With fortunes averaging 555,000 euro households in Belgium are richer than in most other EU countries

The National Bank of Belgium (NBB) estimates that on average Belgian households each have a net fortune totaling 555,000 euro. This figure is much higher than in most other eurozone countries. Average total assets are almost 9 times more than average annual income. Real estate accounts for more than half (59%) of Belgian households’ assets.

Only Luxembourg and Spain score relatively better than Belgium, although it’s a close call. In its study the National Bank of Belgium looked at households' net wealth. This includes all their financial assets as well as real estate and vehicles. From this total, debts such as loans were deducted. The result of these calculations is a household’s net wealth. 

While on average households in Belgium are a lot richer than households in other euro countries, there are quite a few groups here that are less wealthy than elsewhere. These include women, young people, people with low levels of academic attainment, those in low-skilled jobs, single-parent families, people on low incomes and those who do not own their own homes. They have fortunes that are (far) lower than the national average.

The National Bank says that if several or all of the above-mentioned factors are combined a household’s financial position is “particularly vulnerable”. One-parent families, particularly single mothers, often find themselves in an especially vulnerable financial position. A modest household income means that they have few if any possibilities to invest.

"Property ownership is an important factor in wealth inequality. Owning your own home significantly reduces wealth inequality. Our study provides a rationale for adjusting housing policy to enable less affluent families to become home-owners” National Bank of Belgium concludes.