• Tue. May 21st, 2024

Belgium’s wealth increases by 62.5 billion euros in one year

BySamantha Johnson

Apr 13, 2024
Belgium’s wealth increases by 62.5 billion euros in one year

Belgians are set to see an increase in their net financial wealth, which is expected to reach 1,191.1 billion euros in 2023, an increase of 62.5 billion euros from the previous year. This boost is attributed to both net investments and increases in the value of financial assets as reported by the National Bank on Friday.

The popularity of investment products like term accounts and fixed-income securities soared in 2023 due to the low interest rates on savings accounts. Net investments of 19.1 billion euros were made in these products, along with a 51.5 billion euro increase in their value. Investment in funds also increased by 6.4 billion euros, with the total value of portfolios reaching 264.9 billion euros.

Despite the rise in financial wealth, Belgians withdrew funds from their savings and current accounts due to low interest rates. Figures show a decrease of 30.5 billion euros in savings accounts and a 20.4 billion euro decrease in current accounts from the previous year. Similarly, investments in insurance products decreased by 6.1 billion euros, although the total portfolio value increased to 287.6 billion euros.

In total, Belgians’ financial assets grew by 70.6 billion euros in 2023, reaching 1,540.1 billion euros. Financial obligations also increased, primarily due to rising housing loans. This resulted in a net financial asset increase of 62.5 billion euros, a significant turnaround from the previous year when a net decrease of 95 billion euros was reported.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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