Research Team Allianz: the authors

Michaela Grimm

Senior Economist, Demography and Social Protection Allianz SE

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Simon Krause

Economist, ESG and Insurance
Allianz Investment Management SE

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Kathrin Stoffel

Economist, Insurance and Wealth
Allianz SE

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Katharina Utermöhl

Head of Thematic and Policy Research
Allianz Investment Management SE

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Giovanni Scarpato

Economist for Central & Eastern Europe
Allianz Investment Management SE

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Chiara Rocca

Intern Economics
Allianz Investment Management SE

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Maxime Darmet

Senior Economist for UK, US & France

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All chapters

Executive summary

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Financial assets: 2025 sets a fresh record

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Liabilities: Borrowing remains subdued

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Real estate: A hesitant recovery

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Distribution: New wealth, old divides

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Appendices

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Our team

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