Finally, monetary policy may also have effects on the wealth distribution through its impact on asset prices, whereby those individuals with the largest wealth in the form of shares and real estate would stand to benefit the most.
One implication is that whether or not changes in asset prices ultimately cause an increase in wealth inequality depends, among other factors, on the rate of home ownership. And although home ownership  has traditionally been comparatively low in Germany, the latest available figures do not point to a material increase in wealth inequality between 2014 and 2017 (Slide 20, right-hand side).