🇱🇺 Luxembourg·ECB household survey · 2023
Am I rich in Luxembourg, if you don't count the house?
Type what your household holds in savings and investments. Property and state pension entitlements stay out of it.
My household holds € in savings and investments.
Count bank and savings deposits, mutual funds, bonds, listed shares, voluntary pension plans and whole life insurance, and money owed to you. Leave out the home, other property, vehicles, business equity, and entitlements from state or workplace pension schemes.
Households in Luxembourg you hold more than
50%
Above the middle
Past the €91,700 median. Worth remembering how low that bar sits: half of all holders are below it.
€91,700 is right at the €91,700 median for Luxembourg. Half of the households that hold any financial assets sit below that line, and half above it.
The published ladder
Where savings and investments actually sit in Luxembourg.
Among the 98.5% of households in Luxembourg that hold any financial asset, the median total is €91,700 and the mean is €252,900. The gap between them is the story: a small number of large portfolios pull the average far above the middle. Across the euro area the median is €16,600.
Tenth percentile
€7K
A tenth of the households with any financial assets in Luxembourg hold no more than this.
Median
€92K
Half hold less than this. The mean is €253K, which is what a handful of large portfolios does to an average.
Ninetieth percentile
€498K
The top tenth in Luxembourg starts here. The survey publishes nothing above it, so there is no top 1% number.
€91,700 places you above 50% of the households in Luxembourg that hold any financial asset.
Against the euro area as a whole you would be above 81% rather than 50%.
Who owns what
Almost every household in Luxembourg has a bank account. After that it thins out fast.
19.1% of households in Luxembourg hold mutual funds and 14.8% own listed shares directly, against 14.2% and 11.4% across the euro area. Deposits are close to universal everywhere. Everything below them is a minority position, and that is what makes the medians in the next column so much larger than the median for the whole country.
Asset
Households owning
Median among owners
Deposits
97.2%
€40,800Euro area: 99.1% own it
Mutual fundsLU2
19.1%
€66,100Euro area: 14.2% own it
Bonds
2.9%
€31,400Euro area: 3.5% own it
Listed shares
14.8%
€29,400Euro area: 11.4% own it
Money owed to the household
8.5%
€9,900Euro area: 6.6% own it
Voluntary pension and life insuranceLU1
60.2%
€32,900Euro area: 27.5% own it
Other financial assets
7.0%
€20,200Euro area: 11.2% own it
Ownership is compared with the euro-area rate on every row. Medians are among the households that own that asset, so a large median tells you nothing about how common the asset is.
- The pension section of the questionnaire in Luxembourg was country specific and did not follow the HFCS core (note LU1), so that row cannot be lined up against the other countries here.
- The total value of mutual funds in Luxembourg was estimated rather than asked (note LU2). The share is the survey's own estimate, so this page never presents it as a finding about Luxembourg.
Where the money sits
What financial wealth in Luxembourg is actually made of.
45.1% of financial wealth in Luxembourg sits in deposits, against 44.1% across the euro area, and 20.1% sits in voluntary pension plans and life insurance. The mix decides how much of it is invested at all, which over a decade matters more than the total.
Deposits45.1% · EA 44.1%
Mutual funds (LU2)18.8% · EA 13.3%
Bonds1.1% · EA 3.0%
Listed shares9.2% · EA 9.7%
Money owed to the household0.9% · EA 1.8%
Voluntary pension and life insurance (LU1)20.1% · EA 18.3%
Other financial assets4.8% · EA 9.8%
Shares of the total financial assets held by households in Luxembourg. Where the survey published no figure, the item is left out rather than drawn as zero.
The other half
What happens when you put the house back in.
Financial assets are 19.1% of everything households in Luxembourg own. The other 80.9% is real: property above all, plus vehicles, valuables and business equity. Across the euro area the financial share is 20.7%. This is the number behind the question in the title, and for most households it means the majority of their wealth cannot be spent without selling where they live.
Financial
19.1%
Everything on this page, as a share of total household assets in Luxembourg.
Real
80.9%
Property, vehicles, valuables and business equity in Luxembourg, none of which a monthly statement tracks.
Euro area, financial
20.7%
The euro-area financial share is 20.7%, against 19.1% in Luxembourg.
Three numbers and an outlier
What these numbers look like from the outside.
Median financial assets, among owners
€91,700, the highest of the 10 countries here
The middle household in Luxembourg holds €91,700 in savings and investments. Read it against the other countries here rather than against a portfolio: this is the figure that decides where a typed number lands.
