T
he spectacular surge in financial and real estate wealth compared to gross domestic product (GDP) is a phenomenon that has been observed in most advanced economies. The figures for the United States, France and Spain clearly illustrate this trend. In the US, household financial wealth rose from 335% of GDP in 2000 to 447% in 2024, while real estate assets increased from 207% to 246%. In France, the corresponding ratios are 202% to 222% for financial wealth and 226% to 310% for real estate. In Spain, financial wealth grew from 173% to 180%, and the value of real estate assets from 252% to 326%.
This development reflects a profound economic transformation dominated by the rise of financial markets and the real estate sector. In the US, from the late 1990s to the present, the Standard & Poor's 500 index (S&P 500) – Wall Street's largest and most closely watched index – increased by 849%, while nominal GDP grew by only 240%. In the eurozone, the Euro Stoxx 50 has risen by 83% since 2010, compared to only 65% for GDP. Likewise, housing prices have jumped 240% in the US and 155% in Europe since the late 1990s. Accumulated wealth has therefore grown faster than real output, disrupting economic balances.
