BELGIANS AND THEIR WEALTH 2025 PDF Free Download
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Wealth Report – Edition 2
2025
BELGIANS
AND THEIR WEALTH
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Dear reader,
Keytrade Bank and Ghent University have joined forces for the second year in a row to map the wealth of Belgian
households. Whereas last year we took a snapshot of wealth, this year we take a detailed look at the journey of
wealth: where does wealth come from, how do households build their wealth, and what is it spent on.
The median household wealth in Belgium showed signicant growth over the last year: it rose by 11.2%
to €277,231. This growth, which far exceeds ination, points to good news: real wealth is increasing.
We examined how Belgian households accumulated their wealth over the years and what the key contributing
factors were. In a nutshell, two out of three Belgians build their wealth primarily through their salary.
On top of that, inheritances, gifts, and income from running a business also play a signicant role in wealth
accumulation. What’s more, diversication pays: at the higher wealth levels, entrepreneurship, investments,
property and inheritances play a bigger role in the sum of wealth.
Also new this year is our focus on spending. The proverbial brick in a Belgian person’s stomach simultaneously
determines much of the spending. And we can add travel and healthcare to the top 3 of expenses.
Yet spending is also closely related to life stages. Young families are forced to spend a lot on property, while
the scales are tipped more towards healthcare in older households.
With this report, we aim to provide our readers with a factual overview of the wealth situation in Belgium.
Beyond simply informing, our goal is to inspire. By taking a closer look at wealth across dierent generations,
every Belgian can compare their nancial situation to that of their peers. We also peek into the wallets of
the wealthiest 5% of Belgians: what lessons can be learned from how they build their wealth?
Happy reading!
Thierry Ternier
Koen Inghelbrecht
Margaux Bearelle
FOREWORD
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TABLE OF CONTENTS
3Foreword
5The Wealth of Belgians in 5 Key Findings
6Belgians’ wealth grows
7The rich get richer
Belgians underestimate their assets
8Interview with researcher Margaux Bearelle and professor Koen Inghelbrecht:
‘Most Belgian households got richer, but wealth inequality also increased’
10 Belgians remain avid savers
11 Half of Belgian households invest
12 Playing it safe
14 Value of homes stagnates
15 Who invests in bricks?
16 Diversication increases
17 Debt burden shifts
18 How did households build their wealth?
19 Diversication drives wealth
20 Inheritances and donations
22 Saving for unforeseen expenses
23 Building a savings buer
24 Extra rainy day fund
26 Belgians spend most on their homes
28 Spending follows life stages
30 Interview with CEO Thierry Ternier:
‘Most Belgian households are passive with their wealth’
32 The wealth of dierent generations
38 What do we learn from the richest Belgians?
40 Methodology
42 Final word
In our rst Wealth Report (2024), we presented a snapshot of Belgians’ wealth. This year,
we take a more dynamic look. We examine where their money comes from, how it is
accumulated, and where it goes. In this chapter, we provide an overview of the key insights
from the research.
Belgians’ Wealth is Increasing
The median wealth of Belgians is growing, and even outpacing ination. Belgian
households’ wealth rose by 11.2% last year to €277,231, compared to an ination
rate of 4.4%. This points to an increase in actual prosperity.
The Rich are Getting Richer
Households with signicant wealth saw the biggest increase in absolute terms.
This reinforces the idea that the richest households are becoming even richer.
They tend to diversify further and draw income from multiple sources - and
the wealth report conrms that this strategy is paying o.
Belgians Seek Security
Half of Belgians invest, yet savings accounts remain the favorite nancial product.
Belgian households hold over €370 billion in savings and current accounts. Families
mainly save for unexpected expenses (56%), retirement (34%), and travel (30%).
Security is a key concern. The reasons for saving underline the desire for nancial
safety. The larger the wealth, the more risk people are willing to take.
Housing is the Main Expense
Real estate is the largest spending category for Belgian households, followed by travel
and healthcare. Young families spend mostly on housing, while older households
spend more on healthcare. Spending patterns are closely linked to life stage.
Wages are the Main Source of Wealth
Work pays o! Wages are the main source of wealth for two out of three Belgians.
For 5% of the population, inheritances and donations are the primary sources.
One in four say these played a role in building wealth, but cite other sources as
more important. Entrepreneurship, investments, and real estate play a greater role
among the wealthy.
The Wealth of Belgians
in 5 KEY FINDINGS
1More information:
page 6
More information:
page 7–9
More information:
page 10
page 17
page 22-25
More information:
page 14-15
page 26
More information:
page 18-20
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3
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KEYTRADE BANK WEALTH REPORT6 || 7
The RICH get richer
Belgians underestimate their ASSETS
Median wealth, of course, says little about the distribution
of wealth in Belgium. Zooming in on this wealth
distribution, we see large dierences between Belgian
households. In the rst wealth quintile, the 20% with least
wealth, median wealth is €5,450. Looking at the fth and
top quintile, the 20% with most wealth, the median wealth
has risen above a million (€1,054,000).
There are also big dierences when it comes to wealth
growth. There was an increase in median wealth in all
wealth quintiles, but it is in absolute numbers much larger
in the top quintile, for the high wealth levels.
There, wealth is increasing faster than among
lower-income households and the middle groups.
The wealth required to reach the top 10% or even
the top 20% increases signicantly. This indicates
growing wealth concentration at the top, meaning
that the wealth gap has deepened.
Not only did we examine hard data on the net
worth of Belgian households, we also checked
whether those households can accurately estimate
their own net assets.
Over 7 in 10 households (72%) underestimate their actual
assets by at least 10,000 euros. 20% overestimate their
own net worth, while only 8% can accurately estimate it.
