> For example, if we accept a strict premise that Germany's low median net wealth is due to not having seen a big property bubble - then what accounts for those

> For example, if we accept a strict premise that Germany's low median net wealth is due to not having seen a big property bubble - then what accounts for those home owners having not paid down a lot of mortgage debt in the last 10+ years and significantly boosting household wealth accordingly? Well, for starters, differences in pension systems. Some types of retirement savings are counted as part of your net wealth, some aren't. In Germany, most don't, even though they're probably worth hundreds of thousands of Euros per person. If you look at net pension wealth, Germany is much closer to the top [1]. Second, net wealth is dominated by property owned, and German's don't buy homes as much, both for good and bad reasons. 1. The German tax system discourages property speculation (and to a lesser degree, also buying property). Fees and taxes on property sales can be hefty. If you buy, you generally buy for life and only once you've settled down. The upside is that controlling property speculation contributes to stable and affordable rents. 2. Renting is both more affordable and also otherwise an attractive, non-stigmatized alternative to owning. Tenants have strong rights vis-à-vis their landlords (arguably, too strong, but that doesn't make renting less attractive). 3. Germans tend to be debt-averse and are less likely to take up a mortgage even if they could afford one. A recent study showed that one third of German renters could buy ... if they wanted to, which they apparently don't. That said, due to a strong economy, the home ownership rate has been growing in recent years. 4. Higher population density and exacting building codes make homes comparatively more expensive. [1] https://data.oecd.org/pension/net-pension-wealth.htm https://data.oecd.org/pension/net-pension-wealth.htm