Allianz Global Wealth Report 2010

The analysis of 50 countries shows that the wealth losses as a consequence of the financial crisis have not yet been overcome. Despite a marked increase to the tune of 7.5 percent, global financial assets at the end of 2009 (EUR 82.230 trillion) were still some 4 percent lower than the level of EUR 85.590 trillion reached before the crisis. “Far too little has been said so far about this blow to savers”, said Michael Heise, Chief Economist at Allianz.

Global financial assets have been growing by an average of 3.7 percent a year since 2001 – slower than nominal economic output. Per capita growth at 2.8 percent was below average global inflation of 3.4 percent. The reasons for this weak performance can be found in the developed countries. Low savings rates and, above all, the severe losses during the financial crisis and triggered by the bursting of the internet bubble have depressed average growth. The biggest losers of the financial crisis are almost exclusively established industrial countries – with the USA, Greece and Spain at the fore.

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