The lower wealth quintiles are more likely to overestimate
their wealth (30% in the rst quintile): they are more likely
to have a more optimistic view of their nancial situation.
In turn, the highest quintiles underestimate their wealth
the most (84% in the fth quintile). Their complex
nancial situation probably makes self-assessment
a lot more dicult.
The large perception gap between perceived wealth and
actual wealth indicates that many households do not
have a clear understanding of their nancial situation.
This can aect their nancial planning and investment
decisions.
72%
8%
BELGIANS’ WEALTH GROWS
Median household wealth in Belgium increased to
€277,231 in 2025. This is an increase of over 11%; median
wealth was €249,301 for the previous year.
Family homes remain the most important equity
component for Belgian households. As the saying goes,
Belgians’ homes is their castle. In nancial assets,
the conditional median amount also increased;
the good performance of nancial markets over
the past year certainly played a role there.
Interestingly, the share of investments in pensions and
insurance increased across the dierent wealth groups.
This may point to an increasing emphasis on nancial
security and protection in uncertain times.
The 11.2% growth in net assets exceeded ination, which
stood at 4.4%, according to NBB (National Bank of Belgium)
gures. Life became more expensive again, but median
wealth increased more sharply. So, real wealth increased.
Belgian households saw their economic well-being and
purchasing power improve.
However, debt remains a concern. The growth in median
wealth went hand in hand with an increase in nancial
liabilities. Families may have taken on additional debt
to buy a home or other investments. Growth in assets
outpaced growth in liabilities, but it remains crucial to
examine the extent to which increased debt poses nancial
risks to some households.
Money and
investment funds
22% → 25%
Real estate and other
tangible assets
71% → 71%
Other assets
7% → 4%
Debt
19% → 18%
| 7
GENERAL TRENDS
Accurately estimate
Overestimated
Underestimated
KEYTRADE BANK WEALTH REPORT8 |
“Most Belgian households
got richer, but WEALTH
INEQUALITY also INCREASED
”
Interview
with researcher Margaux Bearelle and professor Koen Inghelbrecht:
The Belgian Wealth Report plots the wealth of
Belgian households. What should we remember
about the prosperity of families in our country?
Researchers Margaux Bearelle (PhD student,
Department of Economics, Ghent University) and
Koen Inghelbrecht (Professor of Finance, Department
of Economics, Ghent University) zoom in on the most
striking results from the wealth survey.
What key lessons do you draw from the Belgian
Wealth Report?
“Median household wealth in Belgium grew by 11.2%
in 2025, to €277,231. Growth far exceeded ination,
with most households seeing their purchasing power
and wealth increase. However, wealth accumulation
is unevenly distributed. Households with more wealth
achieved higher prots in absolute terms, further
reinforcing existing disparities.”
For Belgians, “Our home is our castle” is a cliché,
but as with most clichés, there is an element of truth
to it. Residential property accounts by far for the largest
share of Belgian households’ wealth. Amongst younger
households, property appears to be even more important,
both family homes and other properties. They also mainly
save for home ownership, and carry higher mortgage debt
than older households. Amongst older households,
the share of nancial assets in wealth is growing.”
If you compare it with the 2024 wealth report, what
trends and developments stand out?
“Belgian households adjusted their nancial strategies in
response to changing economic conditions. For property
and other tangible assets, we see a slight decline in
rst-time home ownership. Apartments and land, in turn,
are on the rise; the median value of apartments also
increased the most. The number of loans for the purchase
of secondary homes also increased.”
“For nancial assets, the shifts in investment behaviour are
more pronounced. Fixed term accounts in particular are
on the rise. Banks have made their xed term accounts
more attractive by oering higher interest rates, in an
attempt to attract the capital released from government
bonds. In turn, bond holdings fell sharply. This is because
the money Belgians invested into government bonds in
2024 then went into other nancial products.”
Where did the billions from the government
bonds go?
“One in ve Belgians participated in the 2023 government
bonds issue. This was huge, courtesy of the high
interest rate, tax advantages and short maturity.
When the government bonds expired after one year, only
31% of participants reinvested in similar bonds. Most
households switched to savings accounts (46%)
and xed term accounts (33%). A much smaller
percentage went towards riskier investments such
as shares (6%) or property (3%).”
“The popularity of government bonds and the investment
choice after the bond matures illustrate the risk aversion
of many Belgian households. 93% of families prefer low-
risk and medium-risk investments.”
Have cryptocurrencies actually made
a breakthrough?
“Investments in cryptocurrencies are still quite a niche
segment. 7% of households invest in crypto, up from
6% last year. This indicates a cautious adoption of digital
assets, but interest still remains relatively limited.
It is also predominantly concentrated among younger
age groups.”
INTERVIEW | 9
Participation Rate in Cryptocurrency of Belgian Households According to Age
Reinvestment of Funds Released from
the 2024 Government Bond
% households
Savings account 46 %
Term deposit, savings certicate, etc. 33 %
Cash 7 %
Shares 6 %
Used for big purchases (traveling, etc.) 5 %
Invested in real estate 3 %
Other 3 %
Shared with family or gifted 2 %
Other nancial assets 2 %
Bonds 1 %
Cryptocurrency 1 %
Repaying debt 1 %
Managed accounts 1 %
Investment funds 0 %
KEYTRADE BANK WEALTH REPORT10 || 11
Belgians remain AVID SAVERS
HALF of Belgian households
invest
If we look at how Belgians allocate their nancial assets,
the traditional savings account remains number one.
Belgian households put 26% of their nancial resources
into savings accounts.
Families with savings accounts (83%) have a median
amount of €13,550 in those accounts. However, this
is noticeably less than last year. In 2024, the median
amount was as much as €25,000.
