“What is missing is the conversion of savings into productive capital.” Marco Piccitto, Managing Partner for the Mediterranean of McKinsey & Company, is convinced of this, commenting on the phase of strong wealth divergence among the major economies (USA-China-Europe) described in the latest McKinsey Global Balance Sheet.
Read more Families, wealth grows only on paper. EU stagnation risk
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Is Europe really destined for stagnation?
The Eurozone is in a condition similar to the pre-pandemic decade: productivity stalled since 2022, weak demand, household savings risen to 15.1% in 2025 compared to the 12.5% average of the 2010-2019 decade. The paradox is that the European balance sheet appears overall more balanced than the American one, with real estate values and private debt returning to historical averages. Productive investments remain below pre-pandemic levels and below the global average, and the investment gap of European companies compared to the United States is about 700 billion dollars. Closing it, with reforms for competitiveness and more courage from companies to invest, would change the trajectory; leaving it open would mean continuing limited growth.
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The Italian case: strength or missed opportunity?
Italian families hold about 13 trillion dollars of net wealth, with one of the lowest debts among advanced economies and a real estate market recalibrating towards the long-term average. The counterweight is the public debt over 130% of GDP: as in all advanced economies, with high rates, moderate growth alone may no longer be enough to ensure sustainability. The encouraging sign is that in 2025 Italy was among the countries where net investment rates exceeded long-term averages, but investment must continue both in private companies and the State.
