real estate sector<\/a>, the value of Spanish households’ real estate relative to GDP fell by approximately 10% in 2025 compared with 2024. This ratio continued to move closer to its average level over the past 25 years, although it remained above it.<\/p>\nAccording to McKinsey, Spain is experiencing a period of growth, and its economy is capable of continuing to improve living standards. Maintaining the pace of investment in production and advancing measures to improve competitiveness are crucial to strengthening productivity growth and ensuring that asset values are supported by actual income generation in an environment of higher financing costs.<\/p>\n
Global wealth reaches a historic record<\/h2>\n
At the same time, global economic wealth reached a historic record of almost $1,800 trillion (\u20ac1,546 trillion), exceeding the $1,700 trillion (\u20ac1,460 trillion) recorded a year earlier. Total household wealth rose to $570 trillion (\u20ac490 trillion), although more than half of this increase (58%) came from \u201cpaper\u201d gains, mainly driven by the revaluation of assets taking inflation into account.<\/p>\n
The McKinsey study warns that the eurozone is moving towards a scenario of prolonged economic stagnation, driven by virtually zero productivity growth, declining consumption and a high level of household personal savings, which reached 15.1% in 2025. Across the region as a whole, average wealth remained at a level similar to the previous year, although asset dynamics varied.<\/p>\n
While dynamic stock market growth in the United States contributed to a sharp increase in family income from asset appreciation, falling housing prices in Europe led to a decline in wealth in real terms. Under these conditions, per capita wealth fell by 2.6% in Germany and 1.5% in France; the report notes that declining real estate values were one of the key factors behind this trend.<\/p>\n
Europe’s private investment gap<\/h2>\n
One of the main obstacles to growth in Europe is the shortage of private investment compared with the United States. This gap is estimated at approximately $700 billion per year (\u20ac601 billion), equivalent to 3% of European GDP. As a result of this deficit, the region’s level of productive capital, including investment in infrastructure, machinery, equipment and intellectual property, remains low compared with the global average and with levels recorded before the pandemic.<\/p>\n
Despite weak investment flows, as a sign of stability, household and non-financial corporate debt in the eurozone remains more balanced and closer to the averages of the past 25 years than in other major global economies.<\/p>\n
Four possible scenarios for the global economy<\/h2>\n
Against the backdrop of tensions in the global economy, the report presents four possible scenarios for the coming years: accelerating productivity growth, stable inflation, a return to prolonged stagnation, or a sharp market correction accompanied by falling asset values and recession. In this context, it notes that of all these scenarios, accelerating productivity growth is the only one that would allow high valuations to be supported by real economic growth while protecting wealth.<\/p>","protected":false},"excerpt":{"rendered":"
According to the McKinsey Global Institute report \u201cGlobal Balance\u2026<\/p>\n","protected":false},"author":4,"featured_media":1958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/posts\/1957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/comments?post=1957"}],"version-history":[{"count":1,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/posts\/1957\/revisions"}],"predecessor-version":[{"id":1959,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/posts\/1957\/revisions\/1959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/media\/1958"}],"wp:attachment":[{"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/media?parent=1957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/categories?post=1957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alegria-service.com\/en\/wp-json\/wp\/v2\/tags?post=1957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}