We see a shift from savings accounts to xed term
accounts in particular. In 2024, Belgian households put
4% of their nancial assets into a xed term account,
which has already reached as much as 16% in 2025.
The median amount in these xed term accounts went up
from €19,000 to €30,180.
There are two factors that play a role in the growing
popularity of xed term accounts. For starters, a lot of
money was released from the government bonds, which
oered a tax advantage. They were wildly popular, with
over 20% of all Belgians putting money into government
bonds. Much of the freed-up money (33%) then went
into xed term accounts, thanks to the exceptionally high
interest rates banks were giving at the time to attract the
capital released from the government bonds.
Almost half of Belgians (45%) invest in some way.
Investment funds are most popular among Belgian
households. 18% of their nancial assets are in such
a fund, accounting for a median amount of €20,000.
15% of households’ nancial assets are put into shares,
representing a median amount of €16,000. This is
an increase of over 30% in a year’s time, due to a
combination of the increase in value of shares already
held and an increase in share investments.
Wealth management is on the rise. Family oces, private
bankers and the like manage 6% of the nancial assets of
Belgian households, up from 4% in 2024.
Bonds took hits for their part. Far fewer households
invested in bonds, and their share in the nancial mix fell.
This again has to do with the one-o success of
the government bonds. When they matured after a year,
the new terms were less attractive, and many
bondholders chose to invest the freed-up money in other
nancial products.
7% of Belgians own cryptocurrencies, to a median
amount of €750. Both the number of crypto investors and
the median amount have gone up slightly, but there’s no
large-scale breakthrough for cryptocurrencies.
It is still somewhat of a niche product, not yet rivalling
other investment products.
FINANCIAL ASSETS
Overview of Financial Assets of Belgian Households
Participation Rate Conditional Median*
Investment Type 2024 2025 2024 2025
Current Account 88 % 85 % € 3.450 € 2.800
Savings Account 85 % 83 % € 25.000 € 13.550
Cash 33 % 34 % € 500 € 400
Investment Funds 28 % 26 % € 19.000 € 20.000
Term Deposit 18 % 23 % € 19.000 € 30.180
Shares 23 % 22 % € 12.600 € 16.000
Bonds 16 % 12 % € 10.000 € 20.000
Cryptocurrency 6 % 7 % € 600 € 750
Savings Certicate 5 % 4 % € 10.000 € 24.700
* Conditional Median: the median amount among households that actually own the relevant type of asset.
Households without this type of asset are therefore not included.
| 13KEYTRADE BANK WEALTH REPORT12 |
The distribution of nancial assets suggests that Belgian
households are mainly looking for nancial stability and
security. Belgians prefer low-risk savings and investment
products. They are more likely to make safe choices.
In our study, we explored how risk-averse Belgian
households are. We gave them a choice between
low-risk investments that oer lower returns and high-risk
investments that oer higher returns. Based on
the responses, we were able to classify them into groups
with low, medium or high risk aversion. The vast majority
of households exhibit medium to high risk aversion.
Only 7% show low risk aversion.
This low risk aversion translates into more active
investment behaviour. Those who are less cautious and
take more nancial risks tend to invest larger amounts
than the groups who avoid risk. Households with low risk
aversion are also more satised with their investment
returns. These households also have higher net assets,
probably due to stronger growth in their investments.
Risk aversion is strongly linked to wealth, professional
status, education and gender. The richest households
are also the least risk-averse households. In the highest
quintile (80-100%), only 30% show high risk aversion, while
in the lowest quintile (0-20%) it is 55%.
It is also no surprise that those who are self-employed
are less risk-averse than employees or civil servants.
Self-employed people are in a more uncertain and risky
position. They are used to taking more risks than people
with more stability and security.
Men are more likely to take nancial risks than women.
Among women, 47% are in the highest category of risk
aversion, while among men it is only 40%. Looking at
education, we see that people with a university degree take
more nancial risks than those with lower education levels.
Age and family size have less eect on how risk-averse
Belgian households are.
Playing it SAFE
The greater THE ASSETS,
the greater THE RISKS
FINANCIAL ASSETS
KEYTRADE BANK WEALTH REPORT14 |
Property ownership plays a leading role in Belgians’
wealth. Over 7 in 10 households own their family home.
The median value of a family home rose slightly, from
€292,600 in 2024 to €300,000 this year. This growth
roughly coincides with house price ination, which was
just above 3%.*
Other homes maintained a stable median value of
€200,000. This indicates a balance between supply and
demand in secondary homes or investment properties.
Apartments did rise sharply in value last year, from
€220,000 to €250,000. Trends such as increasing
urbanisation and an ageing population are likely to drive
up the value of apartments along with it.
Home ownership increases with age. In the 18-34-year-old
group, 58% own the family home, while among 65-74-year-
olds it raises to as much as 83%. Interestingly, the youngest
age group most often owns houses and apartments they
do not live in themselves. They seem to regard property as
an investment, and not just a place to live.
Besides age, wealth is the most important factor in home
ownership. In the highest wealth quintile, 95% own their
family home. In the lowest power quintile, it is only 23%.
Of the 20% highest wealth, 7 in 10 also have other
property in their portfolio, among the 20% lowest wealth
it is only 7%.
The percentage of households owning their own homes
also increases with the size of the household. The peak is
reached among households with four people. Here, 81%
are family home owners. Larger families tend to opt for
security; rst and foremost, they put their wealth into
a home of their own.
Among professional groups, the self-employed are not
only frequent homeowners (78%), but almost half of
the self-employed also invest in other properties.
Employees and pensioners allocate a larger proportion
of their wealth to their family home.
