Belgium’s wealth increases by 62.5 billion euros in one year


Belgium’s wealth increases by 62.5 billion euros in one year

Belgians will see an increase in net financial wealth of 62.5 billion euros to 1,191.1 billion euros in 2023 as per statistics released by the National Bank on Friday. The rise in financial assets was attributed to net investments of 19.1 billion euros and an increase in value of 51.5 billion euros. Low interest rates prompted people to invest more in term accounts and fixed-income securities, resulting in an additional 31 billion and 33.3 billion euros invested in such products.

Belgians also directed additional funds into investment funds (+6.4 billion euros) and saw an increase in the value of portfolios by 16 billion euros, totaling at 264.9 billion euros. Additionally, 1.3 billion euros went to listed shares, which also gained 5.5 billion euros in value, reaching a total of 83.9 billion euros. However, due to low interest rates on savings accounts, there was a significant withdrawal of money from savings and current accounts, reducing them by 30.5 and 20.4 billion euros respectively.

Further, Belgians invested less in insurance products (-6.1 billion), but saw a rise in the value of portfolios by 25.1 billion euros, reaching 287.6 billion euros. Overall, financial assets of Belgians increased by 70.6 billion to 1,540.1 billion euros last year, while financial obligations increased by approximately 8 billion to 349 billion euros primarily due to an increase in housing loans. This leads to a net increase in financial assets of 62.5 billion euros in 2023. In contrast, falling stock prices and rising interest rates caused Belgians to lose 95 billion euros in 2022.

Leave a Reply