The Age of Inheritance in Spain Has Shifted from 35 to 55
El País
Rising life expectancy among parents and Spain’s inheritance framework are reshaping the economics of family wealth and pushing the age of inheritance to later stages of life. This is widening the wealth gap between households and reducing the role of inherited assets as a resource for financial well-being, El País reports, citing a study by the Fedea foundation.
Reasons Behind Changes in Spain’s Inheritance System
Economists José Ignacio Conde-Ruiz and Francisco García-Rodríguez note that in the early 1970s, the average age of receiving an inheritance was around 35. Today, it has risen to approximately 55. Researchers primarily link this shift to increased life expectancy: assets remain in the hands of the older generation for longer, while their transfer to children is naturally delayed.
An additional factor is the widespread practice of transferring assets through usufruct arrangements, under which the surviving spouse retains the right to use the assets. As a result, children often do not gain full ownership until the second parent passes away, further postponing inheritance. In most cases, assets are received only after key financial decisions have already been made.
Who Is More Likely to Receive an Inheritance in Spain
The share of households receiving at least one inheritance increased from 27% in 2002 to 50% in 2022. At the same time, inheritances are being received much later, with significant differences depending on education level and current financial standing.
For the poorest 10% of households, inheritance may exceed 300% of their current net wealth. For the wealthiest 10%, the figure stands at around 25%, as they have already accumulated their own assets. The poorest half of households receives around 27% of the total value of inheritances, while more than 36% goes to the wealthiest 10%.
People with lower education and income levels face stronger consequences because they are more likely to rely on inheritance as an alternative to inaccessible credit. In some cases, the gap in the age of inheritance between social groups reaches 15 years.
Chances of Receiving Gifts of Property in Spain
Spain also maintains an alternative mechanism — inter vivos gifts — though its use remains limited. Only around 16% of households report receiving such transfers. These transfers are concentrated disproportionately among wealthier and better-educated groups. The likelihood of receiving a gift stands at around 4% for the poorest households and about 26% for the wealthiest.
The poorest 10% of households receive around 5% of all gifts, while the wealthiest 10% receive about 30%. When inheritances and gifts are considered together, around 21% of wealthy families receive such transfers compared to roughly 1% among the poorest households.
The Impact of Inheritance on Business, Birth Rates, and the Housing Market
Each additional year of delay in receiving an inheritance reduces long-term household wealth by around 2%. The reason is that a shorter period remains during which inherited assets can generate returns and be used for investment. This has a noticeable effect on key life decisions.
According to Fedea’s estimates, people who receive capital earlier are more likely to become homeowners or start businesses. This is especially important amid rising property prices and restricted access to credit, when personal funds often become the deciding factor in buying a home or launching a business.
The study also identifies a link between the timing of inheritance and family planning. The probability of having at least two children rises significantly when financial resources arrive earlier. This finding expands the discussion of inheritance beyond family finances, pointing to the broader impact of demographic changes on the housing market, entrepreneurship, and family structures.