VALUE OF HOMES stagnates Who invests in BRICKS?
| 15
REAL ASSETS
Overview of Real Assets of Belgian Households
Participation Rate Conditional Median Value
2024 2025 2024 2025
Main Household Residence 74 % 72 % € 292.600 € 300.000
Other Houses 17 % 14 % € 200.000 € 200.000
Apartment 15 % 16 % € 220.000 € 250.000
Garage 7 % 7 % € 30.000 € 38.750
Land –7 % –€ 100.000
Other Property 5 % 3 % € 95.000 € 116.000
Cars 76 % 74 % € 10.000 € 18.000
Other Vehicles 46 % 40 % € 6.600 € 5.000
Total Real Assets 93 % 95 % € 281.000 € 300.000
* Source: House Price Index, Statbel, 2024.
KEYTRADE BANK WEALTH REPORT16 |
Family homes account for 63% of the total real assets of
Belgian households. The family home remains the main
pillar of wealth, but its dominance is decreasing slightly.
The share of apartments in particular is increasing, from
10% to 13%. This popularity, as we mentioned, also has
an impact on the median value of apartments.
We also looked at land ownership for the rst time in this
report. 7% of Belgian households own a plot of (building)
land. This land has a median value of €100,000.
It is certainly not a radical change in trend, but we do see
a cautious shift in household wealth. The family home
absorbs a slightly smaller share of this wealth, at the
expense of investments in apartments and land, among
other things.
Four in ve Belgian households are in debt. This is the
same number as in 2024, but the median debt has
increased slightly from €80,000 to €83,700. As such,
the number of households in debt did not increase,
but the debt burden did increase slightly among this
large group.
Mortgage lending is by far the most important debt in
Belgian households. 62% have a mortgage loan in place
for the family home, for an outstanding median amount
of €100,000. The number of Belgians with family home
mortgage loans fell by 3%, and it is possible the relative
cooling of the real estate market played a role here. 16%
have mortgage loans for other properties, with a median
debt of €50,000. These loans also declined last year.
In turn, credit card debt, unsecured loans and private
loans are increasing. The median amount also increased
for those debts.
The overall share of debt of Belgian households remains
stable in 2025, but the borrowing pattern does shift.
Families are taking out somewhat fewer mortgage loans,
while alternative loans are on the rise. The growing
popularity of short-term and unsecured debt may
indicate more liquidity problems. This is a development to
keep an eye on in subsequent studies.
| 17
DIVERSIFICATION increases DEBT BURDEN shifts
REAL ASSETS
Overview of Financial Liabilities of Belgian Household
Participation Rate Conditional Median Value
2024 2025 2024 2025
Credit Card 9 % 11 % € 1.100 € 1.670
Mortgage MHR 65 % 62 % € 100.000 € 100.000
Mortgage Other Property 17 % 16 % € 70.000 € 50.000
Loans Purchasing Property 24 % 28 % –€ 11.250
Leasecontract 6 % 7 % € 7.000 € 18.000
Private Loans 6 % 8 % € 9.400 € 12.000
Loans Without Collateral 13 % 15 % € 6.000 € 10.000
Other Loans 6 % 5 % € 15.000 € 25.000
Total Debt 81 % 81 % € 80.000 € 83.700
Proportion of Real Asset Components Within Real Assets
Real Asset Components 2024 2025
Main Household Residence 67 % 63 %
Other Houses 14 % 13 %
Apartment 10 % 13 %
Garage 1 % 1 %
Ground – 3 %
Other Property 3 % 1 %
Cars 4 % 5 %
Other Vehicles 0 % 1 %
Total Real Assets 100 % 100 %
KEYTRADE BANK WEALTH REPORT18 |
| 19
How did Belgian households build their wealth? In our
research, we also looked for the main sources of wealth
accumulation. Families could indicate up to three sources
that contributed to their nancial wealth over the years.
Labour is number one. For 65% of households,
wages (along with holiday pay, end-of-year bonuses,
any other bonuses, etc.) are the main way they
accumulate their wealth.
Inheritances and gifts are an important source of
wealth accumulation for 27% of households, although
they are only the main reason for 5%. Income from their
own business is important for 19% of households and
the main factor in accumulated wealth for 7%.
This income is in addition to the monthly salary
entrepreneurs pay themselves.
Investments, pensions and rental income are important
pillars for building wealth, but they are the main pillar for
only 2% of households.
15% of Belgian households do not accumulate wealth.
This again points to a deep wealth chasm running
through society. While a group of households combine
dierent sources of wealth, there is also a group that fails
to accumulate wealth.
Income from work is the main source of wealth
accumulation in all quintiles. In the middle class,
these incomes weigh most heavily (80% in the middle
quintile). Households with more wealth diversify more
and draw income from multiple sources. In turn,
families with no earned income are predominantly
in the lowest wealth quintile.
Entrepreneurship is mostly concentrated among the
highest wealth. In the lowest quintile, self-employment
is a source of wealth accumulation for 7% of households.
This gure grows to 35% at the highest wealth quintile.
Investment income also showed a strong upward
trend, as did rental income and capital gains from
property sales.
Wealth accumulation in most households is determined
by a mix of income from work and alternative sources.
At the higher wealth levels, labour weighs less heavily and
entrepreneurship, investments, property and inheritances
play a bigger role. Lower-wealth groups are more
dependent on their earned income, if they have any at all.
This lack of diversication makes it harder to build wealth.
How did HOUSEHOLDS
build their wealth?
