The whole of Romania is included in the fever of fiscal-budgetary adjustments, VAT and other taxes, budget restructuring, special pensions, etc. Everyone has heard that Romania has the largest budget deficit in the European Union – 9.3% in 2024, everyone heard that the Government must reduce the budget deficit and that is why the tax packages 1,2,3, and as much as, everyone is nervous. Everyone has heard that the public debt has exceeded 1,000 billion lei, everyone heard that the external debt of Romania has exceeded 250 billion euros (private external debt and public debt, ie the state, in foreign currency), etc. At the opposite pole, paradoxically, the Romanians register the largest capitalization of winnings of all kinds and from all forms in their entire history. It is the biggest growth and accumulation of capital that statistics record. It seems like a floor, the government is behind the wall, we are in a great taxation, the taxes and taxes increase, but we register the largest capital accumulation, even from the poorest Romanian to the richest Romanian. Where does that come from:1. The real estate wealth of the Romanians, Formed with apartments, houses, lands, office buildings, logistics spaces, increases from year to year with the price increases on the real estate market. According to estimates, the real estate wealth has exceeded 500 billion euros and heads to 550 billion euros, if not more. For Romanians, apartments, houses and land, which are mostly free of any task, that is, they do not have a back credit, represent the biggest fortune. Even those who have mortgages or real estate loans by increasing the price of apartments and land, above the value of the credit, have a substantial surplus. In the last decade, the prices of the apartments have doubled, if not even tripled and the value of the credits has decreased by the payment of the rates, and the positive difference is increased year by year. Not everyone in the West has a property, as is the case in Romania, where many Romanians have not only a property, but even two or three.2. The bank deposits of the Romanians, natural person – 389 billion lei (77.5 billion euros), at the end of June (251 billion lei in lei and 138 billion lei equivalent in foreign currency). Compared to a decade, the growth is over 180%. Of course, some have a larger bank deposits, and others have current deposits or accounts in much smaller amounts.3. The state securities. The process of selling government securities to the population started a few years ago and has brought to the surface a lot of money, which were taken very little from bank deposits and were placed in government, treasure or fidelis securities. Most money has been new money, from the mattress or who knows where. The balance of government securities sold to the population in lei and currency exceeded 46 billion lei. The tax system, ie 0 for government securities, beats any kind of bank deposit, to which is added the greater interest that the Ministry of Finance pays compared to how much the banks pay.4. Pillar II and III of pensions reached a historical maximum of 179 billion lei in July 2025. Here is the money of 9.25 million Romanians. Pillar II of pensions reached 159 billion lei active for 8.34 million Romanians who are employees or who were employees. Too little attention is paid to Pillar II of pensions that accumulate by the percentage of 4.75 % of the gross salary of a Romanian who goes to plillon II (if the 25 % CAS is paid by the company). 4.75% is not a negligible percentage, especially since it is applied to gross salary and not to the net. The accumulations that are made month by month in Pillar II have become more and more significant, to which are added the yields obtained by the administrators – the average so far being 8% per year. And the yields will be increasing because 70% of the Pillar II pensions go to the government securities market, where the Guven pays very high interest and even in the long term. Pillar II of pensions has become the largest investor in the main stock exchange actions – Banca Transilvania, BRD, Petrom, Hidroelectrica, Romgaz, Transgaz, Electrica, etc. Not many people know that the second pillar of pensions, that is, where the money of 8.3 million Romanians is, is the main shareholder of the Transylvania Bank, the largest bank in Romania, and which now registers maximum on the stock exchange. Any increase in the stock market also means an increase in accumulations in the Pillar II pensions, at least at the level of the main actions. The III pension pillar which is an accumulation at the latitude of each (Pillar II of pensions is mandatory) has reached accumulations of 20 billion lei, ie over 4 billion euros and begins to bring the head to the surface.5.: The BET index exceeded 20,000 points last week, the one that represents a doubling of 4 years ago. On the Bucharest Stock Exchange have active accounts over 250,000 Romanian investors and passive accounts, which I do not know, obtained through the mass privatization process of three decades, several million Romanians. The growth of BET, where the most important shares in the stock market are included, also means the increase of the portfolio for several million Romanians.6. The assets of investment funds – Mutual funds reached 51.8 billion lei at the end of June, which represents 10.2 billion euros.And here is the money of several hundred thousand Romanians. Statistically, in the last year, the most efficient fund was BT Index Austria ATX, managed by BT Asset Management – part of the Transilvania Bank, which invests the money of Romanians in actions on the Vienna Stock Exchange. If this rhetoric still exists that the Austrians make the profits in Romania through the companies here, whether called OMV, or are called Erste or Raiffeisen, anyone can «benefit» from this by directly acquiring the actions of these companies listed in Vienna.7. The money of Romanians who are invested on international scholarships. According to the estimates of the capital market, there are several tens of thousands of Romanians, if not hundreds of thousands who invest on foreign markets in various actions, bonds, other financial titles or stock exchange indices. Estimates indicate several billion euros that are placed in external shares by Romanians. If the American stock market market is on the maximum historical of this, these Romanians take advantage of the earnings obtained and accumulated. These are the statistics of the trading platforms that say that the Romanians traded quite Nvidia, the action that has registered the most spectacular growth, the American company producing chips becoming the most valuable company in the world.8. The money invested by Romanians in cryptocurrency – According to the estimates Romanians have between $ 5-10 billion in cryptocurrency. Only I know a few people who have up -to -day balances that exceed $ 2 billion. Of course, this money is volatile, they cannot be removed overnight, but they are still liquidated with the growth of the crypto market. What is paid tax for crypto earnings in Romania, very, very small amounts, does not reflect the crypto owners of Romanians. All these accumulations – official or hidden were based on the increase of salaries in Romania in recent decades, the increase of pensions – here is the money from bank deposits, government securities, Pillar II or III of pensions, scholarship, apartment acquisitions. Also, the small inflation and the very small growth of the Leo/euro exchange rate have supported these accumulations, these capitalizations. Another source of accumulation is the budget deficits that are discharged in the increase of the public debt – budget deficits that have been the source of money for increasing pensions and salaries in the budgetary sector plus the increase of the percentage from Pillar II. Moreover, the large budget deficits that have brought the government in the situation in which it is today means the need to pay very high interest to get money to finance this deficit and to increase the public debt. When the government pays an interest rate of 7.5% for lei for fidelis or 6.25% for euros, this means a large hole in the budget, increasing public debt, but at the opposite pole means a transfer, a capitalization, a capital accumulation for those who buy government securities. Basically it is a wealth transfer, from the state to the private sector. In the end, this is how the capital accumulates by the private sector, by the Romanians, this time by several Romanians.
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