CdM | Household net financial wealth stood at €2.645 trillion (156.8% of GDP) at the end of 2025, representing an 11% year-on-year increase, according to the ‘Financial Accounts of the Spanish Economy’ published by the Bank of Spain.
Meanwhile, household debt rose to €723 billion, up from €696 billion in 2024. However, in relative terms to GDP, it fell to 42.8%, the lowest level since the end of 1999.
As regards the trend in financial asset balances broken down by instrument, there was a slight increase in equity holdings and investment funds, offset by a decline in cash and deposits.
Regarding the breakdown of total assets by instrument at the end of 2025, the cash and deposits component stood at its lowest level in the last 30 years, although it accounted for 33.4% of total financial assets.
Meanwhile, equity holdings and investment funds are close to their peak, with the former accounting for a share very close to that of deposits, at 32.3%.
By type of flow, the increase in net wealth is mainly explained by asset revaluations, particularly in equity holdings and investment funds. As for net transactions, there has been a slight increase compared to the average since 2022.
The cumulative transactions over four quarters for total household financial assets rose in 2025, standing at €95 billion, representing 5.6% of GDP, above the average for recent quarters. By type of instrument, this increase is mainly due to greater investment in cash and deposits and investment funds.
On the liabilities side, there was an increase in net transactions, reaching 2.1% of GDP, compared with an average of 0.6% since 2022. This increase is mainly due to the trend in loans, which stood at 1.8% of GDP, compared with the 0.2% observed in recent quarters.
