2024年全球财富报告（英）-安联

24 September 202407Financial assets: Surprising reliefAllianz Research32Distribution: Progress is in the eye of the beholderSurprising reliefAllianz Global Wealth Report 2024 26Real estate: Setback20Liabilities: Expected restraintAllianz ResearchSurprising reliefAgainst the backdrop of resilient economies and booming markets despite monetary tightening, global financial assets of private households recorded strong growth in 2023: With an increase of +7.6%, the losses of the previous year (-3.5%) were more than made up for. Overall, total financial assets amounted to EUR239trn at the end of 2023. But growth in the three major asset classes was quite uneven. Securities (+11.0%) and insurance/pensions (+6.2%) benefited from the stock market boom and higher rates, growing significantly faster than the average of the last ten years. In contrast, growth in bank deposits fell to +4.6% after the pandemic-related boom years, recording one of the lowest increases in the last 20 years.No place for bank depositsIn 2023, the normalization of fresh savings continued after the pandemic-related boom years of forced savings: They fell by -19.3% to EUR3.0trn. The movement in stocks is echoed by the shifts in financial asset flows as this decline was almost exclusively attributable to bank deposits. On balance, banks worldwide only received EUR19bn, a slump of -97.7%. The main culprit: US households who liquidated deposits worth EUR650bn. The other two asset classes, on the other hand, remained popular with savers. Inflows into securities even increased once again – by +10.0% – from their record level of the previous year. However, there was a notable change of favorites within this asset class: While shares were sold on balance in many markets, savers made strong gains in bonds, thanks to the turnaround in interest rates. This led to an +84.3% increase in securities purchases in Western Europe, for example. European savers have never been more fond of capital market products. Finally, insurance/pensions proved to be relatively robust, with the decline in fresh savings worldwide amounting to just -4.9%.The Atlantic divideSavings behavior is a decisive factor for asset growth. There are basically two sources of growth in financial assets: savings efforts and price increases (increase in value). Over the last 20 years, increases in the value of portfolios in the US – with its strong savings bias towards capital markets – have contributed an average of 62.4% to annual growth; in Western Europe, this figure is 34.2% (in Germany, growth over the long term is driven almost exclusively by savings efforts). This significant difference certainly contributes to the Atlantic divide in long-term growth in financial assets: While financial assets in Western Europe have doubled in the last two decades (+104%), the increase in the US is a whopping +178%, also bolstered by more favorable market developments.2SummaryExecutiveMichaela GrimmSenior Economist, Demography & Social Prote