French Net Worth Rises 390% Over 30 Years
The growth in the financial assets of French residents has reached 390% over the past three decades.
According to a survey conducted by economists at BPCE (a financial group formed by the merger of the Banques Populaires and the Caisses d'Epargne), published on January 23, the growth in the financial assets of French residents reached 390% over the past three decades. This statistic includes assets excluding real estate and unlisted stocks. More specifically, financial savings, estimated at 902.6 billion euros in 1990, rose to 4,427.7 billion euros in 2023.
Eric Buffandeau, deputy director of research, monitoring, and forecasting within BPCE’s strategy division, points out that “household financial assets have increased nearly fivefold over the past 33 years, while prices have risen by only a factor of 1.7.” This growth is significantly higher than the growth in gross domestic product (GDP). From 1990 to 2022, annual GDP increased by 59%, according to the National Institute of Statistics and Economic Studies (INSEE).
The growth in total financial assets held by French people also exceeds that of wages. According to INSEE, the average annual net wage of employees in the private sector and public enterprises, calculated on a full-time equivalent basis, increased by 60.2% in current euros between 1996 and 2021. In constant euros, adjusted for inflation, wage growth amounted to only 15.6%.
