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Global Wealth Report 2025

Global Insolvencies: We'll be back

The withdrawal of support measures for companies sets the stage for a gradual normalization of business insolvencies. Our Global Insolvency Index is likely to post a +15% y/y rebound in 2022, after two consecutive years of decline (-6% forecast in 2021 and -12% in 2020). However, even in 2022, business insolvencies would remain below pre-Covid-19 levels in most countries (by -4% on average).

Money supply, saving & hoarding: What you see is not what you get

The discussion about excess saving could (and should) better distinguish the two components of what it is usually called saving, namely saving proper – money that is spent, but not on consumption -, and hoarding  - money that is not spent at all.

Eurozone: Reflation is not stagflation

When the world’s top central bankers virtually convene at this year’s ECB Annual Forum, the scale and duration of the current surge of inflation will invariably be high on the agenda. But we continue to believe that the current cyclical price pressures are unlikely to morph into a long-lasting trend.