Germany ranks first in Europe in terms of individual wealth, with the "Redesigning Financial Services" Institute announcing that the total individual wealth in Germany reached approximately €16.4 trillion, equivalent to $18.5 trillion, in 2020. France came in second with €12.6 trillion, equal to $14.2 trillion, followed by the UK and Italy, each with €10 trillion ($11.3 trillion).
The "RSF" Institute explained that the wealth levels in these countries generally increased in the first year of the COVID-19 pandemic despite a decline in economic performance, according to the German news agency. The study covered 16 EU member countries, in addition to Switzerland. The institute noted that the real GDP in these countries declined by 6.4% in 2020, while individual wealth rose by 3.9%, reaching a record high of €69 trillion.
The institute stated that this development indicates that inequality between the rich and the poor is increasing and expects this trend to continue. Robert Rothman, the head of the institute, explained that "wealth owners are likely taking a larger piece of the growing wealth pie." The study also revealed that Germany has the highest number of millionaires in Europe at 2.9 million, followed by the UK and France, each with 2.5 million millionaires. Moreover, the proportion of millionaires relative to the population peaked in Switzerland at 14.1%.
