Germany Leads EU in Private Wealth with 2.9 Million Millionaires
Germany has emerged as the country with the highest private wealth in Europe, according to a study by the Institute Redesigning Financial Services (RSF). The study found that the total private wealth in Germany in 2020 was €16.4 trillion, followed by France with €12.6 trillion, and the UK and Italy with €10 trillion each. Despite the economic downturn caused by the Covid-19 pandemic, private wealth in the 16 EU member states and Switzerland grew by 3.9% to a record high of €69 trillion in 2020, while the real gross domestic product (GDP) fell by 6.4%.
However, the study also revealed that the gap between the rich and poor is widening in most countries, and this trend is likely to continue in the coming years. The wealthy are expected to receive an even larger share of the growing private wealth, according to RFS CEO Robert Ruttmann. In response to the study, the German Trade Union Confederation (DGB) called for higher taxes on the rich, such as a wealth tax, to be imposed to reduce inequality. DGB board member Stefan Körzell also called for a fairer inheritance tax that does not favor business heirs.
Germany has the highest number of millionaires in Europe, with 2.9 million, followed by the UK and France with 2.5 million each. Switzerland has the highest density of millionaires, with 14.1% of the population owning at least €1 million in wealth. The study highlights the need for policies that address the growing wealth gap and promote greater equality in Europe.
