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Allianz Research

Allianz Global Wealth Report 2024:
Surprising relief

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Table of contents

Executive summary

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Financial assets: Surprising relief

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Liabilities: Expected restraint

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Real estate: Setback

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Distribution: Progress is in the eye of the beholder

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Appendices

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Our team

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Key contacts and links

General Inquiries
  

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Economic Research
  

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Investor Relations
  

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Press
  

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The “five Ds” of structurally higher inflation

Over the last decades, and especially since the global financial crisis (GFC), structural factors have caused a secular decline of inflation. Globalization, digitalization and aging populations in advanced economies have been strong disinflationary forces. 

The silver lining amid muted global trade

After resilient performance in the first half of 2022, global trade deteriorated in the second half of the year and is likely to remain muted in 2023. However, China’s reopening reduces the risk of sudden stops in global supply chains, while moderately supporting global demand.

Rates, not roses

2022 marked the end of the era of negative interest rates. But the turnaround has not yet reached all parts of the economy. While interest rates for new deposits and loans to households followed the lead of central banks – though at a great distance – the overall impact on outstanding amounts is hardly detectable: In the Eurozone, interest rates on deposits increased by 4bps in 2022 over 2021, but continued to decline on loans, albeit by a meagre 3bps.

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