From 2019 to 2021, global private wealth grew by €60 trillion, twice the size of eurozone GDP.
( AFP / PHILIPPE HUGUEN )
The financial wealth of households worldwide is expected to fall by more than 2% in 2022, a “turning point” against a backdrop of inflation, after three years of increase, against a backdrop of war in Ukraine, the German insurer said on Wednesday October 12. Allianz.
This is the first notable decline since the 2008 financial crisis.
In 2021, household wealth – net of debt – which mixes
bank deposits
l’
pension saving
and the
stock market assets
increased by 10.4% (excluding inflation) to reach 233,000 billion euros, according to the annual report of the insurer which analyzes global wealth in nearly 60 countries.
The year 2022 will “mark a turning point” and “the years to come will be different”
, according to Ludovic Subran, chief economist of Allianz. The war in Ukraine has broken the post-corona recovery and made inflation “out of control”, explains the insurer. In response, the abrupt tightening of monetary policy on both sides of the Atlantic, still unimaginable at the start of the year, accentuated the decline in economies and showered equity markets.
From 2019 to 2021, global private wealth increased by 60 trillion euros, twice the size of eurozone GDP, against the backdrop of very expansive monetary policy.
France ranks 16th in wealth per capita
The Covid-19 crisis also brought a huge flow of forced savings in 2020, which fell by 19% in 2021 with the reopening of economies. As a result, bank deposits have seen their share of total savings fall to 63% but remain by far the preferred asset class for savers.
By country in 2021, net wealth per capita stands at some 260,000 euros in the United States, which retains first place in the international ranking, ahead of Switzerland and Denmark.
France ranks 16th (72,320 euros)
and Germany, where savers traditionally have little taste for risky investments, is 18th (68,290 euros).
The distribution of net financial assets on a global scale remains extremely concentrated, with the richest 10% of the population studied – ie 560 million people – holding 86% of the total. At the other extreme, some 2.8 billion of the least wealthy people own less than 1% of the wealth.