In recent years, the distribution of wealth in Italy has undergone significant changes, although little discussed in the public debate. While attention often remains focused on aggregate macroeconomic indicators such as GDP or the inflation rate, even minimal changes in the concentration of wealth can produce significant effects on the economic, social and political levels.
This article examines the evolution of the wealth distribution of Italian families from 2019 to 2024, identifying the main dynamics at work, the causes and the possible long-term implications.
According to the Bank of Italy, in 2019 the richest 10% of Italian families held 52.5% of total net wealth. This share grew steadily over the following five years, reaching 59.7% in 2024. At the same time, the share held by the middle class (identified in the 50th–90th percentile) fell from 39.2% to 32.9%. The poorest 50% of the population saw its share contract slightly, from 8.3% to 7.4%.
This concentration dynamic appears even more evident when analyzed in absolute terms. In 2019, the net wealth of Italian families was approximately 9,900 billion euros. In 2024, this value rose to approximately 11,600 billion, according to estimates by the Bank of Italy and ISTAT. As a result, the richest 10% absorbed an increase in wealth of over 750 billion euros. The middle class saw its specific weight reduced, while the less well-off groups remained substantially stable, but exposed to the erosion of purchasing power.
The analysis of wealth by type also highlights a greater concentration in the higher-yielding segments. ABI and FABI data show that between 2020 and 2024, bonds and shares in the portfolios of Italian families grew from 268 to over 450 billion euros, with the majority of purchases attributable to the highest wealth bracket. In 2023, for example, over 60% of BTP securities sold on the primary market were purchased by families with assets exceeding 100,000 euros.
A further sign of wealth inequality can be seen in the distribution of current accounts. According to data from the banking system, in 2023, 77.1% of accounts held by families had a balance of less than 12,500 euros, while only 0.6% of accounts exceeded 250,000 euros. Available liquidity is therefore highly concentrated, with a significant portion of the population having extremely limited margins.
#2. Causes of wealth focus
The reasons for the growing concentration of wealth in Italy are multiple and attributable to both cyclical and structural factors. First, the dynamics of asset prices have favored those who already possess invested capital. From 2019 to 2023, the value of shares listed on the Milan Stock Exchange grew by 38%, while the average yields of long-term Italian government bonds went from less than 1% to over 4% in 2023. Families with greater wealth availability have been able to ride these trends, increasing their wealth to a proportionally greater extent than the average.
Second factor: inflation. The inflation rate in Italy exceeded 5% per year in the two-year period 2022–2023, with peaks above 7% for some categories of goods. Families with mainly liquid assets, typically less well-off, saw the purchasing power of their savings erode. On the contrary, wealthier families were able to protect themselves by investing in indexed instruments or real assets (real estate, gold, art).
Another key element is access to financial opportunities. Wealthier families tend to have more financial education, specialized advice, and time to follow the markets. This information asymmetry produces a cumulative advantage that reinforces differences over time.
At an institutional level, Italian fiscal policy has not included significant measures of wealth redistribution in recent years. The absence of a progressive wealth tax, the substantial invariance of inheritance and gift rates, and a reduced taxation on income have favored the preservation and expansion of existing assets. This may even be right, I am not saying it is a mistake at all costs.
Finally, the lower capacity of the middle class to invest in human capital and productive activities must be considered. The decline in private investment in education and training, job insecurity and social security uncertainty have contributed to consolidating a condition of stagnation for large segments of the population.
#3. The importance of small changes
A 7% change in the share of wealth held by the richest 10% may seem negligible, but applied to a national wealth of over 11,000 billion euros, it is equivalent to a transfer of over 770 billion. This amount represents, for example, more than twice the Italian public spending on education or the entire annual income tax revenue.
The implications do not stop at the numbers. From a macroeconomic point of view, concentrated wealth has a lower propensity to consume. The richest decile of the population allocates a smaller portion of their income to consumption than the middle and lower classes, who instead spend the majority of their resources. This results in a depressive impact on domestic demand and the fiscal multiplier.
On the social level, growing inequality fuels instability. International studies (including those of the OECD and the IMF) show how an excessive concentration of wealth is correlated with lower levels of social cohesion, worse health indicators, increased crime and reduced trust in institutions. In Italy, CENSIS surveys report an increase in distrust towards economic and political elites, with implications also on electoral behavior and the stability of the democratic system.
Intergenerational mobility is reduced in the presence of high inequality. Children of low-wealth families have limited access to quality education, home ownership, professional training, and start-up capital for entrepreneurial activities. The result is a blocked system, in which birth largely determines social position (but this has always been the case).
Finally, the consequences can be political: unequal societies are more exposed to phenomena of polarization, populism and regulatory instability, which in turn reduce the attractiveness of investments and the country’s ability to sustain balanced development.
#4. Conclusions
Year
Total Wealth (EUR billion)
10% Richer (EUR billion)
Middle Class (EUR billion)
50% Poorest (EUR billion)
2019
9,900
5,198 (52.5%)
3,881 (39.2%)
821 (8.3%)
2020
10,100
5,454 (54.0%)
3,838 (38.0%)
808 (8.0%)
2021
10,422
5,838 (56.0%)
3,800 (36.5%)
784 (7.5%)
2022
10,421
5,993 (57.5%)
3,659 (35.1%)
770 (7.4%)
2023
11,286
6,661 (59.0%)
3,792 (33.6%)
833 (7.4%)
2024
11,600
6,937 (59.7%)
3,820 (32.9%)
857 (7.4%)
Italy is experiencing a profound change in the distribution of wealth. The growth of wealth concentration in favor of the richest 10% is now a consolidated fact, confirmed by every recent survey. The apparent stability of the economic system must not hide the social fragility and loss of cohesion resulting from this dynamic.
However, public debate continues to neglect the issue, preferring to focus on aggregate indicators such as GDP or public debt. But the quality of growth is as important as its quantity. Unequal growth generates tensions, limits the potential of the production system and undermines the sustainability of the social model.
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