Allianz Unveils 15th Edition of Global Wealth Report
Allianz has recently released the 15th edition of its "Global Wealth Report", which analyzes the financial situation and indebtedness of households in nearly 60 countries.
Global Financial Assets on the Rise
At the global level, private households' financial assets increased by 7.6% in 2023, more than compensating for the decline recorded the previous year.
Private Debt Growth Slows Down
With the rise in interest rates, the growth of private debt has weakened further, reaching 4.1% globally, the lowest growth rate in 9 years.
Concentration of Financial Assets Remains High
The concentration of financial assets globally remains very high. In 2023, the top 10% of the global population (approximately 570 million people) held 85.7% of total financial assets, although this figure has decreased compared to 91.9% 20 years ago. In comparison, the unweighted national average is 61.1%. At the current rate, it would take another 78 years to achieve a "normal" distribution of wealth, similar to that observed within countries.
Middle Class on the Rise
However, even though the top 10% still hold the majority of wealth, the global middle class has grown significantly, particularly thanks to emerging economies like China and other Asian countries. [1]
Emerging Economies on the Rise
The rise of poorer countries in global prosperity is even more visible among the wealthy: last year, emerging economies represented 34% of this class, compared to only 1% 20 years ago.
Top 5 Richest Countries
Based on gross financial assets per capita in 2023, the top 5 richest countries are:
- Switzerland (€382,910)
- United States (€314,930)
- Denmark (€231,060)
- Singapore (€216,990)
- Canada (€177,050)
This reflects the average wealth of citizens in each country in terms of financial assets, such as savings, investments, and other financial assets.
[1] According to the OECD, emerging economies are experiencing higher growth rates than advanced economies.
