Acquisition of financial assets and external financing in Germany in the fourth quarter of 2023

Summary:

Households' financial assets increased by u20ac250 billion in the fourth quarter of 2023, reaching u20ac7,716 billion. This growth was driven by valuation gains on listed shares, investment fund shares, and insurance/pension claims, as well as an increase in longer-term deposits. Households reduced their sight deposits and purchased higher-interest-bearing longer-term deposits. The real total return on financial assets turned positive for the first time since 2021. Meanwhile, the structure and volume of households' liabilities remained largely unchanged, and net financial assets increased by u20ac244 billion.