Financial assets held by German households continued to grow last year, although the increase was weaker than in the previous year. According to Allianz’s Global Wealth Report, the gross financial assets of German households rose by 4.9% in 2025 to €9.9 trillion. In 2024, growth had still stood at 7.4%. Unlike the global trend, financial asset growth in Germany was “predominantly driven by saving,” Allianz said on Tuesday.
According to the report, Germans’ net financial assets, gross financial assets excluding liabilities such as debt, amounted to €91,780 per person. With this amount, Germany ranked 12th worldwide. The United States remained in first place.
Global financial assets grew by 8.6% to a new record of €268.4 trillion, according to the Allianz report. “Capital markets made the largest contribution: increases in value were responsible for around four out of five euros of the additional financial assets,” Allianz said.
The nominal record is only “half the story,” said Allianz Chief Economist Ludovic Subran: “Since 2019, nominal financial assets have increased by 50 percent, but in real terms, adjusted for inflation, by only 23 percent.” In Western Europe, “real financial assets are only 0.5 percent above the 2019 level.” In North America, the figure is 21%, while in China it is 70%.
Looking ahead, Allianz identified artificial intelligence (AI) as a decisive factor. “Higher productivity and rising corporate profits could support capital market returns.” However, the “growing dependence of household assets on AI-driven capital markets” also makes them more vulnerable. It is also crucial “who owns the assets, and therefore shares in the returns,” said Katharina Utermöhl, Head of Thematic and Policy Research at Allianz Research.
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