A Funcas report predicts that average inheritance in Spain will reach 250,000 euros in about 20 years due to falling number of children per household. This rise stems mainly from fewer heirs per deceased, according to authors Marina Asensio and Daniel Manzano from AFI.
A Funcas study published on March 18, 2026, examines how low birth rates will boost inheritances in Spain. Between 2002 and 2022, the ratio of heirs per person over 65 rose from 1.30 to 1.51, pressuring average inheritances downward in real terms, from about 91,000 to an expected 81,000 euros. However, rising housing prices kept the value steady around the current 177,000 euros. By 2042, this ratio will drop to 1.07, meaning nearly one heir per deceased. Even without asset appreciation, average inheritance will rise to 250,000 euros, a 41% increase. By 2062, it would reach 300,000 euros without revaluation, or 272,000 euros in 20 years and 400,000 in 40 with 1% annual growth above inflation. The authors highlight inequality: 58% of millennial net wealth is held by the richest 10%, while the bottom half owns less than 4%. “The accumulation of assets is strongly concentrated in the upper part of the distribution, so a significant proportion of households have no relevant assets to pass on,” they state. Housing, the main asset, widens the gap, as young people face high prices and job precariousness, unlike previous generations. Migrant families typically have lower inheritance expectations.
