Economic Research Financial wealth of private households worldwide Munich, October 217
Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate of change 18 15 16 14 12 1 8 6 8.7 5.2 6.8 7.6 3.1 8.2 1.2 8.8 4.7 7.1 1 5 In 216, gross financial assets grew by 7.1% to EUR 169.2 trillion Thus private savings were almost 27% of global economic output and 265% of global market capitalization Global householdliabilitiesincreasedby 5.5% to EUR 4.6 trillion 4-5 2-8.4 26 28 21 212 214 216-1 Liabilities (in EUR trillion, lhs) Net financial assets (in EUR trillion, lhs) Annual rate of change of gross financial assets (in %, rhs) Sources: IMF, National Central Banks and Statistical Offices, Thomson Reuters, WFE, Allianz SE. 2
Unchecked asset growth in Asia Growth of gross financial assets in percent Asset classes as percent of gross financialassets 216 216/215 CAGR* 26-216 15. 15.1 14 51 32 North America 22 25 52 Oceania 11.9 1.8 12. 3 27 41 Western Europe 53 18 28 Japan 7.6 6. 6.9 7.9 55 27 1 Eastern Europe 4.8 4.7 3.4 22 45 29 Latin America 1.8 1.1 42 44 13 Asia ex Japan North America Oceania Western Europe Japan Eastern Europe Latin America Asia ex Japan Bank deposits Securities Insurance and pensions Other *CAGR = Compound Annual Growth Rate. Sources: National Central Banks and Statistical Offices, Allianz SE. 3
No fear of zero interest rates Formation of financial assets* according to asset classes in EUR bn 2,5 2,25 Bank deposits Securities Insurance and pensions Other 2, 1,75 1,5 1,25 1, 1,86 986 853 96 1,9 896 858 897 779 311 1,3 942 75 5 25 866 982 1,82 583 64 1,117 1,96 822 1,23 1,27 1,359-25 -192-5 26 27 28 29 21 211 212 213 214 215 216 *North America, Australia, Japan, Western Europe ex Switzerland, EU Eastern Europe. Sources: National Central Banks and Statistical Offices, Allianz SE. 4
Various functional growth drivers Share of value change in overall asset growth in percent 1 9 8 212 213 214 215 216 Average of the last five years 7 6 5 4 3 2 1 74 62 56 27 26 55 6 North America Western Europe* Eurozone Germany EU Eastern Europe Australia Japan *ex Switzerland. Sources: National Central Banks and Statistical Offices, Allianz SE. 5
Return of global debt growth Development of global debt burden in EUR trillion, in percent Increase of debt by region in percent 45 4 35 3 25 2 15 1 5 9.1 6.7 7.5 7. 4.7 2.4 1.9 -.8 6.7 6.2 2.6 2.4 2.5 4.6 4.6 5. 4.7 3.5 4.2 4.4 5.5 4.5 26 28 21 212 214 216 Liabilities worldwide (in EUR trillion, lhs) Change rate y/y (in %, rhs) CAGR* 26-216 (in %, rhs) Global GDP - change rate y/y (in %, rhs) 1 8 6 4 2-2 North America Oceania Western Europe Japan Eastern Europe Latin America Asia ex Japan 3.3 2.8 2.3 6.5 7. 7. 2.6 1.8 2.8 2.4 2.9.4 4.1 3.2 14.4 6.5 9.1 13.3 12.7 14.5 216 215 CAGR* 26-216 16.7 *CAGR = Compound Annual Growth Rate. Sources: National Central Banks and Statistical Offices, Allianz SE. 6
USA just squeezes past Switzerland into first place Average net financial assets per capita 216 in EUR USA (+1) 177,21 Switzerland (-1) 175,72 Japan (--) 96,89 Sweden (+1) 95,5 Taiwan (+7) 92,36 Belgium (-2) 92,8 Singapore (+8) 89,57 Netherlands (+1) 87,98 Canada (-1) 87,58 New Zealand (-3) 86,3 United Kingdom 84,8 Denmark (+1) 81,59 Israel (-3) 73,33 Australia (+5) 67,39 France (-4) 56,4 Italy (-1) 54,53 Austria (--) 51,98 Germany (--) 49,76 Ireland (-3) Finland (--) 28,65 45,1 Figures in brackets = rung change since 2 Sources: National Central Banks and Statistical Offices, UN Population Division, Allianz SE. 7
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by net per capita financial assets (in EUR) by gross per capita financial assets (in EUR) 1 USA 177,21 1 Switzerland 268,84 2 Switzerland 175,72 2 USA 221,69 3 Japan 96,89 3 Denmark 146,49 4 Sweden 95,5 4 Netherlands 137,54 5 Taiwan 92,36 5 Sweden 136,27 6 Belgium 92,8 6 Australia 133,1 7 Singapore 89,57 7 Canada 128,51 8 Netherlands 87,98 8 Singapore 125,64 9 Canada 87,58 9 Japan 118,95 1 New Zealand 86,3 1 United Kingdom 116,57 11 United Kingdom 84,8 11 Belgium 115,43 12 Denmark 81,59 12 New Zealand 113,66 13 Israel 73,33 13 Taiwan 111,31 14 Australia 67,39 14 Norway 93,64 15 France 56,4 15 Israel 91,83 16 Italy 54,53 16 France 78,84 17 Austria 51,98 17 Ireland 77,86 18 Germany 49,76 18 Austria 73,16 19 Ireland 45,1 19 Germany 7,35 2 Finland 28,65 2 Italy 7,13 21 Spain 28,48 21 Finland 57,24 22 South Korea 28,18 22 South Korea 52,38 23 Norway 24,8 23 Spain 45,9 24 Portugal 2,82 24 Portugal 36,71 25 Chile 16,46 25 Greece 22,78 26 Slovenia 13,64 26 Chile 22,46 27 China 12,77 27 Slovenia 19,68 28 Czech Republic 12,63 28 Estonia 18,74 29 Greece 12,56 29 Czech Republic 18,29 3 Hungary 12,22 3 China 16,1 31 Estonia 11,32 31 Hungary 15,14 32 Latvia 1,19 32 Malaysia 15,11 33 Croatia 9,1 33 Latvia 13,63 34 Lithuania 8,56 34 Croatia 13,8 35 Malaysia 7,75 35 Lithuania 12,63 36 South Africa 7,8 36 Slovakia 12,31 37 Poland 7,7 37 Poland 11,2 38 Bulgaria 7,5 38 South Africa 9,47 39 Slovakia 6,15 39 Bulgaria 8,92 4 Mexico 5,65 4 Brazil 8,41 41 Brazil 4,98 41 Thailand 7,76 42 Romania 4,33 42 Mexico 6,8 43 Russia 4,18 43 Romania 6,6 44 Thailand 3,35 44 Russia 5,66 45 Colombia 3,9 45 Colombia 4,94 46 Peru 2,62 46 Turkey 3,96 47 Turkey 2,24 47 Peru 3,44 48 Argentina 1,44 48 Argentina 2,19 49 India 1,26 49 Kazakhstan 1,61 5 Kazakhstan 87 5 Serbia 1,55 51 Serbia 78 51 India 1,42 52 Indonesia 72 52 Indonesia 1,26 53 Ukraine 68 53 Ukraine 81 Global ranking 216 Sources: National Central Banks and Statistical Offices, UN Population Division, Allianz SE. 9
Gross versus net financial assets Gross financial assets Liabilities Net financial assets - = Sum of bank deposits, securities, insurance/pensions and other receivables 1