Key facts
- Median net wealth for 65-74 year-old households in the euro area is €185,300.
- Retirement wealth for this age group ranges from €36,300 in Latvia to €1,219,500 in Luxembourg.
- Belgium (€307,700) and Ireland (€296,700) have the highest median net wealth among older households, excluding Luxembourg and Malta.
- France (€232,800) and Germany (€232,100) follow, with Italy at €168,000 among the largest EU economies.
- Net wealth data excludes public and occupational pension entitlements, which are important economic resources.
- Factors influencing wealth disparities include homeownership, pension systems, family support, income, and household composition.
Retirement wealth varies dramatically across Europe, significantly impacting living standards beyond pension income alone. Data from the European Central Bank's Household Finance and Consumption Survey (HFCS) reveals that median net wealth for households aged 65-74 in the euro area stands at €185,300, but this figure spans a wide spectrum across 22 European countries.
Luxembourg emerges as a significant outlier, with its older households holding a median net wealth of €1,219,500. Excluding this and Malta (€310,000), Belgium (€307,700) and Ireland (€296,700) lead in wealth among this age group. France (€232,800) and Germany (€232,100) follow, while Italy (€168,000) shows the lowest figure among the EU's four largest economies. Austria and Finland are close to the euro area average, whereas the Netherlands, Slovenia, Greece, Czechia, and Slovakia fall below it.
At the lower end, Latvia (€36,300) and several other countries including Lithuania, Hungary, Estonia, Croatia, and Portugal have median net wealth under €100,000 for households aged 65-74. Wealth tends to decrease with age, with the euro area median for those 75 and over at €144,400, though Luxembourg and Belgium are exceptions.
Experts attribute these cross-country differences to a combination of factors, including income levels, household composition, homeownership rates, property values, and the structure of welfare and pension systems. Professor Fabian Pfeffer notes that while homeownership is a key asset, lower private wealth in some nations may reflect a stronger welfare state rather than weaker economic security. The growing importance of family wealth transfers also raises concerns about equality of opportunity, as economic outcomes become increasingly influenced by family background.