Global financial assets surged by 7.6% in 2023, reaching $267.68 trillion (EUR 239 trillion), rebounding from the previous year’s downturn, according to Allianz’s 15th “Global Wealth Report.” Notably, insurance and pensions recorded a significant increase of 6.2%, fueled by rising interest rates and gains in the stock market.
As households worldwide moved away from traditional bank deposits, which saw only a modest growth of 4.6%, the insurance and pensions sector emerged as a more attractive option for savings, with new savings declining by a mere 4.9%.
In Asia, household financial assets rose by 7.5%, with insurance and pensions growing by 5.5%. However, this growth was tempered by a 6.8% increase in household liabilities, which surpassed the global average, raising concerns about rising debt levels. Notably, Asia’s debt ratio exceeded that of Europe for the first time, standing at 62.8% compared to Europe’s 59.5%.
Overall, while global financial assets expanded, household liabilities also grew at a more measured pace, reaching $63.84 trillion (EUR 57 trillion), a 4.1% increase from 2022.
Exchange rate: $1.00 = EUR 0.89
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