A recent report from the European Central Bank (ECB) highlights significant differences in retirement wealth among older households across Europe. The data, drawn from the ECB’s Household Finance and Consumption Survey, shows that median net wealth for people aged 65 to 74 varies dramatically, ranging from just €36,300 in Latvia to a staggering €1.2 million in Luxembourg. This means that older residents in Luxembourg hold more than 30 times the wealth of their counterparts in Latvia, exposing a stark divide in financial security during retirement across European countries.
Among the 22 countries surveyed, Luxembourg stands out as a clear leader with median retirement wealth of €1,219,500. Malta follows far behind with a median of €310,000. When excluding these two smaller EU countries, Belgium and Ireland emerge as the wealthiest among larger economies for retirees. Belgian households aged 65 to 74 have a median net wealth of €307,700, while Ireland’s figure is close at €296,700. France and Germany also rank highly with medians of €232,800 and €232,100 respectively. Spain’s retirement wealth sits at €200,800, and Italy records the lowest among the largest economies at €168,000.
The data reveals notable disparities even among similar-sized economies. French and German retirees hold over €60,000 more in median net wealth than those in Italy. Austria’s median retirement wealth is slightly above the euro area average at €188,500, while Finland’s figure of €176,100 falls just below it. Interestingly, the Netherlands reports a lower median net wealth of €134,400 despite having a highly regarded pension system. This suggests that strong pension schemes do not necessarily lead to higher private wealth for retirees.
Several other countries show median retirement wealth figures well below the euro area average of €185,300 for those aged 65 to 74. Slovenia reports €138,200; Greece €104,300; Czechia €102,900; and Slovakia €100,800. At the lower end of the spectrum alongside Latvia are Lithuania (€51,400), Hungary (€54,400), Estonia (€73,500), Croatia (€75,900), and Portugal (€99,200), all indicating limited financial resources for older households.
The report also finds that median net wealth generally declines after age 75 across Europe. For those aged 75 and older, the euro area median falls to €144,400—about 22% lower than the younger retiree group. Nearly all countries surveyed show this downward trend except Luxembourg and Belgium where retirement wealth remains stable or even increases slightly among the oldest age group.
This comprehensive ECB data underscores considerable economic inequalities affecting retired Europeans. While some enjoy substantial financial security well into old age, many others face modest or declining wealth levels that may impact their quality of life during retirement. Policymakers across Europe may need to consider these disparities when designing future pension reforms and social support systems to better protect vulnerable elderly populations.