DIVERSIFICATION drives wealth
Source of Net Wealth According to Wealth Quintiles
Quintile All
households
0 % – 20 % 20 % – 40 % 40 % – 60 % 60 % – 80 % 80 % – 100 %
Labour 74 % 59 % 77 % 80 % 79 % 76 %
Self-Employed Activities 19 % 7 % 14 % 15 % 22 % 35 %
Investments 17 % 10 % 11 % 16 % 21 % 28 %
Rent 10 % 4 % 5 % 7 % 12 % 21 %
Inheritances 27 % 17 % 23 % 26 % 33 % 37 %
Selling Property 6 % 6 % 2 % 5 % 7 % 11 %
Pension Benet 10 % 5 % 9 % 13 % 12 % 9 %
Other 5 % 3 % 5 % 4 % 8 % 3 %
No Wealth 15 % 41 % 18 % 10 % 5 % 4 %
SOURCES OF WEALTH
Source of Net Wealth
Source % Households % Number 1
Labour 74 % 65 %
Gifts and Inheritances 27 % 5 %
Self-employed Activities 19 % 7 %
Investments 17 % 2 %
No Wealth Accumulation 15 % 11 %
Pension Benet 10 % 2 %
Renting of Real Estate 10 % 2 %
Selling Property 6 % 1 %
Other 5 % 1 %
Income Increase in Private Business Value 4 % 1 %
KEYTRADE BANK WEALTH REPORT20 || 21
Transfers between generations have a major impact
on wealth. Inheritances and gifts contribute to wealth
in all groups, but they are more common in the higher
wealth groups. In the lowest quintile, 17% of households
indicate that inheritance is an important source of wealth
accumulation, while in the highest wealth quintile this
rises to 37%.
Most inheritances and gifts come from parents (73%)
and grandparents (25%). In the vast majority, they are
a family aair; little is inherited or gifted through outside
of family ties.
Money is transferred most often. 83% of households
have received money this way. Real estate is also
frequently passed down between generations, with
44% of households having acquired property through
inheritance or as a gift. The largest group of recipients
is the 55-64-year-old category. As such, wealth is most
often transferred at the stage of life when the recipients
themselves are already quite strong nancially.
INHERITANCES AND
DONATIONS
Types of Gifts and Inheritances Received by Belgian Households
SOURCES OF WEALTH
KEYTRADE BANK WEALTH REPORT22 || 23
Belgian households’ savings and current accounts hold
more than 370 billion euro. Families save mainly for
unforeseen expenses (56%), for retirement (34%) and for
travel (30%). Saving for renovation and maintenance and
for other major purchases complete the top ve. Financial
security and essential long-term investments seem to be
the main considerations for building up savings.
Saving for children’s education (15%) and for inheritances
(11%) are less common. This is mainly because those
two motivations are largely limited to certain age groups.
From a certain age, children have already graduated, and
before a certain age, passing on an inheritance is not yet
on the list of priorities.
17% of households say they cannot save. A signicant
proportion of Belgian households therefore have no
money left to put aside at the end of the month.
A savings buer protects households from unforeseen
events and unexpected expenses. Think of a car or
a washing machine suddenly breaking down. Or, much
worse, a family member who falls seriously ill or becomes
unemployed.
The savings buer is measured by dividing the savings
account balance by the net monthly income. Banks
and nancial experts usually recommend setting aside
between 3 and 12 times this net monthly income.
The exact recommendation depends on employment
status. This buer allows households to bridge an
unexpected expense or nancial emergency.
By 2025, fewer households will have a savings buer
of less than three months or more than 12 months.
Therefore, the number of households with a savings
buer of 3 to 12 times the monthly income - and
following experts’ advice - increased again.
Saving for
UNFORESEEN EXPENSES Building a SAVINGS BUFFER
SAVING
Principal Reasons to Save
Reason to Save % Households % Number 1
Unforeseen Expenses 56 % 22 %
Pension 34 % 11 %
Traveling 30 % 5 %
Renovation and Maintenance 28 % 14 %
Other Big Purchases 25 % 7 %
Buying Real Estate 20 % 13 %
I Can’t Save 17 % 16 %
Children’s Studies 15 % 3 %
Inheritances 11 % 1 %
Gifts to Family Members 9 % 1 %
Pay o Debt 7 % 1 %
Investments in Own Company 5 % 1 %
Other 4 % 1 %
KEYTRADE BANK WEALTH REPORT24 || 25
How much of their income do Belgian households
currently save? In this, we distinguish between monthly
income and additional income, such as year-end bonuses,
holiday pay or other bonuses.
The largest group of households (44%) save 0% to 10%
of their xed monthly income. As we move into higher
percentages, the groups get smaller and smaller.
There is a dierent pattern for supplementary income.
9% save 70-80% of this supplementary income, 7% even
save almost the entire supplementary income.
Regular monthly income is essential for most households
to pay their daily expenses. Supplementary income
provides a bit more exibility and allows for a larger
proportion to be saved. Households create extra
breathing space without having to cut their daily
expenses. The dierent savings patterns indicate that
those additional incomes are crucial to strengthening
nancial resilience.
EXTRA RAINY DAY fund
SAVINGS | 25
SAVING
Household Savings from Monthly and Additional Income
Savings Range Monthly Income Additional Income
0 % – 10 % 44 % 30 %
10 % – 20 % 23 % 14 %
20 % – 30 % 15 % 11 %
30 % – 40 % 7 % 8 %
40 % – 50 % 6 % 8 %
50 % – 60 % 3 % 6 %
60 % – 70 % 2 % 5 %
70 % – 80 % 1 % 9 %
80 % – 90 % 0 % 3 %
90 % – 100 % 0 % 7 %
KEYTRADE BANK WEALTH REPORT26 || 27
What do Belgians spend their money on? Maintaining
their daily standard of living is the most frequently
mentioned expense in our survey, although it is only
the biggest expense for 13% of households. Home
maintenance is also a signicant expense. Property
purchases and mortgage loan repayments are most often
cited as the biggest expense.
Travel (25%) and health care (22%) are also important
expenses, but they are often not the most important
expenses.
