The gap in retirement wealth across Europe is vast, shaping living standards far beyond what pension income alone can provide. According to the European Central Bank's Household Finance and Consumption Survey (HFCS), households aged 65–74 in the euro area have a median net wealth of €185,300. But national figures range from €36,300 in Latvia to €1,219,500 in Luxembourg—a difference of more than thirtyfold.
Wealthiest Nations for Older Households
Luxembourg is a clear outlier, with the next highest figure—Malta at €310,000—trailing far behind. Excluding these two smaller EU states, Belgium and Ireland lead the pack. Belgian households aged 65–74 hold a median net wealth of €307,700, while Ireland is close behind at €296,700. France ranks fifth with €232,800, followed by Germany at €232,100. Spain sits at €200,800, while Italy—among the EU's four largest economies—records the lowest figure at €168,000, meaning French and German retirees hold over €60,000 more wealth than their Italian counterparts.
Austria (€188,500) is just above the euro area average, while Finland (€176,100) is slightly below. The Netherlands (€134,400) stands out for its modest household wealth among over-65s despite a highly rated pension system, underscoring that strong retirement incomes do not always translate into high private wealth. Slovenia (€138,200), Greece (€104,300), Czechia (€102,900), and Slovakia (€100,800) also fall below the average.
At the bottom, five more countries have median net wealth under €100,000 for this age group: Lithuania (€51,400), Hungary (€54,400), Estonia (€73,500), Croatia (€75,900), and Portugal (€99,200).
Wealth Declines After Age 75
The survey also shows that median net wealth for households aged 75 and over in the euro area is €144,400—22% lower than for those aged 65–74. In almost every country, wealth is lower among the older cohort, with Luxembourg and Belgium as the only exceptions. The drop is steepest in Austria (51% lower) and Germany (44% lower), while France sees a modest 14% decline.
What Drives These Differences?
The HFCS notes that income, household composition, homeownership rates, leverage for property purchases, and house prices are key factors behind cross-country variations. Prof Fabian Pfeffer from LMU Munich and founding director of the Munich International Stone Center for Inequality Research, told European Pulse: “These cross-national differences are a reminder that wealth is never just the result of individual saving behaviour. They reflect the long-term interaction of housing markets, welfare states, pension systems, credit institutions, family transfers and historical pathways into asset ownership.”
Homeownership plays a central role. For many households, the home is their most important asset. “Where older households had broad access to homeownership and benefited from rising property values, median net wealth will tend to look much higher. Where renting has been more common, private net wealth may look lower, even if older people are protected in other ways,” Pfeffer added. He noted that Germany and Austria often appear less wealthy in net wealth data partly because a larger share of households rent. “That does not automatically mean that older renters are poor. But it does mean that less of their economic security appears as private wealth in household balance sheets.”
The net wealth data does not include the present value of public or occupational pension entitlements. Pfeffer emphasised that pension entitlements are among the most important economic resources for many older people. “A generous public pension system can reduce the need to accumulate large private assets for retirement. In that sense, lower private wealth among older households may sometimes reflect a stronger welfare state rather than weaker economic security.”
Toby Whelton, senior researcher at the Intergenerational Foundation, highlighted the growing role of family wealth. As access to housing and asset ownership becomes more difficult through earnings alone, financial assistance from parents and grandparents can determine who accumulates wealth at a younger age. “This raises concerns about equality of opportunity because economic outcomes become increasingly influenced by family background rather than individual effort,” he said.
These disparities also intersect with broader challenges. As soaring housing costs push more Europeans into homelessness, the security that homeownership provides becomes even more critical. Meanwhile, the ECB's rate hikes may affect property values and borrowing costs, influencing future wealth accumulation for older households.
