Allianz Report: Portuguese Household Financial Assets Grew 5.6% in 2024, Exceeding European Average
A comprehensive analysis of global wealth has revealed a significant increase in the financial assets of Portuguese households, which grew by 5.6% in 2024. This finding comes from the 16th edition of the Allianz Global Wealth Report 2025, an annual study that examines the assets and liabilities of households in nearly 60 countries. The growth rate in Portugal notably outpaced the average for Western Europe, which stood at 4.6%, signaling a robust recovery and a strong trend towards savings and investment within the country.
The investment research, published by the global financial services company Allianz, is based on an analysis of national accounts and financial statistics. The report's market rationale points to a shift in household financial behavior, with new savings quadrupling to an impressive €21 billion. This surge in savings has been channeled into various asset classes, with securities leading the growth. Investment in stocks and other securities jumped by 7.9%, while assets held in insurance and pension funds increased by 5.1%. Even traditional bank deposits saw a healthy rise of 4.8%, reflecting a broad-based accumulation of wealth.
The target property types and geographic focus areas for real estate investors may be influenced by these macroeconomic trends. The report highlights that Portugal's net financial assets per capita have reached €36,420, securing the country's 24th position in the global wealth rankings. This growing affluence, particularly in urban centers like Lisbon and Porto, could fuel demand for residential and commercial property. The investment thesis is that as household wealth increases, so does the capacity for real estate investment, whether for primary residences, vacation homes, or rental portfolios.
Need Expert Guidance?
Get personalized insights from verified real estate professionals, lawyers, architects, and more.
The report projects a positive timeline for continued wealth accumulation, supported by a responsible approach to debt. While household financial liabilities grew by 4% in 2024, the national debt-to-GDP ratio declined to 69%. This reflects a multi-year trend of deleveraging, which has placed Portuguese families on a more sustainable financial footing. Consequently, net financial assets—the value of financial assets minus debt—grew by a strong 6.5%. This financial resilience is a key indicator for investors assessing the long-term stability of the Portuguese market.
However, investors should be aware of the risk factors. While the growth is positive, Portugal's per capita wealth still trails that of many other Western nations. For comparison, the report notes that net assets per capita in the United States are €311,000, and in the Netherlands, the first Eurozone country on the list, they are €127,640. This suggests that while the trajectory is positive, the market is still in a developmental phase compared to more mature economies. Mitigation strategies for investors would include diversifying portfolios and focusing on prime locations with proven long-term value.
The market conditions supporting this investment opportunity are clear. The report states, "investing in securities, especially in stocks, has been crucial for the growth of wealth." It notes that in Portugal, 40% of household portfolios are now allocated to securities, an approach that mirrors the North American model and suggests a growing sophistication among domestic investors. This trend could have a spillover effect into real estate, as confident investors seek to diversify their holdings. Professional investment advisory services would recommend a thorough due diligence process, considering both the opportunities presented by this growing wealth and the potential risks of a still-maturing market. Explore investment strategies and opportunities at realestate-lisbon.com.