Cars are part of the bigger expenses for a more limited
number of households (18%), but they are the single
biggest expense for 9%. Transport is by no means a
top expense for everyone, but for a certain group of
households, the car weighs heavily on the family budget.
Paying o non-mortgage debt is a priority for 11% of
households and the biggest expense for 4%.
Belgians spend most on
THEIR HOMES
| 27
EXPENSES
Household Spending Patterns
Main Expenses % Households % Number 1
Maintenance of Living Standards 47 % 13 %
Maintenance of the Main Household Residence 33 % 15 %
Buying Real Estate and Mortgage Debt 28 % 19 %
Traveling costs 25 % 5 %
Health Care 22 % 6 %
Buying Vehicles and Corresponding Debt 18 % 9 %
Electronics and Household Items 14 % 6 %
Car Maintenance 14 % 4 %
Children’s Education 12 % 3 %
Paying o Non-mortgage Debt 11 % 4 %
Supporting Family Members 6 % 2 %
Other Expenses 6 % 3 %
Nursing Home Costs 2 % 0 %
KEYTRADE BANK WEALTH REPORT28 || 29
Spending patterns shift with the dierent stages of life.
Proportionally, younger households spend a larger part
of their wealth on property, while older age groups
have often already paid o their mortgages. For larger
families, education emerges as a major expense. Among
older households, healthcare takes a bigger bite out
of the budget.
The level of education also aects spending. Those who
have higher education spend more on travel, for example,
while people with lower education levels have less money
left over for leisure.
SPENDING follows life stages
| 29
EXPENSES
Real estate Electronics Paying o
Debt
Maint. house Car
Maintenance
Healthcare Standard of
Living
Travel Children’s
Studies
All Households 28 % 14 % 11 % 33 % 14 % 22 % 47 % 25 % 12 %
Households Size
17 % 10 % 12 % 38 % 2 % 19 % 58 % 42 % 9 %
223 % 16 % 11 % 32 % 15 % 23 % 46 % 26 % 4 %
337 % 14 % 12 % 33 % 14 % 24 % 52 % 20 % 17 %
437 % 10 % 8 % 38 % 14 % 22 % 49 % 27 % 22 %
5+ 27 % 12 % 15 % 33 % 13 % 11 % 37 % 19 % 27 %
Age Group
18 –34 40 % 22 % 9 % 28 % 19 % 19 % 43 % 25 % 17 %
35 – 44 43 % 11 % 18 % 32 % 11 % 10 % 55 % 27 % 11 %
44 – 54 35 % 8 % 12 % 27 % 11 % 20 % 48 % 23 % 19 %
55 – 64 16 % 11 % 14 % 40 % 15 % 23 % 45 % 23 % 8 %
64 – 75 3 % 16 % 4 % 43 % 14 % 33 % 49 % 30 % 37 %
75+ 3 % 10 % 1 % 38 % 11 % 38 % 37 % 15 % 0 %
Education Level
Lower Education 24 % 16 % 12 % 31 % 16 % 24 % 44 % 20 % 12 %
Bachelor 29 % 11 % 9 % 38 % 13 % 22 % 49 % 28 % 13 %
University 38 % 12 % 9 % 37 % 9 % 13 % 52 % 39 % 11 %
Employment Group
Employee 41 % 16 % 12 % 34 % 13 % 15 % 48 % 24 % 12 %
Civil servant 39 % 10 % 13 % 31 % 13 % 15 % 47 % 30 % 11 %
Other non-working 19 % 16 % 14 % 20 % 24 % 33 % 42 % 19 % 27 %
Pension 6 % 15 % 3 % 42 % 13 % 33 % 45 % 26 % 1 %
Self-employed 31 % 11 % 16 % 36 % 10 % 11% 53 % 28 % 12 %
KEYTRADE BANK WEALTH REPORT30 || 31
Interview with CEO Thierry Ternier
“Most BELGIAN HOUSEHOLDS
are PASSIVE with their wealth
”
‘Hammock investing’ kicked o as Word of the Year.
We checked in our wealth report whether Belgian
households are active or passive investors.
We asked Thierry Ternier, CEO of Keytrade Bank,
to extract the most striking conclusions from
the survey.
Are Belgians more likely to be active or passive with
their assets?
“Most Belgian households take a cautious nancial
approach. They manage their money prudently. 78% of
families are passive investors, 22% are active investors.”
Does the wealth report highlight groups that are
more active investors than others?
“Households with more wealth tend to be more active.
Of the richest households, with assets of more than
€1 million, 30% actively manage accumulated wealth.”
“Those who are less risk-averse are also more likely to
actively invest. Among households with low risk aversion,
36% opt for active asset management. Among families
with high risk aversion, this only represents 17%.
Households willing to take risks with their money may
be more condent in making nancial decisions, and
therefore more likely to take a proactive approach. On the
other hand, households that avoid risk are more likely to
opt for a passive and more conservative approach.”
Do active and passive investors build their wealth
dierently?
“Active investors invest a signicantly higher proportion
of their money in shares. Passive investors, in turn,
rely more on traditional savings accounts, while active
investors swap savings books for xed term accounts
and shares even more than before. They look for
diversication and higher returns. Shares and funds are
especially popular among the most wealthy, the self-
employed and the more educated. They are therefore
more likely to be actively working to grow their assets.”
How important is sustainability to investors?
“In our wealth report, we also examined the role ESG
(Environmental, Social, Governance) plays in investment
behaviour. The share of sustainable investments remains
stable in 2025, at about the same level as last year.
Digging a little deeper, it seems that investors recognise
the importance of ESG, but it is not necessarily a decisive
factor in specic investment choices.”
