Germany's Millionaire Count Rises Even as Growth Stagnates

Around 1.78 million people in Germany are now classified as high-net-worth individuals, defined as holding at least one million dollars in liquid assets, giving the country the third-largest number of millionaires in the world, Deutsche Welle reported, citing a new study.

The figure rose even as Germany's broader economy has struggled with weak growth and industrial pressure, a divergence that has become common across advanced economies in recent years. Liquid wealth measured in dollars can increase because of rising asset prices and currency movements rather than expanding output.

In terms of monetary policy, a growing number of asset millionaires alongside stagnant production is consistent with years of monetary expansion raising the prices of financial assets faster than wages or gross domestic product. The wealthy, who hold the most assets, gain first when credit is inexpensive and asset values rise.

The pattern has social and political significance. When asset holders gain while the median household sees little real income growth, the gap between measured wealth and everyday living standards widens, a tension that increasingly shapes economic policy debates in Europe.