German households’ financial assets rose by €335 billion in the second quarter of 2026 to €9,831 billion, the Deutsche Bundesbank reported. The increase was driven mainly by valuation gains, which contributed €258 billion, as financial markets recovered after uncertainty in the first quarter.
Gains concentrated in investments
Valuation gains on capital market-related investments accounted for €202 billion. Gains on insurance and pension claims added €48 billion. Households increased their investment fund shares by €33 billion and bought a net €7 billion of debt securities.
Households’ liabilities stood at €2,192 billion at the end of the quarter. They took on €12 billion in additional borrowing, and the debt ratio fell to 47.5 percent, the Bundesbank said. The decline reflected rising nominal GDP rather than a reduction in debt.
Uneven real returns
Aggregate real total return for households reached 3.2 percent on the year in the quarter. The less wealthy half of households, however, recorded an approximate real return of minus 0.7 percent. Their losses came mainly on deposits and insurance claims, which rising inflation eroded.
Households’ net financial assets rose by €324 billion to €7,639 billion. The Bundesbank noted that interim data revisions mean the figures are not directly comparable with earlier releases.
Corporate financing picks up
Non-financial corporations raised €77 billion in external financing in the quarter. Borrowing accounted for €39 billion, debt securities issuance rose by €14 billion, and equity issuance contributed €15 billion.
Corporate liabilities reached €12,330 billion at the end of the quarter, up €255 billion, with positive valuation effects of €178 billion. The corporate debt ratio stood at 66.8 percent. Net financial liabilities widened, with net financial assets at minus €3,182 billion.
Related: German current account surplus falls to 10.3 billion euros
Source: Deutsche Bundesbank
