Asset transfers between generations, whether donations or inheritances, significantly affect the levels of accumulation of wealth in beneficiary households. Throughout life, the median net wealth of inherited or recipient households was found to be greater than that of households that have not benefited from any transfer. In France, the gap between the median net wealth of heir or donee households and that of households that have not benefited from any transfer is around €175,000 for the age group between 50 and 59 (age of household reference person).

About one quarter of households in Germany, 30% to 35% in Spain and Italy, and 45% in France had benefited from transfers of wealth. France stands out as having a wider distribution of transfers but also more modest amounts transferred on average, in contrast in particular to Italy. These specifics can be explained by socio-demographic and cultural particulars, as well as by national tax rules.

Furthermore, donor households have higher net assets than other households due to the characteristics of the donations and their profile. This reflects the fact that the first donations are received at an earlier age than the first inheritances: even if, in amount, they remain comparable to inheritances, they increase the wealth of beneficiary households more rapidly. The reference persons of donor households generally hold higher learning degrees than the reference persons of other categories of households; they also have a greater propensity to take financial risks and to engage in entrepreneurship than do other categories of households. These characteristics are generally connected with higher income. In the four countries studied, these trends are particularly borne out first in Germany, then in France, Italy and Spain.