Belgian households wealthier than European neighbours, but wealth distribution is uneven
Belgian households are among the wealthiest in Europe, boasting an average net worth of 555,000 euros in 2022, De Tijd reports based on a study by the National Bank of Belgium (NBB). However, the report highlights significant disparities. Vulnerable groups in particular are lagging far behind.
Combined, household wealth in Belgium totals 2,800 billion euros, 8.76 times the annual household incomes. The country is outpacing neighbours France, Germany and the Netherlands. In the Eurozone, only Spain and Luxembourg do better. Property makes up half of household assets, followed by business-related assets at 20 per cent.
Despite this wealth, distribution remains unequal. Belgium’s Gini coefficient - a statistical measure of economic inequality where 0 indicates perfect equality and 1 perfect inequality - of 0.69 places the country in the middle of the eurozone, ahead of Austria at 0.78, the most unequal, but trailing Malta at 0.58, the most equal.
Vulnerable groups
The NBB study also highlights significant disparities in wealth between demographic groups. Women, young people, single-parent households and individuals with low-skilled jobs, lower education levels or low incomes tend to be less wealthy. This is also true for people who do not own their homes.
Single-parent families, particularly single mothers, face especially difficult circumstances in Belgium compared to their counterparts in other European countries. Researchers attribute this to a combination of factors, including low incomes, unstable employment, and challenges in balancing family and work. These challenges make them one of the most vulnerable groups in the country.
Shopping in Antwerp © BELGA PHOTO NICOLAS MAETERLINCK
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