This development is reflected in the net financial asset-to-income ratio, which is estimated at 136.1 per cent of disposable income at the end of 2025. This is the highest level recorded in the latest revised version of the financial accounts. The time series in the present version of the accounts extends back to the fourth quarter of 1995.
Throughout the ten-year period from 2016 to 2025 net gains on quoted securities and other revaluations have been the dominant contributors to the increase in financial wealth. Households’ net lending increased sharply in 2020 and has since developed at a substantially higher level than the average level in the period up to 2020.
In 2025, net financial assets increased by NOK 401 billion, which corresponds to 17.4 per cent of disposable income. The increase is explained by net lending, amounting to NOK 97 billion, and other changes in assets totalling NOK 304 billion. This corresponds to 4.2 per cent and 13.2 per cent of disposable income, respectively in 2025.
The development in households’ net lending the past year has been driven by increasing financial investment combined with moderate growth in debt. On the asset side, bank deposits that have been the main contributor to the increase in net lending in 2025. The strong growth in the bank deposits indicates that households have become less willing to take risks and have shifted away from others, more volatile and higher‑risk investments.
Following two years of moderate debt growth, the growth increased somewhat in 2024 and 2025. In 2025, debt growth was estimated at 4.7 per cent, but this is still lower than average over the period from 2002 to 2025. Over the 24‑year period, average debt growth is estimated at 7.4 per cent per year.
In general, interest rates have a major impact on debt developments, and the interest rates on household loans fell by about 0.6 percentage points during 2025. Three additional factors may also have contributed to the increase in debt. First, the equity requirement for residential mortgages under the Mortgage Lending Regulation was reduced on 1 January 2025. Second, sales of existing dwellings increased more than expected. This development can be attributed to a higher supply of existing dwellings, driven by an extraordinary sell‑off of rental housing units by real estate enterprises. Increased car purchases in the final quarter of 2025 may also have contributed to higher debt growth.
The increasing net lending over the past three years can also be seen in connection with lower non-financial investment. This development is largely explained by reduced investments in housing during the same period.
Dwellings constitute by far the largest asset on household balance sheets and the non-financial asset with the best specified statistics. Data on the market value of primary and secondary homes, as well as housing investment, are for the first time included in the underlying data for the report. Households' net wealth can be calculated as the sum of net financial assets and the market value of the dwellings. At the end of 2024, net wealth is estimated at NOK 11 958 billion, corresponding to NOK 2 137 000 per capita.