The article examines how consumption, wealth, and income are related in Germany from 1980 to 2003. It shows that changes in income are mainly predicted by deviations from the long-term relationship between consumption and wealth. The German consumption-wealth ratio can forecast various economic indicators, like the unemployment rate. Unlike in some other countries, in Germany, changes in asset prices do not play a significant role in returning the consumption-wealth ratio to its long-term average. However, the U.S. consumption-wealth ratio can predict changes in the German stock market. This difference may be due to variations in financial and pension systems between Germany and Anglo-Saxon countries.