Europe's Youth Hold Tiny Wealth Share

European student protests have spread from France to more than 11 countries since September. The demonstrations are fueled by rising rents, high fuel costs, and shrinking public services. Participants cite a belief that they will not become wealthier than their parents.

Data from the European Central Bank's 2023 Household Finance and Consumption Survey quantifies this gap. Households led by people under 35 have a median net wealth of 25,000 euros. In contrast, households headed by individuals aged 55 to 64 hold a median of 208,000 euros. This creates a disparity of more than eight times between the two groups.

The survey covers the eurozone, the Czech Republic, and Hungary. It measures net wealth by combining property, vehicles, valuables, and savings, then subtracting debts. Among the 22 nations surveyed, under-35s possess only 2.8 percent of total household wealth. The 55-to-64 age group holds the largest share at 24 percent.

Finland shows the most extreme concentration of assets. Under-35s hold just 0.8 percent of household wealth there, the lowest figure in the dataset. Individuals over 55 control more than 71 percent of the total. Young adults in Ireland, Austria, Greece, and Germany also hold small shares, ranging from 1.4 to 2 percent.

Central and Eastern Europe display a more even distribution. In Lithuania, under-35s hold 13.2 percent of household wealth, compared to 15.9 percent for the 55-to-64 cohort. Croatia, Slovakia, and Estonia show similar patterns, with younger adults holding between 9.8 and 12.3 percent. Malta is an exception outside these regions, with under-35s holding 11.1 percent.

Evelyn Astor of the European Social Observatory noted that housing prices have risen sharply in both rental and ownership markets. She stated that this trend reinforces feelings of inequality as ordinary families struggle to pay rent. Wealthy individuals with large capital reserves continue to make substantial investments in the European housing market.

Living costs have increased by 67.2 percent in the eurozone, Hungary, and the Czech Republic since 2000. Eurostat reported that Hungary experienced the steepest rise, with prices more than tripling. Annual EU inflation reached 9.2 percent in 2022, driven mainly by energy costs. Price rises from the pandemic and the war have not reversed, leaving households facing higher costs for basic necessities.