Euro area wealth inequality eased, but stayed high in six crisis-hit countries

Wealth inequality across the euro area had nearly returned to its 2010 level by 2023, but remained higher than before the sovereign debt crisis in six of the countries most affected, according to an analysis published by three European Central Bank economists on 11 November 2026.

Danilo Bianco, Jiri Slacalek and Oreste Tristani used data from the Eurosystem Household Finance and Consumption Survey. The euro area’s net-wealth Gini coefficient rose from 68.2 in 2010 to 69.7 in 2014, then fell to 68.5 in 2023. A higher Gini indicates greater inequality.

The return of the overall measure toward its 2010 level did not mean that every part of the wealth distribution had returned to its earlier position. The wealthiest 10% of households held 50.8% of net wealth in 2010, 52.6% in 2014 and 51.8% in 2023. The bottom half held 6.0% in 2010 and 6.2% in 2023. A household at the 90th percentile had five times the net wealth of the median household in both 2014 and 2023, up from 4.7 times in 2010.

Uneven effects across countries

The economists identify falling house prices as the main factor behind the increase in inequality between 2010 and 2014. Households that borrowed to buy homes saw property values fall while their debts remained unchanged. Liquid savings also declined, particularly among households with less wealth. Equity prices, by contrast, rebounded relatively quickly; shares were mostly held by wealthier households.

The downturn affected the whole euro area, but its impact was stronger in Cyprus, Spain, Greece, Ireland, Italy and Portugal. In these countries, the Gini continued to rise through 2021 and remained above its 2010 and 2014 levels in 2023. In other euro area countries, it was 2.1 percentage points below its 2010 level in 2023.

The authors point to the slow rebuilding of savings among poorer households in the hardest-hit countries and a decline in homeownership, particularly among younger households. As house prices recovered, fewer households in those countries owned homes and could benefit from the increase. Inequality in the group most affected by the crisis remained broadly stable after 2014, the analysis says.

Across the euro area, inequality moved back toward pre-crisis levels during the recovery from 2014 to 2017 and remained stable during the COVID pandemic. The economists attribute the latter in part to government support for vulnerable households.

They also describe opposing effects from the inflation surge of 2021–2023. Higher living costs led poorer households to draw on savings, while inflation reduced the real value of assets such as bank deposits, equities and housing. It also reduced the real value of debt, benefiting more indebted households. The authors say this effect, alongside targeted fiscal measures, helped limit the rise in inequality.