A recent study places Germany third worldwide in the number of millionaires, surpassed only by the United States and China. The analysis considers liquid assets of at least one million dollars, excluding properties and real estate. This position reflects a robust economy and a culture of saving and investing that has allowed many citizens to accumulate significant capital over the past few decades.
The technological engine behind German fortunes 🚀
The German industrial and technology sector has been key to this accumulation of wealth. Specialized medium-sized companies, known as the Mittelstand, lead in automation, precision engineering, and renewable energy. The digitalization of production processes and investment in R&D have created an ecosystem where innovation in industrial software and numerical control hardware translates directly into market value and, consequently, into liquidity for their owners and shareholders.
German millionaires: frugal but with a Porsche in the garage 🏎️
It is surprising that these German millionaires remain so discreet. While an American buys a yacht, the typical German invests in life insurance and a high-end car, but only if the lease is tax-deductible. The paradox is that they have so much money they could buy the most expensive currywurst factory in Berlin, but they prefer to debate whether whole-grain rye bread is a better long-term investment than an index fund.