Hungary recorded the largest real increase in household wealth across Europe over the past year, according to the newly released UBS Global Wealth Report 2025. The report, which tracks changes in median and average wealth per adult across countries, highlights significant disparities in wealth accumulation between 2023 and 2024, once inflation is taken into account.
Hungary’s median wealth per adult rose by 18.6%, followed closely by Lithuania (16.9%) and Sweden (15.3%). Italy and Latvia also posted strong growth at 15%, reflecting a broader trend of rising wealth across most of Europe. Only two countries — Turkey and Belgium — experienced a decline in median wealth per adult, with Turkey facing the steepest drop of 20.9%.
Among Europe’s five largest economies, Italy led with a 15% increase in median wealth per adult, while the UK lagged behind at 5.3%. France (10.3%), Germany (9.5%), and Spain (9%) fell in between. Meanwhile, Switzerland — the continent’s wealthiest country per adult — recorded a 7.7% increase.
Outside Europe, notable increases were reported in South Korea (13.9%), Australia (10.7%), Canada (9.6%), and Japan (8.6%). The United States saw a more modest 2.3% gain, while China and Russia posted declines of 6.3% and 8.2%, respectively.
When looking at average rather than median wealth, the picture is more mixed. Average wealth per adult declined in several countries including Turkey (–14.6%), the UK (–3.6%), France (–1.8%), and Estonia (–2.3%). Cyprus, despite leading in median wealth growth over five years, saw a 24.9% drop in average wealth, suggesting increasing wealth inequality.
UBS economists attribute Turkey’s sharp drop to a correction in asset prices following years of rapid inflation and credit-fueled growth. According to economist Prof. Hakan Kara, the 2023–24 decline reflects the reversal of a boom period from 2020 to 2022, during which asset prices surged and wealth shifted from savers to borrowers.
Over the five-year period from 2020 to 2024, Cyprus topped Europe’s list with a 43.9% rise in median wealth per adult, while Austria saw the sharpest decline at –18%. Other high performers included Denmark, Latvia, and Lithuania, all of which posted increases of over 30%. In contrast, countries like the Netherlands and Estonia saw little to no change.
UBS analysts note that high inflation, especially in Austria, Belgium, and the Netherlands, was a key factor behind stagnating or declining average wealth, along with population growth and currency depreciation.
Interestingly, the divergence between median and average wealth highlights broader distribution trends. In countries like Switzerland and Italy, where average wealth declined or remained flat, median wealth rose — indicating stronger gains for middle-income earners compared to the wealthiest households.
The report underscores the shifting landscape of wealth in Europe and beyond, shaped by inflation, policy changes, and broader economic cycles.
