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Why It’s Time to Finally Shift Gears

         

Read the market analysis and fund positioning

Funds and cars

There he stands. The neighbor. Every Saturday. Washing his car. He caresses the metal until it gleams like a tear in the sunlight. The rims spotless. The engine bay so clean you could eat off it. Then he drives it back into the dark garage. Cover on. Door locked. The explanation: “It’s dangerous out there. War, tariffs, rain.”
This is the reality of German private wealth.

By the end of 2025, private wealth in Germany is estimated to have surpassed the €10 trillion mark. A one followed by thirteen zeros. A gigantic sum, up more than 6% compared to the previous year. But a look under the hood reveals the problem: more than 35% of this capital—around €3.6 trillion—sits largely idle in bank accounts or as cash.

Germans are letting their prosperity engine idle and clog up.

Many savers are afraid of the “drive” on the stock market. They see the potholes: the war in Ukraine, global trade conflicts, concerns about their own jobs. So they stay put. But standing still is not safety. Interest income on bank deposits is already declining again—from €29 billion in 2024 to just €25 billion in 2025.

Those who don’t drive, lose.

Those who had the courage to shift gears in 2025 were rewarded:

  • The DAX delivered a performance of 23%.

  • Capital gains from equities and funds alone are expected to have added around €290 billion to private household wealth.

  • This is not gambling—it is the horsepower of our economy, put to work for us.

Portfolio managers are like engineers and test drivers. The entire system is optimized. As global macro investors, we look at global conditions, yield curves, and the political landscape. We decide when full throttle is appropriate (equities) and when a more defensive driving style (bonds) makes sense.

Three key points:

  1. From saver to investor: Those who only save are parked and don’t move forward. Those who invest are driving—and covering meaningful distance.

  2. Keeping an eye on the road: The outlook for 2026 is positive; private wealth is expected to grow by another 5% to €10.5 trillion.

  3. Participation in the engine: Equities represent a stake in the backbone of our society—the companies that create this prosperity in the first place.

Funds and cars are instruments of freedom. But freedom requires movement. Those who keep the garage door closed do not protect their wealth from the world—they deny it a future.

For 2026, various forecasts anticipate a further moderate increase in private wealth in Germany. Economists generally point out that long-term investments in capital markets have historically generated higher returns than pure savings deposits.

The time has come to put capital where substance grows: on the road of economic participation. Strategic, controlled, and with a clear view far ahead.
The road is waiting—let’s get moving.

Please contact us at any time if you have questions or suggestions.

ETHENEA Independent Investors S.A.
16, rue Gabriel Lippmann · 5365 Munsbach
Phone +352 276 921-0 · Fax +352 276 921-1099
info@ethenea.com · ethenea.com

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