The pie is not evenly distributed. Heritage is shared very unequally in France where half of the population holds 92% of assets, according to a survey published this Wednesday by INSEE. At the start of 2021, half of households had gross wealth (before repayment of loans) of more than 177,200 euros, specifies the National Institute of Statistics.
The richest 1% have a gross wealth of more than 2.24 million euros. For the 10% best endowed, it exceeds 716,300 euros. The poorest 10% have a gross wealth of less than 4,000 euros, a figure that drops to 3,000 euros once loans are deducted. Real estate accounts for 62% of household assets “but the 30% of households with the least resources have none or very little,” according to the survey which is conducted every three years.
A “stable” distribution since 2018
The best-off 1% hold 15% of gross wealth and the richest 5% 34%, INSEE further indicates, adding that “this distribution of gross wealth is stable compared to that of 2018”. Within assets, it is the professional component (11% of the total), linked to the activity, which is the most concentrated, with the best endowed 5% having 95% and the top 1% 66% scale.
For the financial component (21% of the total), which includes savings in particular, the richest 5% hold 49% of assets and the wealthiest 1% 25%. Within financial wealth, the distribution of wealth has changed slightly since 2018, with the share of the best-endowed 10% rising from 67% to 64% of the total, in favor of an increase from 30% to 32% of households located between the 5th and 9th decile.
The zenith of heritage among the sixties
The so-called “residual” heritage represents the remaining 6% of the total. It is made up of the car, household equipment, jewelry or works of art, etc. Wealth evolves throughout life. Among those under 30, gross wealth is one and a half times greater than net wealth (at 71,200 euros against 43,200 euros), given that they are just beginning to repay their loans.
The average gross wealth peaks at 400,000 euros in households where the reference person is between 50 and 59 years old, while the average net wealth reaches its zenith among the sixties with 361,400 euros, before falling slightly to 343,800 euros among the septuagenarians.