Dr. Lorenz Weimann
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This disappointing development is due primarily to low growth in gross financial assets: although the EUR 100 trillion mark was surpassed in 2011 – also thanks to the weak euro – pushing the global financial assets of private households up to EUR 103.3 trillion in total, the growth rate came in at only 1.6% and in per capita terms at a mere 0.8%. "It is obvious that uncertainty, low interest rates and the euro crisis have left their mark on asset development", said Michael Heise, chief economist of Allianz SE. "Savers are bearing the brunt of the fact that no real progress has yet been made as far as reorganizing the financial markets and solving the crisis in the eurozone are concerned."