German households' financial assets and corporate financing grow in Q3 2025
German households' financial assets significantly increased to €9,389 billion by the end of the third quarter of 2025, driven by new claims and robust valuation gains. Non-financial corporations also saw a rise in external financing, linked to somewhat higher investment.
Households prioritize flexibility and capital markets
Households' financial assets reached a new record high of €9,389 billion at the end of Q3 2025, with nominal net assets rising by €165 billion.
This growth stemmed from €78 billion in new claims and €86 billion in valuation gains, primarily due to strong global equity markets.
Households showed a preference for flexibility, building up cash (€11 billion) and sight deposits (€23 billion), while time deposits stagnated.
Claims on shares and other equity increased by €47 billion, largely from valuation gains on foreign listed shares.
Investment fund shares also saw strong growth of €63 billion, combining €22 billion in net purchases with €41 billion in valuation gains, reflecting continued investor demand for diversified, high-yield investments.
However, the less wealthy half of households experienced a negative real return, as their portfolios are concentrated in lower-yielding deposits and insurance claims.
Corporate financing rebounds amid tighter credit
Non-financial corporations' external financing increased by €8 billion to €47 billion in the third quarter of 2025, reflecting somewhat higher investment.
Loan-based external financing grew to €28 billion, primarily from domestic monetary financial institutions (€9 billion), despite tighter credit standards.
Net issuance of debt securities was negative (−€5 billion), while equity issuance rose to €20 billion, suggesting a preference for equity financing amid stricter bank lending.
Overall liabilities increased by €72 billion to €12,111 billion.
The debt ratio decreased by 0.1 percent to 68.1 percent, indicating improved financial stability for enterprises.