Household wealth grows by 8.1% and their debt falls to the level of 25 years ago.
The Bank of Spain highlights the moderation of household debt in its first quarter financial accounts.
BarcelonaThe net wealth of Spanish households grew by 8.1% in the first quarter of this year compared to the same period a year ago, reaching €2.4 trillion, according to financial accounts published by the Bank of Spain. The same report shows a moderation in household debt, reaching 43.5% of gross domestic product (GDP), its lowest level since the first quarter of 2000.
Net financial assets—after deducting debt—represented 149% of the previous percentage of GDP, €2. The total balance of assets held by households reached €3.171 trillion, 6.6% more than in the same period in 2024. This increase reflected a revaluation of €109.4 billion and a net acquisition of financial assets of €87.2 billion compared to a year ago.
The main appreciation was concentrated in company capital holdings (shares). Regarding the net acquisition of financial assets, this was concentrated in investment fund holdings and bank deposits.
According to the Bank of Spain, 34.9% of household assets were cash and deposits, followed by shares and variable-income securities (31.4%), investment fund holdings (16.6%), and insurance and pension funds (12%).
Investment funds
Investment fund shares were the instrument that most increased its weight in household financial assets (one percentage point more than a year earlier), mainly due to net investments and, to a lesser extent, to appreciation in value. Conversely, the weight of cash and deposits decreased by almost one percentage point, despite positive net transactions in time and transferable deposits.
Consolidated corporate and household debt, at 1.71 trillion pesos, increased by 1.3% in the first quarter compared to the same period in 2024. However, in terms of GDP, the ratio continued its moderation, standing at P1, 111.1% of the previous year.
Specifically, the consolidated debt of non-financial corporations (businesses) increased from 1 trillion in the first quarter of 2024 to 1.009 trillion in March 2025. In terms of GDP, the ratio went from 65.8% in the third quarter to 62.6%, reaching 62.6%. Meanwhile, household debt increased and went from 688 billion in March 2024 to 701 billion in the first quarter of 2025, although in relative terms to GDP it decreased and stood at 43.5% (lowest value since the first quarter of 20).
