Greece is getting wealthier—at least on paper. According to the newly released UBS Global Wealth Report 2025, the country recorded a 7 percent rise in average wealth per adult in real terms, adjusted for inflation and measured in local currency, between 2023 and 2024.
Median wealth grew at a similar rate of around 5 to 6 percent, suggesting that the gains were relatively broad-based, rather than concentrated exclusively among the wealthiest. While this may appear to be good news, it sits uncomfortably alongside the persistent struggles of many Greek households who continue to face high living costs, rising rents, and stagnant wages.
UBS defines wealth per adult as the total value of a person’s financial and non-financial assets, including real estate, minus their debts. This figure is then divided by the adult population. The report offers two perspectives: average wealth, which can be significantly skewed by the ultra-rich, and median wealth, which represents the middle point in the wealth distribution. In theory, rising average and median wealth indicate that more people are becoming better off. In practice, however, wealth on paper—particularly when tied to real estate—doesn’t necessarily mean people have money in their pockets.
Indeed, the same UBS report notes that the number of millionaires in Greece actually declined over the past year, dropping from 203,692 in 2023 to 201,318 in 2024. This decrease of 2,374 millionaires places Greece among the few countries globally to experience a contraction in this segment. It stands in sharp contrast to trends in other major economies. For example, the United States added 379,000 new millionaires in 2024—an average of more than a thousand new millionaires per day. Even mainland China, despite economic headwinds, added over 141,000.
So why is Greece moving in the opposite direction? One explanation lies in the country’s wealth composition. Like other Southern European economies, Greek households tend to hold most of their wealth in non-financial assets, primarily real estate. While rising property values in cities like Athens have helped lift overall wealth figures, these assets remain illiquid and unevenly distributed. Moreover, families in rural or economically stagnant regions may see little or no appreciation in their property values. Without significant financial assets or diversified investment portfolios, many Greek households remain vulnerable to inflation, taxation, and economic shocks.
At the same time, Greece still lags behind most of its European peers in absolute wealth terms. Data from the UBS Global Wealth Databook 2023 places Greece’s mean wealth per adult at around USD 84,778, while median wealth per adult is estimated at USD 33,522. These figures are considerably lower than those in countries like Switzerland, Luxembourg, or even neighboring Italy. While Greece has made strides in recovering from the financial crisis of the 2010s, its average and median wealth remain modest in comparison to Western Europe’s benchmarks. And while both figures have grown steadily in recent years, the report makes clear that this progress is not evenly distributed.
Globally, the UBS report paints a picture of rising concentration. Nearly 47.5 percent of total global wealth is held by individuals with more than USD 1 million in assets. The number of billionaires has surged to 2,682, with a collective fortune of around USD 14 trillion—up 121 percent since 2015. The United States and China alone account for over half of all global household wealth, solidifying their dominance as the world’s financial powerhouses. While countries like Greece have shown modest gains, they remain on the margins of this immense accumulation.
UBS also urges caution in interpreting the headline numbers. Exchange rate fluctuations, especially between the euro and the U.S. dollar, can distort how wealth trends appear in international comparisons. A strong dollar can make eurozone wealth appear stagnant or even falling in dollar terms, even when there is genuine growth at home. Furthermore, the report notes that average wealth figures can mislead: they often reflect the influence of a small number of very wealthy individuals rather than improvements across the board.
So while Greece has technically become wealthier over the past year, the underlying reality is far more complex. The decline in the number of millionaires, the heavy reliance on non-financial assets, and the modest position relative to other European nations suggest that the average Greek citizen is still facing an uphill financial battle. For many, the 7 percent gain in average wealth is not translating into a better standard of living. In the end, the question is not just how much wealth exists in the country, but who holds it—and whether it is helping anyone truly move forward.
