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Geldanlage in turbulenten Zeiten: Wer erzielt die besseren Renditen – „Arm“ oder „Reich“?

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  • Radke Marc Peter

Abstract

The financial and real-economy crises of recent years, along with the resulting monetary policy stabilisation measures, have repeatedly sparked debates about possible impairments to the return potential of household wealth, particularly among lower-wealth groups in Germany. This article therefore calculates the real return on assets and equity of private households in Germany broken down by different wealth groups on the basis of new Eurosystem data set starting in 2011. The results show that ‘richer’ households achieve higher average returns on assets than ‘poorer’ households due to a more favourable portfolio allocation of their assets: ‘poorer’ households, however, generate higher returns on equity than ‘richer’ households due to a more intensive use of financial leverage.

Suggested Citation

  • Radke Marc Peter, 2025. "Geldanlage in turbulenten Zeiten: Wer erzielt die besseren Renditen – „Arm“ oder „Reich“?," Wirtschaftsdienst, Sciendo, vol. 105(6), pages 456-461.
    • Handle: RePEc:vrs:wirtsc:v:105:y:2025:i:6:p:456-461:n:1019
    DOI: 10.2478/wd-2025-0115
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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