Beyond the obvious: Die stille Vermögensinflation und warum jetzt die zweite Rechnung kommt
Jetzt kippt die Inflation von den Vermögenswerten in den Alltag – und Deutschland droht ökonomisch das Schlechteste aus zwei Welten zu erleben. Ein Gastbeitrag.
In the first quarter of 2026, German household wealth rose 2.6 percent compared to the previous year, a figure that might appear unremarkable at first glance. However, it is far from trivial. The evolution of Germans' wealth is continuously monitored by the Flossbach von Storch Research Institute. The so-called wealth-price index gauges how prices for what households own are changing, including real estate, stocks, bonds, and business assets.
Real estate accounts for 65 percent of Germans' total wealth. Since 2005, wealth prices in Germany have surged by 75 percent, while real wages have only climbed by 15 percent. Real estate prices in metropolitan areas have in some cases doubled, while US stocks have multiplied 6 to 7 times over. Even the official inflation rate remained below the rate of wealth price increase, despite the post-COVID inflation surge.
This surge was never referred to as what it truly is: wealth price inflation. It did not flow into central bank statistics or any campaign platform.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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