Germany has topped a ranking of European countries when it comes to personal wealth, according to a Swiss study published on Wednesday.
The country accounted for 16.4 trillion euros (18.6 trillion dollars), followed by 12.6 trillion in France, and 10 trillion each in Britain and Italy, the Zurich-based Redesigning Financial Services (RSF) institute said.
Overall, personal wealth grew in these countries during 2020, the first year of the pandemic, despite a decline in economic output.
The study covers 16 EU countries plus Switzerland. In these countries, real gross domestic product declined by 6.4 per cent in 2020, while personal wealth increased by 3.9 per cent to an all-time high of 69 trillion euros.
This shows that the wealth gap between the rich and poor is growing – and the study’s authors said this was a trend that is set to continue.
According to their European Wealth Report, Germany had the most millionaires in absolute terms at 2.9 million, followed by Britain and France with 2.5 million each.
Switzerland, however, had the highest density of millionaires: 14.1 per cent of people in the country belong to that group.
RSF was founded in 2016 as a think tank by the universities in St Gallen and the ETH in Zurich, as well as the management consultancy EY. It focuses on new, technology-driven business models for financial services.