The net wealth of the average Estonian household rose to €103,300 in 2024, up from €66,200 in 2021, according to Eesti Pank, Estonia’s central bank.

The central bank said household net assets – the value of assets after liabilities are deducted – increased by about 56 per cent between 2021 and 2024. Adjusted for inflation, the real increase was 16 per cent.

Real estate remains the main pillar of household wealth in Estonia, while financial assets – including deposits, pension savings, shares, funds and other investments – now account for about a fifth of total assets. The average household had €102,400 in non-financial assets and €13,900 in financial assets.

Eesti Pank said more households were now holding financial assets beyond bank deposits and pension savings, with investment increasing in funds, shares and other assets.

More than half of Estonian households have liabilities, and the share of households with mortgage debt has risen to 27.5 per cent, compared with 23.7 per cent in 2021. The average household mortgage stood at €34,900.

Despite the rise in borrowing, Eesti Pank described the household debt burden as moderate. Among households with debt payments, servicing loans accounted for 9.5 per cent of gross income in 2024, slightly above 9 per cent in 2021.

But the figures also point to a stark concentration of wealth. The richest 5 per cent of households own 40 per cent of all net assets, while the wealthiest households are typically homeowners, higher-income households, the self-employed and those whose reference person has higher education or is middle-aged.

Households have also become more willing to seek credit. Some 30.5 per cent had applied for credit in the previous three years, although 7.8 per cent were considered credit-constrained – meaning they were refused a loan, offered less than they requested, or did not apply because they expected to be rejected.