A stark picture of wealth concentration in Germany has emerged from the latest Global Wealth Report 2026 by Boston Consulting Group (BCG). The report, published today, reveals that just 5,000 individuals classified as ultra-high-net-worth (UHNWIs) — those with financial assets exceeding $100 million — now control 27.3 percent of the country's total financial wealth. That share surpasses the combined holdings of Germany's 769,000 dollar millionaires, who own 25.5 percent.
Germany's total private financial wealth reached approximately $23.3 trillion by the end of 2025, driven largely by strong equity markets. More than half of this wealth is held in real assets, primarily property. The number of UHNWIs in Germany rose by roughly 1,100 over the past year, bringing the total to around 5,000. Globally, there are just under 97,000 super-rich individuals, more than a third of whom reside in the United States.
Wealth Gap Widens as Investment Patterns Diverge
BCG partner Michael Kahlich, quoted by Der Spiegel, noted that the concentration of wealth at the top is accelerating. Wealthier households can diversify into higher-yield asset classes such as equities and private equity, which structurally accelerates wealth accumulation. In contrast, roughly one-third of Germany's financial wealth remains in cash, current accounts, term deposits, and savings accounts — a reflection of the country's comparatively weak equity investment culture. Another 25 percent is tied up in life insurance and pension products.
The report projects that the super-rich's share of Germany's financial wealth will continue to rise through 2030. This trend is set against a backdrop of structural challenges: a largely stagnant economy, demographic change, and weak productivity growth. BCG expects Germany's net wealth to expand more slowly than the West European and global averages in the coming years.
The figures are politically explosive. Germany's coalition government is currently wrangling over how to finance a major reform package. The Social Democratic Party (SPD) has long advocated for higher taxes on the wealthy, and now some conservative politicians, including Saxony's minister-president Michael Kretschmer, have signalled openness to higher levies on large fortunes. The debate is likely to intensify as the data underscores the growing divide between the ultra-rich and the roughly 66 million Germans with financial assets below $250,000.
Germany's investment habits also raise questions about its broader economic strategy. The country's reliance on cash and low-yield savings contrasts with the aggressive equity and private equity strategies of the ultra-wealthy. This disparity not only fuels inequality but also limits the potential for broader wealth creation among the middle class. As Berlin debates tax policy and economic reform, the BCG report serves as a reminder of the structural forces at play.
For a continent grappling with similar issues, Germany's experience offers a cautionary tale. The concentration of wealth among a tiny elite, combined with a cautious investment culture, could exacerbate social tensions and slow economic dynamism. The coming years will test whether policymakers can address these imbalances without stifling the very investment that drives growth.
