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.