Belgian households are significantly wealthier than the average household in the eurozone, with an average wealth of €555,000, almost nine times the annual income, according to the National Bank.
However, this wealth is unevenly distributed across the population. Belgium ranks in the middle when it comes to wealth inequality, but certain socio-economic groups find it "particularly difficult to accumulate wealth."
A new study by the National Bank of Belgium (NBB) examines household wealth and inequality, a topic often discussed. The bank evaluated the net wealth of households, including financial assets, property, and vehicles, minus debts like loans.
By the end of 2022, the estimated total net wealth of Belgian households averaged €555,000. This places Belgium ahead of most eurozone countries in terms of wealth. The net wealth is almost nine times the annual income. Only Luxembourg and, to a lesser extent, Spain have higher averages. Half of Belgian household assets are in real estate, compared to 59% on average in the eurozone.
In terms of wealth inequality, Belgium sits in the middle. The Netherlands has slightly less inequality, while France and especially Germany have more. Austria has the highest inequality, and Malta the lowest.
Women, young people, low-educated individuals, those in low-skilled jobs, single-parent families, single mothers, low-income earners, and non-homeowners are generally less wealthy than other groups in Belgium.
Those combining several of these characteristics are "particularly vulnerable in our society." Four groups fare the worst: single-parent families, single mothers, low-income families, and families without home ownership.
The study concludes: "Belgium scores well in terms of average wealth and takes a middle position regarding wealth inequality. However, vulnerabilities affect specific population groups." It suggests that promoting homeownership among less wealthy families could significantly reduce wealth inequality.
