Well-being ‘later’: Economic capital
Economic capital comprises the machinery, equipment, ICT, intellectual capital and infrastructure that are required to build material well-being and generate economic growth. Economic capital includes both assets and debts, with debt viewed as negative capital against which assets are offset.
- Median household assets are trending upwards, but in recent years no further rises have been seen.
- Household debt is high compared with other EU member states.
- Investment to maintain economic capital has remained stable relative to GDP.
Economic capital
in EU
in 2024
in EU
in 2024
in EU
in 2024
| Theme | Indicator | Value | Trend | Position in EU | Position in EU ranking |
|---|---|---|---|---|---|
| Economic capital | Physical capital stock | € 169 per hour worked (2021 prices) in 2024 | 7th out of 12 in 2024 | Middle ranking | |
| Economic capital | Knowledge capital stock | € 11.62 per hour worked (2021 prices) in 2024 | 5th out of 13 in 2024 | Middle ranking | |
| Economic capital | Average household debt | € 124,157 per household (current prices) in 2024 | increasing (decrease well-being) | 24th out of 25 in 2024 | Low ranking |
| Economic capital | Median wealth of households | € 135,500 per household (2024 prices), 1 January 2024 | increasing (increase well-being) |
Colour codes and notes to the dashboards in the Monitor of Well-being
Well-being ‘later’ focuses on the sustainability of our quality of life by measuring the resources that people living in the Netherlands today (the current generation) require for their well-being, and the resources that will be needed by future generations. People use resources ‘here and now’ to shape their lives. They use their assets and savings to buy or rent a home, purchase a car, take a long holiday or build up a supplementary pension. Indicators expressed in euros have been adjusted for inflation. The base year used is not the same for each indicator.
The stocks of physical and intellectual capital per hour worked measure the capital intensity of production. Both are stable. Looking beyond the trend period, capital intensity is gradually decreasing. The stock of physical capital rose to 177 euros per hour worked from the start of the time series in 1995 up until 2013, but then gradually fell back to 169 euros in 2024. Between 1995 and 2015, the stock of intellectual capital increased from 7.14 euros to 12.97 euros per hour worked. After 2015, it declined slightly to 11.62 euros in 2024. The total stock of physical and intellectual capital is growing steadily (adjusted for inflation), but the number of hours worked is rising faster. The Netherlands is one of the few countries where the stock of intellectual capital goods per hour worked is falling rather than rising. In 2024, the Netherlands was fifth in the EU ranking, which includes 13 other countries, but is gradually losing its lead.
Investment to maintain economic capital, expressed as a percentage of GDP, remains more or less the same. While spending on tangible fixed assets remains stable, investment in ICT is declining. Investment in civil engineering, which is required in order to maintain and improve infrastructure, remains at the same level in the medium term (SDG 9.1). Total and private R&D spending as percentages of GDP are increasing, while public R&D spending remains stable (SDG 9.3).
Although median wealth has been trending upwards, this growth has levelled off in recent years. Prices rose sharply during this period, resulting in a fall in median household wealth (adjusted for inflation) after 2022. The decline is also linked to the influx of Ukrainian nationals, who had little to no assets registered in the Netherlands when they arrived. On 1 January 2024, the median wealth of Dutch households stood at 135,500 euros.
Household debt is relatively high compared to other EU countries (24th out of 25 countries in 2024) and continues to rise. In 2024, only Luxembourg recorded higher average household debt. Households also have savings, however, and these continue to trend upwards, increasing by 7 percent in 2025. While public debt had been trending downwards overall, it rose to 44.4 percent of GDP in 2025. The gross debt ratio is currently at its third lowest level since measurement began in 1995, sitting well below the formal European limit of 60 percent of GDP (SDG 10.2).