Czech and Slovak Millionaires Shift to Investments Amidst economic Optimism: J&T Banka wealth Report 2025
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A new report reveals Czech and Slovak dollar millionaires are increasingly optimistic about the economic outlook and are pivoting from direct business ownership towards investment strategies, especially in stocks and private equity.
Czech and Slovak dollar millionaires maintain a remarkably positive outlook despite ongoing geopolitical uncertainties. The findings stem from the J&T Banka Wealth Report 2025, a survey examining the attitudes and investment behaviors of high-net-worth individuals in both countries. “After a relatively long period marked by the pandemic, the energy crisis and the wave of inflation, this year was the first that could be called a standard year,” summarizes Adam Ruschka, J&T Bank’s economist. “The Czech economy returned to solid growth and inflation stabilized near the CNB’s two percent target. There is also an optimistic mood in the Czech Republic regarding future macroeconomic developments.”
From Entrepreneurs to Investors
Historically, wealth creation for Czech and Slovak millionaires was largely tied to entrepreneurial ventures. However, this is rapidly changing.In 2020, 64% of Czech dollar millionaires attributed their wealth growth primarily to entrepreneurship. By 2025,that figure has fallen to 41%. This shift is driven by a growing preference for diversified investment portfolios.
For the first time, stocks emerged as the primary driver of wealth growth for Czech dollar millionaires last year, accounting for roughly 50% of gains and surpassing income from business and employment (41%). Investment properties continue to be a critically important component, representing 37% of growth, with renewed importance after a two-year period. Bonds also contribute substantially, at 34%.
However,the most notable trend is the increasing interest in private equity – investments in companies not listed on public stock exchanges. Private equity now accounts for approximately a quarter of wealth growth and is projected to become even more attractive in 2026. “Approximately half of the Czech and Slovak dollar millionaires today choose private equity as the investment from which they expect the most interesting gratitude in the next 12 months,” Koděra notes. This contrasts with the general public, who tend to favor more passive investments.
Millionaire Profile and Investment Habits
The typical Czech and Slovak dollar millionaire is an economically active man of middle to later age, primarily an entrepreneur or company owner. However, the ranks are increasingly populated by high-ranking managers, younger entrepreneurs, and successors inheriting family businesses. The share of women, particularly widows and daughters managing family assets, is also growing.
These millionaires are diligent in tracking their wealth, often utilizing tools like Microsoft Excel to monitor asset values and performance. Entrepreneurs who sell or transfer their companies are actively seeking new avenues for capital deployment, mirroring a trend seen among established wealthy families internationally.
While cryptocurrencies are no longer dismissed outright, they remain a cautious investment, representing no more than 5% of most millionaires’ portfolios.The survey indicates a more pragmatic view, with roughly equal percentages considering cryptocurrencies either a speculative bubble (27%) or a legitimate investment tool (24%).
European Outlook and values
The survey also explored the attitudes of millionaires towards the European Union. The majority hold a positive long-term view, believing the benefits of membership outweigh the drawbacks. However, they emphasize the need for Europe to adapt to global competition by reducing regulation and bureaucracy, streamlining social policies, and increasing investment in defense, energy independence, science, and innovation.
Interestingly, millionaires largely agree with the general population on the need for economic reforms, differing primarily on social policy, with millionaires favoring more limited government spending in that area. Deeper European integration, such as a unified capital market or army, receives limited support.
The J&T Banka Wealth Report 2025 was conducted between August and September 2025 in collaboration with the Perfect Crowd research agency, surveying 443 dollar millionaires (318 Czechs and 125 Slovaks) and a comparative sample of the general population (1003 Czechs and 1010 Slovaks) through online questionnaires and in-depth interviews.
