As expected, households in the EU’s largest economy – Germany – hold almost a quarter (24%) of financial assets and over one fifth (22.2%) of liabilities of households in the EU, France ranking second with almost 20% of financial assets and 11.1% of liabilities.
These are followed by Italy with 14.8% of financial assets and a significantly smaller share (9%) of financial liabilities and by the Netherlands with 8.5% of financial assets and 11.1% of financial liabilities, according to the latest Eurostat data.
Assets represent all the goods and resources that a household owns and that can generate value in the future. Liabilities represent the financial obligations, debts, and other commitments that an entity must pay. Assets reflect what a household owns. Liabilities reflect what it owes.
Assets are divided into current assets and fixed assets.
Liabilities include debts and other financial obligations.
Germany, France, Italy, the Netherlands and Spain together accounted for 73.1% of the financial assets and 71.8% of the financial liabilities of EU households.
Romania ranks 17th in the EU in terms of total net financial assets, with 0.6% of the EU total, just behind Hungary (0.6%) and ahead of Luxembourg and Bulgaria, both with 0.3%. However, Romanian households have more financial liabilities (0.6% of the EU total) than Hungary (0.4%), Luxembourg (0.5%) and Bulgaria (0.3%).
Relative to GDP, the value of households’ financial assets increased in most EU countries in 2024.
At EU level, total financial assets of EU households increased almost continuously between 2014 and 2024, falling only in 2022 (by 4.5%). Their total value increased from EUR 25,160 billion in 2014 to EUR 39,482 billion in 2024 (an overall increase of 56.9%).
The value of households’ financial assets as a percentage of GDP was 2.9 points higher in 2024 than in 2023 in the EU. This ratio increased in most EU countries (as well as Norway), especially in Sweden (an increase of 21.7 points). In contrast, the largest decrease was in Malta, by 5.4 points; a similar decrease (by 5.2 points) was also recorded in Turkey.
In Romania, however, the value of household assets has fallen significantly in the last five years, from 79.1% of GDP in 2020 to 71.8% of GDP in 2024. This means that the advance of the domestic product is not felt in the pockets of Romanians, with the wealth of an average household decreasing in relation to GDP.
Total financial liabilities increased every year between 2014 and 2024. Total financial liabilities increased from EUR 7.663 billion in 2014 to EUR 9.728 billion in 2024, an overall increase of 27.0%.
In Romania, at the end of 2024, household financial liabilities amounted to EUR 55.7 billion, an increase of EUR 5.8 billion compared to 2023.
In the EU, the value of household financial debt as a share of GDP fell by 1.7 percentage points between 2023 and 2024. This ratio decreased in 20 EU countries, most notably in Cyprus (a decrease of 5.8 points). The largest increase among EU countries was seen in Bulgaria (an increase of 2.2 points). In Romania, households have the lowest debt-to-GDP ratio, at 15.8% compared to an EU average of 54%. Compared to the previous year, in 2023, financial debt-to-GDP ratio decreased by 1.7 percentage points, the same as the EU average.
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