Wealth of Italian households, record rise in inequality: the richest 5 per cent own half of the wealth
A study by First Cisl highlights the sluggish growth in wealth linked to modest income growth compared with the major European economies. Between 2015 and 2025, the gross disposable income of Italian households increased by 28.4 per cent. Over the same period, growth in Germany stood at 48.3 per cent. Meanwhile, household savings are on the decline.
Key points
- Household wealth growth lags behind that of other European countries
- Income growth has been lower than in other EU countries, at almost half that of Spain
- Household gross savings rate remains at 10.7 per cent, compared with 14.3 per cent in the eurozone
- Property values in Italy have risen less than in the major European economies
- Growth concentrated in financial assets held by the wealthiest
- The CISL’s proposals: a serious income policy to raise wages
The wealth of Italian households is growing at a slower rate than in the rest of the Eurozone, because incomes have risen less than in other European countries. Against this backdrop, savings are dwindling, exacerbating inequalities. Our country is becoming increasingly polarised; returns on financial investments are concentrated amongst the wealthiest sections of the population, with 5 per cent of households holding over half of the total net wealth, whilst the least well-off 50 per cent hold just 7.3 per cent.
This is, in a nutshell, the picture painted by the Fiba Foundation of First Cisl’s report on household wealth, presented in Rome, which – based on data from the ECB and Eurostat – highlights how the growth in the net wealth of Italian households is the lowest, particularly when compared with the major European economies.
Growth in household wealth lags behind that of other European countries
As at 31 December 2025, net wealth stood at 11,333 billion euros, compared with 19,867 in Germany, 14,054 in France and 8,484 in Spain. The net wealth of the euro area reached €68,521 billion in 2025. Compared with 2015, the increase in Italia was 22.8 per cent, compared with 87.3 per cent in Germany, 42 per cent in France and 56.6 per cent in Spain. The result of this slower growth is that the share of Italian household wealth in the euro area total has fallen from 21.7 per cent to 16.5 per cent. In particular, since 2015, Italia’s total growth, amounting to 2,107 billion, has been driven by unlisted shares and other equity securities (+102.7%) – accounting for approximately 45 per cent (937 billion) – almost all of which (98.3 per cent) by the wealthiest decile of households. Moreover, this growth was heavily concentrated in the second five-year period, from 2020 to 2025.
Incomes have risen less than in other EU countries, at almost half the rate of Spain
The sluggish growth in wealth can be explained by modest income growth compared with the major European economies. Between 2015 and 2025, the gross disposable income of Italian households rose from 1,132.8 to 1,455 billion euros, an increase of 28.4 per cent. Over the same period, growth stood at 48.3 per cent in Germany, 41.1 per cent in France and 53.8 per cent in Spain. As with wealth, the rise in incomes in Italia has largely taken place since 2020.
Household gross savings rate remains at 10.7 per cent, compared with 14.3 per cent in the Eurozone
Against this backdrop, it is hardly surprising that even a traditional strength of the Italian economy – household savings – is on the decline. As regards gross household savings in Italy, the figure is set to rise from 125.7 billion in 2015 to 161.1 billion in 2025, representing growth of just 28.2 per cent. Germany and France are recording increases of 64.4 per cent and 80.7 per cent respectively, whilst Spain’s figure stands at 134.2 per cent. In 2025, Italia’s gross savings rate will stand at 10.7 per cent, the lowest amongst the major countries and significantly below the eurozone average of 14.32 per cent. Germany and France stand at 19.2 per cent and 17.2 per cent respectively, whilst Spain reaches 11.9 per cent.
