The net wealth of Italian families continues to grow and reaches new record levels. According to the Annual report of the Bank of Italyat the end of 2025 the net worth of families reached 12,326 billion euros, equal to approximately 8.5 times the total disposable income. An increase compared to the previous year, when the ratio stood at 8.3 times. Above all, the financial component is supporting this growth. The gross financial assets of Italian families rose by 7.4%, reaching approximately 6,500 billion euros. A result mainly favored by the revaluation of the shares and equity investments held in Italian companies.
The weight of financial wealth is growing
The Bank of Italy’s analysis explains that the ratio between financial assets and disposable income has reached 4.5, a level considered high both in comparison with other countries and compared to historical Italian standards. In recent years, families have progressively changed the composition of their investments, increasing exposure to financial instruments and managed savings products. At the same time, interest in Italian government bonds has also grown.
According to the data reported in the report, the share of Italian public debt held directly by families has gone from 12.5% to 13.1%. The share held by foreign investors also increased, rising from 24.8% to 28.2%, and that of banks, reaching 15.1%.
The over 65s have an increasingly greater share of wealth
One of the most relevant aspects highlighted by the Bank of Italy concerns the impact of the aging population on the distribution of wealth. Between 1991 and 2022 the demographic structure of Italian families has changed profoundly. The share of households in which the main income earner is under 36 has fallen from 16% to 6%. Over the same period, the percentage of households with a head of household over the age of 65 increased to 28%.
This change has a direct impact on the distribution of assets. The share of wealth held by older families has almost doubled, reaching 32% of the total. In contrast, that of younger families decreased from 13% to 4%. The Bank of Italy underlines that this phenomenon does not depend only on the numerical increase of the elderly.
Because the elderly have accumulated more assets
Today’s older generations have benefited from particularly favorable economic conditions during their working lives. According to Bank of Italy, families born between 1941 and 1950 were able to count on a more sustained growth in income compared to subsequent generations and on a long phase of revaluation of their real estate assets.
These factors have allowed them to accumulate greater wealth than both previous and younger generations. The effect is particularly evident in the real estate sector, which continues to represent a fundamental component of the assets of Italian families.
The theme of inheritances and generational passage
In the coming years, a substantial part of this wealth will pass to subsequent generations through inheritances. According to the Bank of Italy’s analysis, the main beneficiaries will be people born between 1966 and 1975. Since these are numerically fewer generations than previous ones, the transferred assets could have an even greater weight on individual assets.
The share of wealth deriving from hereditary successions could represent around 40% of the total assets of the heirs, compared to the 30% recorded in previous generations. However, the report highlights that the effects will not be uniform. Heirs with higher levels of education and from already wealthy families could benefit more from this wealth transfer, helping to widen wealth gaps.
Income, consumption and savings in 2025
During 2025, the disposable income of Italian families increased by 0.9% in real terms. Consumption also recorded growth substantially in line with that of income, leaving the savings rate unchanged.
According to Bank of Italy, various factors have influenced the behavior of families. On the one hand, high real interest rates and economic uncertainty have incentivized saving. On the other hand, the ability to set aside resources was more difficult, especially for families with lower incomes.
