Greece’s Richest 1% Control a Quarter of Total Wealth

New data reveals stark wealth disparities in Greece, where the top 1% of the population commands a staggering 25% of the nation’s wealth.

According to recent figures from the Credit Suisse and UBS Global Wealth Report 2023, the top 10% in Greece possess a substantial 55.1% of the country’s total wealth. This mirrors continental patterns, where the richest 10% across Europe lay claim to 67% of the wealth, leaving less than 1.2% for nearly half of adults.

Across the European landscape, Greece stands out, though not alone, in its stark wealth disparities. Among 36 European nations analysed, Greece ranks among the highest in wealth inequality, with a disparity index of 68.1%. Spain and Montenegro closely shadow Greece in this regard.

The concentration of wealth varies considerably among European nations, with wealth inequality ranging from 50.8% in Slovakia to a staggering 87.4% in Sweden. Notably, Nordic countries exhibit some of the highest wealth inequality scores, with Sweden topping the list.

Delving into the specifics, the top 10% in Sweden amass an overwhelming 74.4% of the nation’s wealth, exemplifying the extreme concentration of riches. Conversely, Belgium emerges with the lowest inequality value at 43.5%.

Germany, France, Spain, Italy, and the UK, often referred to as the ‘Big Four’ economic powers in Europe, similarly grapple with significant wealth inequality. Germany leads this group with a wealth inequality score of 77.2, followed by France (70.3), Spain (68.3), and Italy (67.8). The UK, though somewhat lower at 70.2, still exhibits pronounced disparities.

The driving forces behind such inequality are multifaceted, according to experts. Eszter Sándor and Dr. Carlos Vacas-Soriano, research directors at the European Foundation for the Improvement of Living and Working Conditions, cite asset composition as a key determinant. Countries with higher rates of homeownership tend to display lower wealth inequality, they note, while access to other financial assets often correlates with higher inequality.

In examining broader European trends, homeownership rates emerge as crucial. Germany, with a homeownership rate of only 46.5%, significantly below the EU average of 69.1%, reflects this dynamic. Similar patterns prevail in Sweden and Turkey.

As Europe confronts these challenges of wealth disparity, the discourse around economic policy and social welfare takes on heightened importance, with policymakers and researchers alike grappling with strategies to address these entrenched inequalities.