Quote from Alex bobby on July 28, 2025, 4:09 AM

Global Wealth Report 2025: Where in Europe Did People’s Net Worth Grow the Most?

The latest Global Wealth Report 2025 by multinational investment bank UBS has revealed notable shifts in personal wealth across Europe, shedding light on which countries saw their citizens' net worth rise—and where it declined. While most of the continent experienced an increase in median wealth per adult between 2023 and 2024, the extent of growth varied significantly. Hungary emerged as the clear leader in real wealth growth, with Lithuania and Sweden not far behind. Meanwhile, a few countries—most notably Turkey and Belgium—recorded declines.

Hungary Leads Europe in Wealth Growth

In what might come as a surprise to many, Hungary posted the highest real growth in median wealth per adult, increasing by a remarkable 18.6% between 2023 and 2024. This surge highlights a broader trend of wealth consolidation in Central and Eastern Europe. Lithuania followed closely with 16.9%, and Sweden also posted strong gains at 15.3%.

Median wealth, unlike average wealth, offers a more accurate reflection of the typical citizen's experience, as it is less distorted by extremely wealthy individuals. The sharp uptick in Hungary suggests a broad-based improvement in financial health, possibly linked to higher wages, stronger savings rates, and positive economic reforms.

Other countries showing impressive real median wealth growth include Italy and Latvia, both registering increases of 15%, indicating robust household financial conditions in parts of Southern and Baltic Europe.

A Mixed Bag for Europe’s Economic Giants

Among Europe’s five largest economies, Italy saw the strongest growth in median wealth per adult, rising by 15%. This stands in stark contrast to the UK, which recorded the lowest increase at 5.3%. In between were France (10.3%), Germany (9.5%), and Spain (9%), showing moderate but stable gains.

Switzerland, still the wealthiest country in Europe in terms of per-adult wealth, posted a 7.7% increase. This underscores the country’s consistent financial strength, even if it didn’t lead in year-on-year growth. Nordic countries, including Sweden, also posted growth exceeding 10%, further highlighting the region’s strong economic resilience.

Wealth Declines: The Case of Turkey and Belgium

Not all countries shared in the wealth growth story. According to the UBS report, Turkey suffered a sharp 20.9% drop in real median wealth per adult—the steepest decline in Europe. Belgium, while faring better, still recorded a 5.6% decrease.

The Turkish case stands out. According to Prof. Hakan Kara, former chief economist at the Central Bank of Turkey, the current drop in wealth must be viewed through a broader historical lens. From 2020 to 2023, Turkey experienced an asset boom driven by cheap credit and low interest rates, boosting real estate and financial markets. However, this primarily benefited wealthier segments of the population.

In mid-2023, the economic tide began to turn. With rising interest rates and tightening financial conditions, asset prices began to deflate in real terms. Kara describes the 2023–24 wealth decline as a “correction of the 2020–22 period,” where wealth inequality soared and the majority of savers were left behind.

This reversal highlights the volatility of wealth tied closely to inflation and monetary policy. For Turkey, it underscores the risks of economic overheating followed by sudden corrections.

A Look at Average Wealth: Not Always the Full Picture

When examining average wealth instead of the median, the results paint a different picture—one more skewed by top earners. In this context, Turkey still recorded a drop (–14.6%), but other countries also entered negative territory.

The UK, for instance, saw average wealth per adult fall by 3.6%, despite moderate median gains. Other countries with average declines included France (–1.8%), Estonia (–2.3%), Luxembourg (–1.3%), and Belgium (–0.3%). These figures suggest that while wealth may be growing for many, it is not necessarily doing so at the top of the income ladder—or that wealth is becoming more evenly distributed.

Global Context: How Does Europe Compare?

While Europe saw widespread median wealth growth, the global picture was more nuanced. South Korea (13.9%), Australia (10.7%), Canada (9.6%), and Japan (8.6%) all saw notable increases in 2024. The United States, however, experienced more modest growth at 2.3%. In contrast, China (–6.3%) and Russia (–8.2%) recorded significant declines, reflecting ongoing economic pressures in both countries.

Final Thought:
The 2025 Global Wealth Report highlights how economic resilience, policy decisions, and financial inclusion shape the real wealth of citizens. While countries like Hungary and Lithuania made impressive gains, others such as Turkey remind us how quickly fortunes can shift. As global uncertainties persist, the ability to build and sustain wealth will increasingly depend on stable governance, sound financial systems, and equitable access to economic opportunities.

Conclusion

The 2025 UBS Global Wealth Report reveals a dynamic and varied landscape of personal wealth across Europe. Countries like Hungary, Lithuania, and Sweden lead the way in real median wealth gains, showing resilience and effective economic policies. On the other hand, Turkey’s sharp decline serves as a cautionary tale about the long-term effects of monetary policy and asset price inflation.

What this report makes clear is that wealth trends are shaped not just by headline GDP figures, but by deeper economic structures, fiscal policy, and access to financial resources. As Europe continues to navigate inflation, interest rate shifts, and global market pressures, next year’s rankings may look very different.

Meta Description:
Hungary saw the biggest increase in median wealth per adult in Europe between 2023 and 2024, according to UBS’s Global Wealth Report 2025. Find out which countries gained—and which lost—the most.