Active vs. Passive According to Socio-Demographics
SAVINGS | 31
INTERVIEW
KEYTRADE BANK WEALTH REPORT32 || 33
WEALTH ACROSS GENERATIONS
How is wealth distributed between generations in
Belgium? We dive into the numbers and look at
the biggest dierences between age groups.
We also detected some striking trends and
developments throughout the dierent phases
of our lives.
18-34 years
The youngest households have the lowest net worth, with
a median amount of €235,000. They also have the highest
nancial commitments. Mortgage debt weighs most
heavily, to a median amount of €100,000. As such, debt
accounts for 31% of total assets.
The youngest age group has the highest share of real
assets at 79%. One’s own family home is the most
important factor, but other property also plays a big role.
This focus makes sense, as the youngest households are
still building their careers and assets. Investments need
time to accrue, making property more dominant than in
other age groups.
18-34-year-olds are, unsurprisingly, also the group
that invests in crypto most often. 12% of the youngest
households own cryptocurrencies. These are becoming
less and less popular with each higher age group.
35-44 years
Property and other tangible assets play a somewhat
lesser role in this age group, nancial assets become
more determinant of wealth.
Compared to the younger age group, the family home
accounts for a larger share of assets, while the share of
other property is falling. The youngest households often
have no children yet, while the 35-44-year-olds have
larger families, so that the importance of the family
home also grows.
Among nancial assets, the importance of owning
a company increases in particular. In this age group, more
people set up a business, or their business begins to
become more successful and make better returns.
Interestingly, along with 45-54-year-olds, this age group
has the highest share of pension investment. Although
the end of their career is still far o for 35-44-year-olds,
they are already starting to build up a retirement buer.
The wealth of
DIFFERENT GENERATIONS
Money and
investment funds
19%
Real estate and other
tangible assets
79%
Other assets
2%
Debt
31%
Money and
investment funds
25%
Real estate and other
tangible assets
71%
Other assets
5%
Debt
29%
KEYTRADE BANK WEALTH REPORT34 || 35
45-54 years
In this age group, the share of nancial assets in
household net assets increases, while property accounts
for somewhat less. Debt is also falling sharply, presumably
because a signicant portion of the mortgage and other
loans have already been paid o.
The importance of business income peaks among
45-54-year-olds. Entrepreneurship is now at cruising
speed as it winds down after age 54. Although median
wealth for households in this phase of their lives is rising,
they most often underestimate their own nancial wealth.
78% estimate their wealth less positively than it actually is.
This can also have an impact on the economy, when
families save too much and consume less, for example.
It seems as if households at this stage of their lives
have yet to get used to their accumulated wealth.
The 45-54-year-olds also feel more than other age
groups that they were able to save less last year than
in ‘normal’ years.
55-64 years
In this age group, nancial assets account for 30% Belgian
households’ net assets. This proportion is higher than in
any other category.
Moreover, gifts and inheritances are signicant
contributors to assets, to a median amount of €60,000.
This amount is lower in other age groups.
55-64-year-olds are clearly fully preparing for the next
phase of their lives. For 48% of households, retirement is
one of the top three reasons for saving.
Money and
investment funds
26%
Real estate and other
tangible assets
66%
Other assets
7%
Debt
18%
Money and
investment funds
30%
Real estate and other
tangible assets
65%
Other assets
5%
Debt
9%
| 35
WEALTH ACROSS GENERATIONS
KEYTRADE BANK WEALTH REPORT36 || 37
65-74 years
The wealth of Belgian households peaks when they
are between 65 and 74. In this group, median wealth is
€389,000.
Property values remain relatively stable for most age
groups, but are highest for 65-74-year-olds. Besides
property, the share of accumulated savings also peaks
in this age group. Now that breadwinners in most
households are retired, they do begin to increasingly
withdraw or pass on their accumulated wealth.
Looking at spending, it is notable that 65-74-year-olds
spend the most on travel - this is also part of this stage of
life: they are often still healthy and have much more free
time. In this age group, families also spend the most on
home renovation. The reason may be that they want to
make them suitable for old age.
Over-75s
The composition of wealth changes among the over-75s.
Many older households still keep their main home, but
they sell other properties and convert these into nancial
investments. Investments in funds, shares and bonds
are highest in this age group (15%). This suggests that
nancial priorities are shifting from long-term returns
to liquidity and accessibility. Older households want
exible nancial assets, which they can easily use for living
expenses, healthcare, inheritances and changes such as
moving to an assisted living facility, for example.
Spending patterns are also changing. For example,
the over-75s spend the most on healthcare; it is a top
expense for 38%. Other costs, such as children’s studies,
have disappeared. In turn, these households are more
likely to save for their inheritance. They create a reserve
they can pass on to future generations.
Finally, the oldest group of households does not invest
in crypto at all. This shows the existence of a digital
divide, but also illustrates the importance of security and
understandable nancial products for this age group.
Money and
investment funds
23%
Real estate and other
tangible assets
75%
Other assets
3%
Debt
4%
Money and
investment funds
27%
Real estate and other
tangible assets
73%
Other assets
1%
Debt
4%
| 37
WEALTH ACROSS GENERATIONS
KEYTRADE BANK WEALTH REPORT38 || 39
When do you belong to the 5% richest of Belgian
households? The wealth report tells us this requires a net
worth of at least €1,517,500.
How does the wealth of the richest 5% dier from that of
other households? Do they build their wealth dierently?
Property ownership also dominates wealth among the
top 5%. But a key dierence is the composition of this
property. Usually, the main home, the family home,
is by far the most important pillar of wealth. This may
then be supplemented by other properties, either as a
holiday home or as an investment. Among the richest
households, this ratio is exactly the opposite. Here, other
property (28%) contributes just slightly more to wealth
than the family home (27%).
