Allianz.com: 136,000,000,000,000 or 136 trillion euros personal financial assets across the globe – that’s a record. Does that mean that the world saves too much and invests too little?
Michael Heise: No and yes. No, the world does not save too much. Faced with over-indebted governments and aging societies, each individual is being called upon to do more, and not less, to make provisions for his or her own future. But yes, we invest too little – given the challenges that lie ahead: climate change, poverty and migration, digital revolution, outdated infrastructure – to name but a few.
The emerging markets have been seeing a downturn in recent weeks – what does that mean for the middle classes in these countries?
What we are seeing at present is that the rapid catch-up process with the emergence of a strong middle class is slowing down only slightly, even in China. The growth of the middle wealth segment is a stabilizing factor for the economies. China´s consumption, for example, is continuing to grow at a double-digit rate. In a long-term perspective the growth of prosperity will however depend on whether structural reforms will be carried out.