Spanish household income median up 3.8% annually, wealth lags

The ninth edition of the EFF, based on interviews with 6,251 households, highlights a significant recovery in household income.

Median gross income in 2023 reached €36,100, exceeding its 2001 peak for the first time in the survey's history.

This 3.8 percent annual growth between 2021 and 2023 was notably concentrated in the lower segments of the income distribution.

In contrast, gross wealth, referenced at the end of 2024, increased by only 0.9 percent annually between 2022 and 2024.

This modest overall growth masks a decline in gross wealth for both the 50 percent of households with the least wealth and the 10 percent with the most wealth during this period.

The survey data aligns with other official sources, confirming its representativeness and status as an official statistic within the National Statistical Plan.

The proportion of households owning real assets has continued its sustained decline since 2011, reaching 70.6 percent in 2024.

This decrease is particularly pronounced among households with lower net wealth.

However, within real assets, the weight of the principal residence increased for the first time since 2002, indicating a shift in asset composition.

Conversely, the median value of financial assets has shown continuous growth since 2014, reaching €17,600 in 2024.

This increase is observed across a broad range of the net wealth distribution, with the top 10 percent of net wealth households experiencing sustained growth since 2017.

Interestingly, current accounts are losing their relative weight within financial assets for wealthier households, suggesting a diversification towards other financial instruments.