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Abstract Global flood impacts have risen in recent decades. While increasing exposure was the dominant driver of surging impacts, counteracting vulnerability reductions have been detected, but were too weak to reverse this trend. To assess the ongoing progress on vulnerability reduction, we combine a recently available dataset of flooded areas derived from satellite imagery for 913 events with four global disaster databases and socio-economic data. Event-specific flood vulnerabilities for assets, fatalities and displacements reveal a lack of progress in reducing global flood vulnerability from 2000—2018. We examine the relationship between vulnerabilities and human development, inequality, flood exposure and local structural characteristics. We find that vulnerability levels are significantly lower in areas with good structural characteristics and significantly higher in low developed areas. However, socio-economic development was insufficient to reduce vulnerabilities over the study period. Nevertheless, the strong correlation between vulnerability and structural characteristics suggests further potential for adaptation through vulnerability reduction.