The German Bundesbank published sectoral results from Germany's macroeconomic financial accounts showing that private households' financial assets fell in the first quarter of 2026 to EUR 9.49 trillion. Net acquisitions of financial assets totaled EUR 94 billion, but that was more than offset by EUR 122 billion in valuation losses linked to weaker financial market conditions, leaving households' net financial assets down EUR 32 billion at EUR 7.31 trillion. The Bundesbank also reported that the inflation-adjusted total return on household financial wealth fell to about 0.6 percent on a year-on-year basis and remained positive only for the wealthiest 10 percent of households. For nonfinancial corporations, external financing rose quarter on quarter by EUR 20 billion to EUR 56 billion, driven mainly by stronger borrowing, although the annual trend remained weak and broadly sideways. Households added EUR 6 billion each to cash and overnight deposits and to time deposits, while continuing to buy market-based instruments, including debt securities for EUR 7 billion, shares and other equity for EUR 9 billion, and investment fund shares for EUR 27 billion. Those positions also accounted for the largest valuation losses, with declines of EUR 3 billion for debt securities, EUR 61 billion for shares and other equity, EUR 24 billion for investment fund shares, and EUR 11 billion for insurance and pension entitlements. Household liabilities were broadly unchanged at EUR 2.18 trillion as credit uptake stayed low at EUR 5 billion, pushing the debt ratio down to 48.4 percent. Among nonfinancial corporations, loan financing reached EUR 32 billion, net debt securities issuance EUR 5 billion, and issuance of shares and other equity EUR 17 billion. Their total liabilities nevertheless fell by EUR 121 billion to EUR 12.033 trillion because EUR 177 billion in negative valuation effects, almost entirely on issued shares and other equity, outweighed new financing flows. Financial assets rose by EUR 31 billion to EUR 9.069 trillion, improving net financial assets to minus EUR 2.964 trillion. The Bundesbank noted that revisions to the financial accounts and national accounts mean the figures are not comparable with earlier press releases.
German Bundesbank2026-07-16
German Bundesbank reports Q1 household financial assets fell to EUR 9.49 trillion, corporate external financing rose to EUR 56 billion
The German Bundesbank said private households' financial assets fell to EUR 9.49 trillion in the first quarter of 2026 as EUR 122 billion in valuation losses outweighed EUR 94 billion in net asset accumulation. Real returns fell to about 0.6 percent and stayed positive only for the wealthiest 10 percent of households. Nonfinancial corporations' external financing rose to EUR 56 billion, mainly on stronger borrowing, but the longer-term trend remained weak.