Private household assets increased in 2023
Published: Tuesday, Apr 30th 2024, 10:20
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The assets of private households in Switzerland continued to rise in 2023. The Swiss once again benefited from rising real estate prices, but tailwinds also came from developments on the stock markets.
Overall, the net wealth of private households amounted to CHF 4,656 billion at the end of 2023, which corresponds to an increase of CHF 141 billion or 3.1%, according to the Swiss National Bank's (SNB) financial accounts published on Tuesday. Net wealth is calculated from the financial assets and real estate assets of private households less liabilities.
More time deposits and debt instruments
Last year, private households increased their claims against insurance companies and pension funds and invested in securities, but also benefited from rising stock market prices. Over the course of the year, the financial claims of private households thus increased by CHF 68 billion (+2.3%) to CHF 3014 billion.
The rise in interest rates led to shifts in deposits and securities: Last year, private households shifted CHF 80 billion in funds from sight deposits to time deposits and fixed-term deposits, which apparently offer better interest rates. They also bought debt securities worth CHF 20 billion, which was the highest amount since observations began in 1999.
Rising real estate prices
Once again, however, property owners were able to benefit from rising real estate prices. The market value of real estate owned by private households amounted to CHF 2659 billion at the end of 2023, which corresponds to an increase of CHF 91 billion (+3.6%).
Meanwhile, the liabilities of private households increased slightly - mainly in the form of mortgages. Last year, these increased by CHF 18 billion to CHF 1,017 billion (+1.8%).
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