8 / 14  BIS central bankers' speeches  The chart shows that the effect of housing prices on wealth dominates the impact both of equities or bonds. It also illustrates that changes in housing prices reduce inequality in wealth distribution.
Bond price increases are fairly neutral and equity price variations aggravate inequality but their effect is smaller than the one from housing prices, at the euro area level. The overall effect of APP on wealth distribution in the four countries analysed for the recent period in Chart 6 should therefore not come as a surprise.