Households with any financial assets
98.5%
Every percentile on this page is measured among these households. The remaining 1.5% in Luxembourg hold nothing at all, and the survey publishes no distribution for them.
Own listed shares directly
14.8%
Against 11.4% across the euro area. Another 19.1% of households in Luxembourg hold mutual funds, which is the other way into the same markets.
Financial wealth held in deposits
45.1%
Against 44.1% across the euro area. Deposits are the safest place to keep money and the surest way to lose its purchasing power slowly.
Now put the house back in
Property, vehicles and business equity are the other 80.9% of what households own. See where your whole balance sheet lands.
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The cash half is the half that does not compound
45.1% of financial wealth in Luxembourg sits in deposits, against 44.1% across the euro area. Deposits keep their number and lose purchasing power slowly; funds and shares are where the larger balances on this page come from. Capital at risk.
We've used this for years
Being above the €91,700 median in this data is a lower bar than it sounds. The number that matters now is your own, tracked over time.
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Frequently asked questions
Among the 98.5% of households in Luxembourg that hold any financial asset, the median is €91,700 and the mean is €252,900, 2.8 times higher (ECB HFCS Wave 2023, Table C3). The mean is the wrong number to measure yourself against: a small number of large portfolios lifts it, while the median describes the household in the middle. The euro-area median is €16,600. That median is the highest of the ten euro-area countries covered here by a wide margin, and Luxembourg also has the highest median gross household income of the 22 countries in this survey wave, at €96,600.
€497,500 (ECB HFCS Wave 2023, Table C3). That is the ninetieth percentile among households holding any financial asset, and it is the highest threshold the survey publishes: there is no top 5% or top 1% figure in these tables, so any such number quoted for this survey has been extrapolated by someone rather than measured. At the other end, a tenth of holders have €6,700 or less.
14.8% own listed shares directly and 19.1% hold mutual funds (Table C1), against 11.4% and 14.2% across the euro area. Deposits, by contrast, are held by 97.2% of households. The dividing line in this data is not who saves but who invests, and it falls in very different places from one country to the next.
€100,000 places a household above about 52% of the households in Luxembourg that hold any financial asset. It is 1.1 times the median of €91,700, and still below the top-tenth threshold of €497,500. Both comparisons are worth holding at once: the multiple sounds large because the median is low, not because the amount is high.
45.1% of financial wealth in Luxembourg sits in deposits, 18.8% in mutual funds, 9.2% in listed shares and 20.1% in voluntary pension plans and life insurance (Table D3). The euro-area split is 44.1% deposits and 18.3% pensions. Two source notes travel with this split: the total value of mutual funds was estimated rather than asked (note LU2), and the pension section of the questionnaire was country specific (note LU1), so neither of those two rows can be lined up against the other countries here.
80.9% of everything households in Luxembourg own is a real asset: property above all, plus vehicles, valuables and business equity. Only 19.1% is financial (Table D1), against 20.7% across the euro area. That is the answer to the question this page asks. Take the house out and most balance sheets shrink to a fraction of their headline size, which is why a net-worth figure and a savings figure feel like they describe two different households.
Deposits in current and savings accounts, mutual funds, bonds, listed shares held directly, money owed to the household by people outside it, voluntary pension plans and whole life insurance, and other financial assets such as managed accounts. It excludes the main residence and any other property, vehicles, valuables and business equity, and it excludes entitlements from state and workplace pension schemes, which for a typical employee are worth more than everything on this list combined.
Among the households that hold them, the median mutual-fund holding in Luxembourg is €66,100, the median direct shareholding is €29,400 and the median voluntary pension or life insurance is €32,900 (Table C2). These are medians among owners, not among all households, so a large figure here says nothing about how common the asset is: 19.1% hold funds and 14.8% hold shares.
Three reasons, all visible in the same tables. The distribution is already conditional on holding something, so it excludes the 1.5% of households in Luxembourg with no financial asset at all. 45.1% of what is held sits in deposits rather than in assets that grow. And financial assets are 19.1% of household wealth here, against 20.7% across the euro area. 61.7% of Luxembourg households own their main residence, in one of the most expensive property markets in the euro area.
Because incomes are too. The median household in Luxembourg holds €91,700 in financial assets against a euro-area median of €16,600, and its median gross household income of €96,600 is the highest of the 22 countries in this survey wave (ECB HFCS Wave 2023). Two caveats belong with the detail rather than the total: the mutual-fund value was estimated rather than asked (note LU2) and the pension questions did not follow the HFCS core (note LU1), so those two rows are not comparable across countries even though the overall distribution is.
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