Frankfurt financial district

In Germany, the density of millionaires among bankers is particularly high: around 30 percent of all top earners in the EU work here.


(Photo: dpa)

frankfurt The number of millionaire incomers in banks in the European Union has increased significantly in 2021. The number of employees who received one million euros and more increased by 41.5 percent to 1,957 people compared to the previous year, according to a salary report from the EU banking supervisory authority, Eba. This is the highest value for the 27 EU member states and the countries of the European Economic Area since Eba started collecting data in 2010.

Banking supervisors cite several reasons for this development. “The increase in the number of high earners is related to the good development of the institutes, especially in the area of ​​investment banking and securities trading, as well as the greater relocation of staff after Brexit. Britain to the EU and also with the general increase in wages,” the report states.

Brexit plays a big role because banks were no longer allowed to carry out certain transactions with EU customers from London after Britain left the European Union. Therefore, they had to establish independent locations in the remaining EU countries and recruit staff there as well. This is particularly true for investment bankers and stock brokers, who mainly worked in London before Brexit.

About 70 percent of new income millionaires work for banks in Italy, France and Spain. This is related to the increase in the return on the assets of the institutions of these countries, analyzes the Eba. In absolute numbers, Germany has the highest number of income millionaires – 589 people or 30 percent – followed by France with 19 percent and Italy with 18 percent.

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In his justification, Eba points out that these EU countries are the most populous. But it could also play another role than in Germany the german bank is headquartered, which traditionally has a high density of millionaires due to the important role investment banking plays. On top of that, some of the major US banks like JP Morgan either Goldman Sachs moved its headquarters from the EU to Germany.

If you look at compensation for individual business areas, investment bankers and stock brokers earned seven-figure salaries by far the most frequently. They represent 749 of the 1957 millionaires. The second largest group, with 599 people, are managers in senior management positions.

In addition to information from the 27 EU countries, the Eba data also contains data from Iceland, Liechtenstein and Norway, which belong to the European Economic Area.

More: The number of income millionaires among bankers is increasing: almost 500 well-paid in Germany

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