Belgian households are wealthier than ever. Following four quarters of continuous growth, household assets rose to a record €1.252 billion at the end of September 2024.
People in Belgium continue to see their financial wealth – assets such as bank deposits, stocks and bonds, minus debts like loans – grow, figures from the National Bank of Belgium (NBB) show.
"While both the financial assets and financial liabilities have been increasing, household assets grew more strongly than liabilities in recent quarters," NBB experts noted.
The value of financial assets rose by €23.6 billion compared to the second quarter, reaching €1,608 billion in the third quarter of 2024. "The value has risen above €1,600 billion for the first time, bringing total growth in the first three quarters of 2024 to 4%," the experts added. "Financial liabilities also grew over this period, but to a lesser degree (+1.8%)."
Credit: NBB
Financial assets rose to a new record thanks to Belgian households benefiting from handsome capital gains on their investments in the third quarter. "The tax-friendly one-year State bonds reached maturity in 2024, reshaping the picture of household financial assets."
When the bonds reached maturity, €22 billion was freed up: many households reinvested a portion in fixed-income securities such as debt securities, cash notes, term accounts and state bonds, while little money flowed back into current and savings accounts.
€625,000 per household
Another factor impacting financial wealth is the property people own. The total value of real estate owned by Belgians stood at €1,949 billion at the end of 2023, NBB figures showed. Accounting for the rise in property prices in the first nine months of 2024, real estate wealth stood at about €1,990 billion in September 2024, De Tijd reported.
When property is included, the total net wealth of Belgians is around €3,242 billion, an average of €625,000 per household. However, this figure is dramatically impacted by the wealth of millionaires in the country. The median wealth of a household had a wealth of €277,300 in the middle of 2023.
Based on the total net wealth calculated at the end of 2022, estimated at €2,800 billion, Belgian households are significantly wealthier than the eurozone average.
