The wealth of Italian families is growing again in absolute terms, but comparison with European contexts shows a structural delay accumulated over the last decade. The calculations say so Fiba Foundation by First Cisl, based on the latest ECB and Eurostat data.
If from 2015 to the end of 2025 Italian net wealth increased by 22.8%, in the same period of time the Euro Area average recorded growth of 60.8%. The gap appears even more evident compared to the main continental competitors: in the decade analysed, Germany saw its wealth grow by 87.3%, Spain by 56.6% and France by 42%.
The brick has depreciated over the years
To understand the causes of the ten-year trend described by the two-speed report, it is necessary to analyze the different allocation of resources between Italian and European savers. Of the total net worth of Italian families, which has reached 11,333 billion euros, half of the wealth is crystallized in owned homes. However, while in the main European economies the real estate sector has benefited from constant appreciation, in Italy the real value of properties decreased between 2015 and 2025, with the exception of limited metropolitan areas.
The effects of extremely defensive liquidity
Added to this dynamic is a high propensity to safeguard liquidity. There are around 1,500 billion euros in Italian current accounts and bank deposits, equal to 30% of the overall financial portfolio. A choice dictated by precautionary purposes which nevertheless exposes resources to the erosion of inflation. The share allocated to shares and investment funds is between 28% and 30%, whereas in France it exceeds 38% and in Germany it is 35%. The marked preference of Italian savers for guaranteed capital instruments, such as BTPs, satisfies the need for stability but limits participation in the revaluations offered by global stock markets.
The relationship between wealth and income
A central indicator for understanding the financial structure of Italian families is the relationship between net worth and disposable income. In Italy, net wealth is equivalent to approximately 8.4 times the annual family income, a value that is among the highest in the entire Euro Area. This data reflects a double reality: if on the one hand it demonstrates how the accumulation of past savings continues to act as a protective cushion for families, on the other it highlights the prolonged stagnation of current wages. With real wages essentially at a standstill for over thirty years, with the Irpef acting as a social safety net, the accumulated assets become the only real resource to support the standard of living, while preventing the formation of new savings to be allocated to investments.
The territorial split and the gender gap
The distribution of wealth on the national territory follows the historical economic fractures of the country. Over 65% of overall financial wealth and large assets is concentrated in the regions of Northern Italy, while Southern Italy holds a share of less than 15%, highlighting a profound asymmetry in the accumulation capacity and availability of surplus to invest.
This geographical imbalance is accompanied by a marked gender gap. The ownership of significant deposits and high-yield financial assets sees a male prevalence of up to 60%, a direct consequence of the wage and employment gap which continues to impact on the management and ownership of family savings.
Distribution of wealth and the anomaly of fiscal regressivity
The report data also highlights a strong inequality in the distribution of assets. Of the 2,107 billion euros of increase in financial wealth recorded in the last decade, 937 billion derive from unlisted shares and company shareholdings. 98.3% of these high-yield instruments are concentrated in the hands of the richest 10% of the population, while over 50% of the entire national net worth belongs to the 5% of the wealthiest families, leaving the bottom 50% with just 7.3% of the total.
This asset concentration is accompanied by a marked distortion of tax collection. Research conducted by some universities highlights how the Italian taxation system has substantially regressive features. A middle-class employee pays the State, including Irpef, surcharges and contributions, an effective rate equal to approximately 45% of their income. Otherwise, the 0.1%, taxpayers with net assets exceeding 20 million euros, support an average effective rate of 32.6%, confirming how the tax structure ends up protecting large assets to the detriment of earned income.
