Almost every second German cannot explain what an investment fund is. The Germans' lack of knowledge about investing money is almost proverbial abroad. They speak disparagingly of "Dumb German Money. A look at the distribution of Germany's financial assets, which amount to a massive 5.9 trillion euros, reinforces the image of "dumb German money": in 2017, Germans invested just 6 percent of their money in equities, and even if you add all types of funds, the figure is a meager 10 percent. But where is the bulk of private wealth located? 30 percent is in capital-forming insurance policies and a full 37 percent in cash and bank deposits. The real irony, however, is that "Dumb German Money" applies precisely to the country that is admired worldwide for its economy.