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Global asset growth plummets

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."

Looking back, it also becomes clear that savers have been faced with a hostile savings environment for some time now: since 2000, gross per capita financial assets have been growing at an average rate of 3.1% a year; this is more or less identical to the average rate of inflation during the same period. In other words: savers worldwide have not been able to achieve any real asset growth over the past eleven years. "A sobering conclusion", commented Heise.

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Michael Heise, chief economist of Allianz SE
Michael Heise: "In a global comparison, more and more people are managing to participate in general prosperity. And these people no longer come from the typical prosperous regions, but from up-and-coming economies, particularly in Asia."
The global wealth map shows: On the one hand, we have the rich countries of North America, western Europe and Oceania, and on the other, there are the poorer countries of Asia, Latin America and eastern Europe.

The global wealth map shows: On the one hand, we have the rich countries of North America, western Europe and Oceania, and on the other, there are the poorer countries of Asia, Latin America and eastern Europe.

Net per capita financial assets, 2011, Top 20:

 

 

 

in EUR

y/y in %

 Switzerland

138,062

0.6

 Japan

93,087

0.0

 USA

90,417

2.0

 Belgium

68,491

3.4

 Netherlands

61,315

3.9

 Taiwan

60,893

1.6

 Canada

59,913

-4.9

 Singapore

58,215

3.4

 UK

52,600

-1.3

 Israel

51,562

-5.4

 Denmark

49,220

5.7

 Italy

42,875

-5.3

 France

42,643

-2.7

 Sweden

42,104

-8.2

 Austria

40,648

-1.1

 Germany

38,521

1.5

 Australia

37,330

-7.5

 Ireland

25,461

10.2

 Portugal

19,572

-3.3

 Finland

19,105

-13.1

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

Dr. Lorenz Weimann
Allianz SE
Phone +49.69.263-18737
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