Estimated share of German private capital owned by Jews 1937

It is estimated that, in 1933, just 0.77 percent of the German population was Jewish. Despite this, Nazi leaders and propaganda perpetually claimed that Jews owned up to 20 percent of all capital in the German economy, and used claims such as this to demonize Jews and turn the rest of German society against the Jewish community. Official estimates from the national statistical office or central bank in the 1930s, as well as some modern estimates, also suggest that Jewish wealth may have been equal to as much as 20 percent of national wealth; however, this is misrepresentative.

According to a 2019 paper by Albrecht Ritschl of the London School of Economics, the share of Jewish-owned assets in the private sector alone was actually much lower. Ritschl uses a range of estimates (two potential figures for the German total, and three potential figures for the Jewish total) to show that the Jewish share of capital in the private sector in 1937 was likely somewhere between 0.96 and 1.57 percent. The author claims that the middle estimates, where Jewish assets are valued at 3.54bn RM, is likely the most plausible. It is also estimated that the combined capital in the public and private sector was around 400 billion RM, and if one uses the estimate of Jewish assets being valued at 2.99 billion, then this is equal to a 0.75 percent, which is almost the exact same as their population share in 1933. The paper then concludes that the share of Jewish assets in the German economy was much more in line with their population size than the bogus claims made by Nazi leaders, propaganda, and the German media.