Unequal Wealth: Mapping Socioeconomic Disparities across the European Union

A new report by Eurofound examines wealth inequalities across EU Member States using data collected from the European Central Bank’s Household Finance and Consumption Survey (HFCS), covering the period between 2010 and 2021. It looks at how wealth is distributed (who owns what, and how much), what drives differences (housing, savings, inheritance, debt, etc.), how the middle class is doing, and what policy levers might help reduce disparities.

Key Findings

Wealth inequality varies significantly across the EU with Eastern and southern EU countries tending to have lower levels of wealth inequality and Germany, Spain, and Ireland having some of the highest levels of inequality. 

Wealth distribution is more unequal than income distribution as the top 5 per cent hold a disproportionately large share of all wealth and the bottom 20 per cent often have very little or even negative net wealth after their debts are included.

There has been little change over time as overall wealth inequality in the EU stayed broadly the same between 2010 to 2021 but some historically high-inequality countries saw slight reductions; some low-inequality ones saw increases. Spain and Slovenia are examples.

Housing wealth is a critical driver as rising property prices boosted wealth in many countries, though some saw declines. Housing wealth is more evenly distributed than non-housing wealth, but homeownership matters a lot. Countries with higher homeownership rates (e.g. Czechia, Slovakia) tend to have lower overall wealth inequality.

Social and demographic disparities matter:

• Wealth typically peaks in the 55-64 age group, declining afterwards. Younger people are far less likely to accumulate wealth, especially of high-yield or diversified types.
• Higher education correlates with more wealth. But this is driven by both more opportunities (jobs, income) and by family background (inheritance, etc.).
• Single-person households show a wealth gap favoring men. Single mothers particularly are exposed to higher housing cost burdens and lower home ownership.
• Non-EU migrants tend to be concentrated in the lower half of the wealth distribution in many countries.
• The report finds the wealth share held by the middle class (by various definitions) is shrinking.
• Wealth mobility is limited, especially when class is defined by wealth (rather than income). Once someone is wealthy (or not), it's harder to change.

Debt plays a role, especially non-mortgage debt especially in northern or western Europe, many households have negative net wealth (debts exceed assets), often because of non-mortgage indebtedness. 

All of this matters because wealth (not just income) gives people access to better housing, education, healthcare, and more stability. If wealth is highly concentrated, many people have limited ability to respond to shocks (job loss, illness). Unequal wealth contributes to social stratification: inheritance, opportunity, and mobility are affected and persistent inequality can undermine social cohesion and trust.

Policy Implications & Recommendations

The report suggests several pathways for policy:

• Wealth declarations: A compulsory EU-wide wealth declaration system (tied to tax filings) to improve transparency and help design better, evidence-based policy.
• Housing policy: Strengthen affordable rental housing, social housing systems; target support for those facing high housing cost burdens (young people, renters, single parents).
• Financial inclusion and literacy: Especially for young people, women, lower-wealth households. Encourage savings behavior, access to diversified assets.
• Targeted measures around debt: Reducing burdens of non-mortgage debt; possibly regulation of credit; helping households manage debt.

The Eurofound report Unequal Wealth paints a clear picture: wealth in the EU is very unevenly distributed, more so than income. Housing is a double-edged sword — a key asset, but one that also reinforces disparity. The middle class is shrinking in wealth terms, and there are persistent inequalities by age, education, gender and migration status. To maintain cohesion and ensure opportunity, policies need to go beyond income support to target assets, debt, housing, and structures of inheritance and mobility. Transparency (e.g. via wealth declarations) and inclusive housing and financial systems are key.