The financial assets of private households in Germany increased by 6.3% in 2025, nearly 600 billion euros, reaching ten trillion euros. Of this amount, 290 billion euros are attributable to gains in share prices, only 25 billion euros to interest income, and the vast majority to the relatively high savings rate of 10.4%. These are the results of a study by DZ Bank Research.
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Key points at a glance
- The financial assets of private households in Germany increased in 2025 by 6.3%, which is nearly 600 billion euros, to ten trillion euros.
- DZ Bank Research examines how this growth in financial assets is composed.
- A major driver of growth was the exceptionally positive performance of the major stock markets. 2025 was the third consecutive calendar year with strong price increases.
- Germans’ favorite savings vehicles remain deposits and cash, which account for 35.7% of financial assets.
- Another growth factor was the again high level of saving by private households, with a savings rate of 10.4%.
- For 2026, DZ Bank Research provides a positive outlook. Although the study’s authors do not expect stock market gains to be quite as strong as in 2025, they see overall positive prospects for private household investments in Germany.
Das Geldvermögen der privaten Haushalte in Deutschland ist im gerade abgelaufenen Jahr 2025 um In the recently completed year 2025, the financial assets of private households in Germany increased by 6.3%, nearly 600 billion euros, to ten trillion euros. With a population of 84 million this corresponds to an average of 119,000 euros per person. This is the result of a study by DZ Bank Research. Financial assets include the following positions:
- Deposits and cash
- Shares
- Funds
- Life insurance policies
Real assets such as real estate, corporate equity holdings, or precious metals are not included in this figure.
The third good stock market year in a row
A key driver of the increase was the exceptionally positive development of the major stock markets. The DAX alone rose by 23% year on year. The Euro Stoxx and other foreign equity indices also performed very well in 2025. Particularly dynamic was the development of the US markets, especially technology stocks, whose price performance was boosted, among other factors, by enthusiasm surrounding artificial intelligence. “Share price gains contributed around 290 billion euros decisively to wealth accumulation and accounted for 3.1 percentage points of total financial asset growth,” explains study author Michael Stappel.s
Thus, 2025 was the third consecutive calendar year with strong price increases, leading to significant value gains in both shares and equity and mixed funds. This shows that equity investments and corresponding funds can contribute to building substantial wealth over the long term. Nevertheless, Germans have invested only 9.9% of their financial assets in shares and a further 15.7% in funds.
Germans are more savers than investors, but the trend is changing slightly
Germans’ favorite savings vehicles remain deposits and cash, which hold 35.7% of financial assets, and fixed income securities at 2.5%, both of which generate only modest interest income. Total interest income in 2025 amounted to 25 billion euros, which is small compared with roughly 290 billion euros in share price gains.
The returns on funds held in insurance products, which at 25.7% account for more than a quarter of financial assets, are also far from high. In this area, one can already consider oneself fortunate if it is possible over the long term to outperform the inflation rate.
Traditionally high savings rate among Germans
Another factor behind the dynamic growth in financial assets was the once again high level of household saving. “The savings rate in 2025 is expected to be 10.4%, slightly above the long-term pre-COVID average,” explains Stappel.
The reason many citizens are holding on to their money is the high level of economic and political uncertainty. Factors such as the ongoing war in Ukraine, Donald Trump’s tariff policy, which is weighing on German exports, pent-up reform needs in Germany, shortcomings in infrastructure, and paralyzing bureaucracy are among the causes of the challenging economic environment. Added to this is the fear of job losses in key industrial sectors, which has dampened consumer spending.
Disposable income grew more slowly than in previous years
Even though the level of saving was high, it was more difficult for many households to set money aside than in previous years. Disposable income grew more slowly in 2025 than in 2023 and 2024, which had been characterized by high collective wage agreements. In addition, unemployment continued to rise due to the challenging economic conditions, reaching 6.2% most recently in December 2025.
At the end of the study, DZ Bank Research provides a positive outlook for 2026: “Even if stock market gains in 2026 are not expected to be as strong as in 2025, the overall prospects for private household investments in Germany remain good in 2026. Price levels on the equity markets are likely to rise somewhat less strongly than in 2025, but, despite fluctuations, to continue trending upward.”
Diagramme: Studie von DZ Bank Research (2025)
Foto: Canva (2026)
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.
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