Even in nancial assets, the composition of wealth of
the richest 5% diers from that of the average household.
Savings and current accounts (7%) take a smaller share,
while shares, bonds and mutual funds have a larger
share at 17%.
Corporate ownership accounts for 10% of the wealth of
the richest households. As such, entrepreneurship is an
important factor. Of course, owning your own business
is no guarantee of being among the 5% richest Belgian
households, but it does increase your chances of building
more nancial wealth.
Finally, the richest households also have fewer
nancial obligations. They do have debt, but it is only
7% of total assets.
The common thread is that the wealth of the richest 5%
is highly diversied. The richest households spread their
wealth accumulation across dierent sources. They have
access to a wide range of nancial instruments and take
a highly strategic approach to their asset management.
They are also less risk-averse, although of course this is
a bit of a chicken-or-the-egg story: does taking nancial
risks increase their wealth, or do they take risks because
their wealth allows it?
What do we learn from
THE RICHEST BELGIANS?
Money and
investment funds
31%
Real estate and other
tangible assets
58%
Other assets
11%
Debt
7%
| 39
THE RICHEST BELGIANS
KEYTRADE BANK WEALTH REPORT40 || 41
This survey was conducted by Ghent University together
with Bpact, an independent research panel, during the
period from 28 October 2024 to 25 November 2024.
The original sample consisted of 1,000 respondents
and was made representative through stratication by
language, age, gender, region and education level.
Oversampling was applied to richer families due to the
unequal distribution of household wealth and the fact
that certain nancial assets are mainly owned by the
richest families. Each of these consisted of an additional
sample of 250 respondents for four specic groups: the
self-employed, individuals aged 65 and over, residents of
auent municipalities and individuals aged 50 and over
with a master’s degree. This resulted in a total sample of
2,116 respondents.
Since this sample was no longer representative due to
oversampling, weights were assigned to the dierent
respondents to correct the imbalance.
After collecting the research data, PhD student Margaux
Bearelle of Ghent University, under the supervision of
Professor Koen Inghelbrecht, carried out ‘data editing’
procedures. In the process, 323 unreliable respondents
were removed, resulting in a nal sample of 1,793
respondents. A respondent was considered unreliable if
they did not answer any value-related question.
In addition, unrealistic values for specic wealth
components were also identied and converted to
missing values. This was done by setting limit values
for each variable based on existing empirical evidence.
Values outside of this range were considered invalid
answers and converted to missing values.
Lack of answers to certain questions is a common
aspect in research data, especially in wealth studies.
Respondents are unwilling to provide nancial details,
or do not know them suciently. A common approach
to handling this issue is to impute missing values. In
other words, the missing values are estimated based on
available information.
This study used the statistical technique ‘predictive
mean matching’ (PMM) within the framework of multiple
imputations. PMM estimates missing values by applying
a predictive regression model based on observed data.
The regression model used included all variables that,
based on empirical evidence and economic theory, have a
predictive eect on the variable to be imputed.
This method preserves the distributional properties of
the data by selecting a similar value from the dataset as
the nal imputation rather than the estimated value itself.
This process was repeated ve times for each missing
data point, known as multiple imputations, and then
the average of these predictions was taken to obtain
accurate imputations. This made it possible to quantify
the uncertainty associated with missing data.
After obtaining the full dataset, the reference person
within each household was determined as the one
with the highest income, in line with international
standards for household income statistics.
The demographic data that the study refers to – e.g. age,
education and occupational categories – are based
on this reference person.
METHODOLOGY
| 41
METHODOLOGY
Research by University Ghent
on behalf of Keytrade Bank
Keytrade Bank
University Ghent
Koen Inghelbrecht, Margaux Bearelle
Bpact
developed with FINN
This report provides a comprehensive overview of the wealth of Belgian households. Compared to our
previous edition, we observe several important trends:
• In 2025, the actual wealth of many families increased, strengthening their nancial resilience.
• Real estate continues to play a key role in household wealth. Among younger people, we observe
a notable shift in how they build wealth. Within the 18–35 age group, an increasing share of wealth
is being invested in property which they do not live in. Real estate is thus no longer seen solely as
a means of acquiring a place to live, but increasingly as an investment opportunity.
• In terms of nancial assets, Belgians remain risk-averse. However, we observe a clear reallocation within
safe investments: the money that was invested in government bonds in 2023 largely owed into savings
and xed-term deposits after reaching maturity in 2024.
• The savings buer is now more aligned with expert recommendations. The proportion of households
with a buer of three to twelve months’ income has increased, while fewer families fall below or above
that range.
Compared to the rst edition of the Wealth Report last year, we placed more focus this year on the
underlying sources of wealth. We mapped out the roles of wages, entrepreneurship, inheritances, and
investments, and examined which expenses weigh most heavily on household budgets, and which
motivations to save are most common. These insights help us better understand the key drivers behind
families’ nancial decisions.
Still, some blind spots remain, for future research. This year, we examined in more detail how dierent
generations approach wealth accumulation. Segmenting by age, we gained more insight into how
generations — including Gen Z — are building their wealth. In future editions, we aim to explore this
generational perspective further.
We also want to investigate the transfer of wealth more thoroughly, particularly through inheritances and
donations. This year, we focused mainly on the receiving side. In our next survey, we also want to nd out
how many households plan to transfer wealth, what they intend to pass on (e.g., real estate, money),
at what age they initiate saving for this, and when they plan to actually transfer the assets.
Finally, we aim to expand the income section. In the next edition, we also want to explore how much
Belgian households earn from real estate (rental income), investments, dividends, and other nancial
assets. This will help us paint a more complete and nuanced picture of the nancial situation of families
in Belgium.
Margaux Bearelle
Koen Inghelbrecht
FINAL WORD
