According to the Swiss National Bank (SNB), private households particularly benefited from rising stock prices in the first quarter of 2024, as reported in its financial accounts published on Monday.

As a result, the financial assets of private households rose by 119 billion Swiss francs in the previous year, reaching a total of 3,146 billion francs—an increase of 3.9%.

This increase was due to both transactions and capital gains. Households invested during every quarter.

(Grafic: SNB)

By the end of 2024, households held shares in collective investment schemes worth 413 billion francs. This roughly matched their holdings in equities, valued at 411 billion francs. In total, households purchased 29 billion francs worth of investment shares throughout the year and achieved capital gains of 23 billion francs.

At the end of the year, about 40% of private households’ financial assets consisted of claims on insurance companies and pension funds. Securities and the share of cash and deposits each accounted for about 30%.

Real Estate Assets Grew Again

The SNB further noted that private households’ real estate assets grew in 2024, though at a slightly slower pace than in previous years. The market value of real estate owned by private households rose by 3.1%—equivalent to 83 billion francs—reaching 2,770 billion francs.

Real estate accounts for around 47% of the total assets of private households in Switzerland.

(Grafic: SNB)

In contrast, liabilities rose by only 2.1% over the course of the year—an increase of 22 billion francs—reaching 1,037 billion francs by the end of 2024. Of this amount, 953 billion francs were mortgages.

Net wealth—meaning financial assets and real estate minus liabilities—increased by 180 billion francs in 2024, reaching 4,880 billion francs in total, a gain of 3.8%.

“The increase in financial assets and real estate was significantly greater than the rise in liabilities,” the SNB added.