This largely reflects the larger weight of real estate in euro area households’ portfolios (both in value and relative to GDP). The strong rise in property prices experienced in recent years by some euro area countries contributed to increase the share of housing wealth in total household wealth.
At the same time, with the normalisation of house price dynamics, the accumulation wealth through institutional investors should come to the fore more strongly in the future. At just under 30%, the share of financial wealth invested with insurance corporations and pension funds is currently very close to the share observed for the US.