Throughout the interwar period, Nazi leaders and propaganda repeatedly put forward the bogus claim that Jews owned up to 20 percent of all wealth in Germany, despite making up fewer than one percent of the population. At this time, Jews were used as a scapegoat for Germany's economic difficulties after the First World War and during the Great Depression, and the Nazis claimed that the Jews were lining their pockets at the expense of "Aryan" Germans. Unfortunately, there are no official figures for Jewish wealth in the 1930s, and
emigration tax data only gives an insight into the finances of wealthier Jews. There are, however, a range of estimates from contemporary and more recent sources, which have been used to estimate the real share of German capital that was owned by Jews.
Contemporary estimates
At various points in the 1930s, the media, statistical office, and central bank all claimed that the combined wealth of German Jews was somewhere between two and 20 billion Reichsmarks (RM). While these three institutions were all state run under the Nazi regime, and despite their uncertainty, some of these estimates are still treated with consideration due to the credentials of the journalists, economists, and statisticians involved. Additionally, these figures were used with the purpose of identifying just how much
money the state could take from the Jewish population, therefore it was of interest for the Nazi authorities to ascertain accurate figures, and not inflate estimates for propaganda purposes. Interestingly, the estimates from the Statistical office actually increased from 1933 to 1936, despite the fact that the state had already been
seizing Jewish wealth and restricting Jewish business on a large scale since 1933; this has been attributed to the economic impact of the Great Depression.
Modern estimates
The estimates from Junz and Ritschl were published in 2002 and 2019 respectively, and used some of the contemporary estimates in their investigation, while taking many additional factors into account. These are now some of the most widely-cited estimates on this subject, with estimates of around 8-16 billion RM in 1933, five billion RM in 1936, and 4.4 billion RM in 1938. In Ritschl's 2019 paper, he then goes on to estimate the
share of total German wealth owned by Jews; his results show that the Jewish share of private capital was slightly higher than the average, but was still very much in line with their population size.