6: Conditional median values of selected assets, selected Member States, 2021 (EUR)
Table 7: Characteristics of single-person households, EU-22, 2021
Table 8: Joint distribution of income and wealth, EU-22, 2021 (%)
Table 9: Saving rates based on gross and disposable incomes: numerical examples
Table 10: Average saving rate, by wealth bracket, selected Member States, 2021 (%)
Table 11: Changes in average saving rates, by wealth bracket, selected Member States, 2017–2021 (percentage points)
Table 12: Transitions of households between classes based on (A) income-based definition and (B) wealth-based definition of middle class, 2017–2021 (%)
List of figures
Figure 1: Net wealth inequality, wealth share by wealth percentile, EU-22 and Member States, 2021
Figure 2: Individuals holding below-average net wealth or negative net wealth, EU-22 and Member States, 2021 (%)
Figure 3: Individuals with negative wealth including and excluding housing wealth, Member States, 2021 (%)
Figure 4: Incidence of non-mortgage debt in households with positive and negative wealth, Member States, 2021 (%)
Figure 5: Change in wealth inequality, Member States grouped by inequality trend, 2010–2021 (Gini coefficient)
Figure 6: Convergence of Gini coefficients of net wealth inequality, Member States, 2010 and 2021
Figure 7: Wealth shares, by percentile, Member States grouped by inequality trends, 2010–2021 (%)
Figure 8: Net wealth inequality within and outside the EU, LWS countries, 1995– 2022 (Gini coefficient)
Figure 9: Additional indicators of wealth inequality and wealth poverty, Member States, 2010–2021 (%)
Figure 10: P90/P50 ratios, Member States, 2010–2021
Figure 11: P75/P25 ratios, Member States, 2010–2021
Figure 12: Convergence of total median net wealth, Member States, 2010 and 2021 (EUR)
Figure 13: Average asset portfolio, by net wealth quintile, EU-22, 2021 (% of gross assets)
Figure 14: Prevalence of selected types of households assets, by age group, educational attainment and employment status, EU-22, 2021 (%)
Figure 15: Conditional median value of asset holdings and debt liabilities, by age group, educational attainment and employment status, EU-22, 2021 (EUR)
Figure 16: Median values of savings accounts, by age, employment status and educational attainment, EU-15, 2010–2021 (EUR)
Figure 17: Median value of savings accounts, Member States, 2017 and 2021 (EUR)
Figure 18: Average household portfolio diversification, by type of diversification, EU-22 and Member States, 2021 (Theil index)
Figure 19: Average household portfolio diversification, top and bottom wealth quintiles, Member States (Theil index)
Figure 20: Average household portfolio diversification of the top wealth quintile, by type of diversification, Member States, 2021 (Theil index)
Figure 21: Average gender wealth gap of single-person households, by age group and educational attainment: ratio of female wealth to male wealth, EU22, 2021
Figure 22: Median net wealth, by age group, EU-15, 2010–2021 (EUR at 2021 prices)
Figure 23: Wealth inequality, by age group, Member States, 2021 (Gini coefficient)
Figure 24: Median net wealth, depending on receipt of substantial gifts or inheritance, by age group and educational attainment, EU-22, 2021 (EUR)
Figure 25: Median net wealth-to-income ratio, by age group, Member States, 2021
Figure 26: Individuals with a migration background in the bottom 50 % of wealth, by region of birth, Member States, 2021 (%)
Figure 27: University degree holders in the top 5 % of the wealth distribution and in the 30+ years population, EU-22 and Member States, 2021 (%)
Figure 28: Employment status, by wealth percentile, EU-15, 2010–2021 (%)
Figure 29: Average income, by income source and wealth percentile, EU-15, 2010–2021 (EUR at 2021 prices)
Figure 30: Between-country differences in wealth and income inequality, LWS countries and HFCS countries, 2017–2022 (Gini coefficient)
Figure 31: Evolution in Gini coefficients of wealth and gross income in the EU, between-country perspective, 2010–2021 (%)
Figure 32: Saving rates based on gross income, by income bracket, EU-22 and Member States, varying dates in 2019–2021 (% of gross income)
Figure 33: Gender gap in the amount of savings, by educational attainment and age group, EU-22, 2021 (EUR)
Figure 34: Effect of being a man on saving rates, with 90 % confidence intervals, Member States, 2021
Figure 35: Ratio of housing net wealth to total net wealth, EU-15 and Member States, 2010–2021 (%)
Figure 36: Average value of housing net wealth per person, adjusted for inflation at 2021 prices and different country price levels of residential buildings, by region (EUR)
Figure 37: Real house price indices, Member States, Q1 2005–Q1 2023, (2010 = 100)
Figure 38: Real rental prices, Member States, Q1 2005–Q1 2023 (2010 = 100)
