Economic Memos provide insight into the analysis work being performed by Danmarks Nationalbank’s employees. For example, Economic Memos contain background analyses and method descriptions. Economic Memos are primarily targeted at people who already have a knowledge of economic and financial analyses.

Danish economy
No. 8

Pension Wealth Returns in Danish Households

We have estimated a new measure of pension wealth gains, covering the working-age population in Denmark during 2015-2022, in collaboration with Statistics Denmark. By linking this new data to the existing income and tax registers at the individual level, we provide a full picture of net financial wealth gains across the age distribution. This lays out the basis for further analysis, e.g., of the impact of monetary policy on net capital gains in Danish households. The data can be accessed through Statistics Denmark’s research data portal.

Key messages

Why is it important?

Danmarks Nationalbank collects and produces a wide range of data, including individual level information about the capital return of pension wealth. Data coverage of capital returns on all financial assets as well as expenses on liabilities in Danish households is key when analysing the impact of e.g. monetary policy shocks on household consumption and spending decisions.

Pension wealth returns vary substantially over time and across individuals


The graph shows the distribution of estimated pension wealth gross returns for all working-age individuals in Denmark who do not switch between pension funds nor switch products within a fund in a given year.


Danmarks Nationalbank and Statistics Denmark