A major gap in retirement wealth across Europe has been revealed in new analysis showing that older households in some countries are more than 30 times wealthier than those in others, underlining the powerful role of housing, pensions and inheritance in shaping financial security in later life.
According to data from the European Central Bank Household Finance and Consumption Survey (HFCS), published in mid-2023, households aged 65–74 in the euro area hold a median net wealth of €185,300. But across 22 European countries, figures range from just €36,300 in Latvia to €1.22 million in Luxembourg.
Luxembourg stands far ahead of all other countries, with Malta the next highest at €310,000. Excluding smaller EU states, Belgium and Ireland top the ranking, with median net wealth of €307,700 and €296,700 respectively among older households.
France follows at €232,800, closely matched by Germany at €232,100, while Spain records €200,800. Among the euro area’s largest economies, Italy sits lowest at €168,000, trailing France and Germany by more than €60,000.
At the other end of the scale, several countries remain well below the euro area average. Slovenia, Greece, Czechia and Slovakia all report median wealth levels around or just above €100,000. The Netherlands, despite its strong pension system, records €134,400, placing it below many of its Western European peers.
The lowest levels appear in Eastern and Southern Europe, with Latvia at the bottom, followed by Lithuania (€51,400), Hungary (€54,400), Estonia (€73,500), Croatia (€75,900) and Portugal (€99,200).
The data also shows a clear drop in wealth among older age groups. For households aged 75 and over, median net wealth in the euro area falls to €144,400—around 22% lower than those aged 65–74. Only Luxembourg and Belgium buck this trend.
Experts say the differences reflect long-term structural factors rather than individual saving behaviour alone. Housing ownership is one of the strongest drivers, with countries where homeownership is widespread and property values have risen showing significantly higher wealth among retirees.
Professor Fabian Pfeffer of LMU Munich said these patterns reflect “the long-term interaction of housing markets, welfare states, pension systems, credit institutions, family transfers and historical pathways into asset ownership.”
He added that strong public pension systems can reduce the need for private wealth accumulation, meaning lower net wealth does not necessarily indicate financial insecurity.
Toby Whelton of the Intergenerational Foundation pointed to growing reliance on family support, warning that access to housing and wealth is increasingly shaped by inheritance and parental assistance rather than earnings alone.
Net wealth data includes assets such as property, savings, investments and business holdings, minus liabilities like mortgages and loans. However, it does not account for public or occupational pension entitlements, which remain a key source of retirement security across Europe.
