Q4-2015: The record year of asset prices

In 2015, asset price inflation was higher than ever before at +7.8%. Although prices of financial assets stagnated (+0.7%), the rise in real asset (+9.5%) drove asset price inflation to a new record high.

Real estate, the largest asset position of German households, became 5.9% more expensive in 2015, a record for this category. The strongest increase was recorded for business wealth (+24.5%), followed by collective and speculative goods (+15.4%). Share prices climbed by an average of 5.8%, while bond prices fell by 2.2% compared with the previous year.

In 2015, the wealthiest German households recorded the highest price increase for their assets (+10.4%) since 2007. For significantly poorer households, the increase was significantly lower (2.5%).

Stagnating consumer prices and falling producer prices contributed to the fact that the gap between asset price inflation and consumer prices inflation rose to a new record level in 2015.

Please note: This study is available in German only.

Legal notice

The information contained and opinions expressed in this document reflect the views of the author at the time of publication and are subject to change without prior notice. Forward-looking statements reflect the judgement and future expectations of the author. The opinions and expectations found in this document may differ from estimations found in other documents of Flossbach von Storch AG. The above information is provided for informational purposes only and without any obligation, whether contractual or otherwise. This document does not constitute an offer to sell, purchase or subscribe to securities or other assets. The information and estimates contained herein do not constitute investment advice or any other form of recommendation. All information has been compiled with care. However, no guarantee is given as to the accuracy and completeness of information and no liability is accepted. Past performance is not a reliable indicator of future performance. All authorial rights and other rights, titles and claims (including copyrights, brands, patents, intellectual property rights and other rights) to, for and from all the information in this publication are subject, without restriction, to the applicable provisions and property rights of the registered owners. You do not acquire any rights to the contents. Copyright for contents created and published by Flossbach von Storch AG remains solely with Flossbach von Storch AG. Such content may not be reproduced or used in full or in part without the written approval of Flossbach von Storch AG.

Reprinting or making the content publicly available – in particular by including it in third-party websites – together with reproduction on data storage devices of any kind requires the prior written consent of Flossbach von Storch AG.

© 2024 Flossbach von Storch. All rights reserved.