Figure 39: Housing status, EU-22 and Member States, 2021 (%)
Figure 40: Decomposition of the Gini coefficient of net wealth, Member States, 2021
Figure 41: Contribution of housing and non-housing wealth to the Gini of total net wealth, Member States, 2021
Figure 42: Decomposition of the change in the Gini index of total net wealth, Member States, 2010–2021
Figure 43: Between- and within-country housing asset inequality: decomposition of the Theil indicator, EU-15 and EU-22, 2010–2021
Figure 44: Housing net wealth inequality, EU-15 and Member States, 2010–2021 (Gini coefficient)
Figure 45: Relationship between net wealth inequality and homeownership rates, EU-22 and Member States
Figure 46: Net housing wealth, by housing net wealth quantiles and net housing wealth Gini coefficients, EU-22 and Member States, 2021
Figure 47: Housing cost burden of homeowners and renters: median mortgage and rent payments plus utility payments relative to gross household income, Member States, 2021 (%)
Figure 48: Housing cost burden of (A) homeowners and (B) renters by wealth quintiles: median mortgage and rent payments plus utility payments relative to gross household income, Member States, 2021 (%)
Figure 49: Housing cost burden of (A) homeowners and (B) renters by income quintiles: median mortgage and rent payments plus utility payments relative to gross household income, Member States, 2021 (%)
Figure 50: Overburden rate of (A) homeowners and (B) renters: actual rates and hypothetical values in the event of a 20 % increase in mortgage, rental and utility fees, Member States, 2021
Figure 51: Households that rent the household main residence and have no other properties, by age group, EU-22 and Member States, 2021 (%)
Figure 52: Real estate wealth shares of households, by age group, EU-22 and Member States, 2021 (%)
Figure 53: Housing cost burden of homeowners and renters relative to gross income by two age groups: median mortgage and rent payments plus utility payments relative to gross income, EU Member States, 2021 (%)
Figure 54: People aged 25–34, by housing independence status, Member States, 2021 (%)
Figure 55: Hypothetical ratio of housing costs to earnings of people aged 25–34, Member States, 2021 (%)
Figure 56: Average housing net wealth among single-person households, by gender, age group and educational attainment, EU-22, 2021 (EUR)
Figure 57: Proportion of renters among single mothers, the total population and couples with children, EU-22 and Member States, 2021 (%)
Figure 58: Housing cost burden of single mothers and two-adult families with children: median mortgage and rent payments without utility payments relative to gross household income, Member States, 2021 (%)
Figure 59: Wealth share and population share of the middle class as defined by income and wealth, EU-15, 2010–2021 (%)
Figure 60: Population share of the middle class according to the income-based definition, Member States, 2010–2021 (%)
Figure 61: Wealth share of the middle class according to the income-based definition, EU-15 and Member States, 2010–2021 (%)
Figure 62: Wealth share of the middle class according to the wealth-based definition, EU-15 and Member States, 2010–2021 (%)
Figure 63: Wealth class according to (A) income-based definition and (B) wealthbased definition, by occupational status, in the EU-22, 2021 (%)
Figure 64: Wealth class according to (A) income-based definition and (B) wealthbased definition, by employment status, in the EU-22 aggregate, 2021 (%)
Figure 65: Wealth class according to (A) income-based definition and (B) wealthbased definition, by educational attainment, in the EU-22 aggregate, 2021 (%)
Figure 66: Wealth-related tax revenues, by type, OECD countries, 2022 (% of GDP)
Learn more about the authors of this publication.
Eurofound recommends citing this publication in the following way.
Eurofound (2025), Unequal wealth: Exploring socioeconomic disparities across the EU, Publications Office of the European Union, Luxembourg
ISBN
978-92-897-2493-7
Number of pages
118
Reference no.
EF25028
ISBN
978-92-897-2493-7
Catalogue number
TJ-01-25-014-EN-N
DOI
10.2806/1920909
Permalink
https://eurofound.link/ef25028
15 September 2025
Wealth inequality across EU Member States has important implications for access to education, healthcare and housing, as well as for people’s ability to actively participate in society.
This article summarises some of the main findings from the recently published report Unequal wealth: Exploring socioeconomic disparities across the EU. It maps wealth inequalities across EU Member States by drawing on data from the European Central Bank’s Household Finance and Consumption Survey (HFCS), covering the period between 2010 and 2021.
15 September 2025
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