Global financial assets of private households

Transcription

1 Economic Research Global financial assets of private households Munich, September 216

2 Weakest growth in financial assets since 211 Financial assets and liabilities of private households worldwide in EUR tn (lhs) and changerate y/y in percent (rhs) Liabilities Net financial assets Change rate of gross financial assets Gross financial assets increased by 4.9% in 215 to EUR 155 trillion Private savings amounted to more than 26% of global economic output and around 25% of global market capitalization Debt growth remained stable at 4.5% compared with 4.3% in 214; global liabilities climbed to EUR 39 trillion -1 Sources: IMF, National Central Banks and Statistical Offices, Thomson Reuters, WFE, Allianz SE. 2

3 No trust in capital markets in Western Europe North America flows by asset class, in EUR bn Western Europe* flows by asset class, in EUR bn Bank deposits Securities Insurance and pensions Average Average *excl. Switzerland. Sources: National Central Banks and Statistical Offices, Allianz SE. 3

4 Asia outpaces all other regions Change of gross financial assets in percent Asset classes as percent of gross financialassets /214 CAGR* Other Insurance and pensions Securities Bank deposits *CAGR = compound annual growth rate. Sources: National Central Banks and Statistical Offices, Allianz SE. 4

5 Latin America lags behind Development of net financial assets per capita by region index (25 = 1) 4 Asia ex Japan Eastern Europe EU-Eastern Europe LatinAmerica Oceania North America Western Europe Japan Sources: National Central Banks and Statistical Offices, UN Population Division, Allianz SE. 5

6 Slow catch-up process in wealth Share of global financial assets in percent Asia ex Japan Latin America Eastern Europe Rest of World Share of global GDP in percent Asia ex Japan Latin America Eastern Europe Rest of World Sources: National Central Banks and Statistical Offices, Thomson Reuters, Allianz SE. 6

7 Global debt growth stable at a moderate level Development of global debt burden in percent, in EUR trillion Increase of debt by region in percent North America Oceania Western Europe Japan Eastern Europe Latin America Liabilities, in EUR tn (lhs) Change rate y/y, in % (rhs) Asia ex Japan CAGR* (rhs) CAGR* (rhs) CAGR* *CAGR = compound annual growth rate. Sources: National Central Banks and Statistical Offices, Allianz SE. 7

8 Global debt ratio remains constant Economic growth vs. debt growth y/y, in percent Debt ratios Liabilities as percent of nominal GDP 1 Global liabilities Global nominal GDP Oceania Japan North America 6 7 Western Europe 5 6 World Asia ex Japan Latin America Eastern Europe Sources: National Central Banks and Statistical Offices, Thomson Reuters, Allianz SE. 8

9 Euro countries slip back Average net financial assets per capita 215 in EUR Switzerland (+) USA (+) UK (+2) Sweden (+7) Belgium (-1) Japan (-3) Denmark (+5) Taiwan (+7) Netherlands (-2) Singapore (+4) Canada (-3) Israel (-2) New Zealand (+) Australia (+5) Italy (-9) France (-7) Austria (+) Germany (+) Ireland (-3) Finland (+) 27,47 95,6 89,94 85,3 83,89 81,29 81,24 8,18 79,26 76,96 71,37 67,9 58,87 53,49 53,42 51,6 47,68 41,91 16,95 17,59 Figure in brackets= Numberof rungs a country has climbed/droppedsince 2 Sources: National Central Banks and Statistical Offices, UN Population Division, Allianz SE. 9

10 Text einfügen Appendix 1

11 Global ranking 215 by net per capita financial assets (in EUR) by gross per capita financial assets (in EUR) 1 Switzerland 17,589 1 Switzerland 26,84 2 USA 16,949 2 USA 22,489 3 United Kingdom 95,6 3 Denmark 145,111 4 Sweden 89,942 4 UK 132,38 5 Belgium 85,27 5 Sweden 13,664 6 Japan 83,888 6 Netherlands 129,698 7 Denmark 81,293 7 Australia 12,523 8 Taiwan 81,242 8 Singapore 114,155 9 Netherlands 8,182 9 Canada 113,831 1 Singapore 79,261 1 Japan 18,66 11 Canada 76,96 11 Belgium 17, Israel 71, Taiwan 99, New Zealand 67,91 13 New Zealand 9,6 14 Australia 58, Israel 85,38 15 Italy 53, Norway 82,93 16 France 53, Ireland 75, Austria 51,62 17 France 75,61 18 Germany 47, Austria 71, Ireland 41, Italy 68,854 2 Finland 27,468 2 Germany 67, South Korea 27, Finland 54, Spain 26, South Korea 49,58 23 Portugal 2, Spain 43, Norway 19, Portugal 36, Slovenia 13, Greece 21, Czech Republic 12, Slovenia 19,44 27 Chile 11, Czech Rep. 18,54 28 China 11, Estonia 16, Greece 11, Chile 16,575 3 Hungary 1,562 3 Malaysia 14, Estonia 9, China 14, Latvia 9,63 32 Hungary 13,27 33 Croatia 8,59 33 Latvia 13,76 34 Malaysia 7, Croatia 12, Lithuania 7,54 35 Lithuania 11, Poland 6,54 36 Slovakia 1, Bulgaria 6,37 37 Poland 1, Mexico 6,17 38 Bulgaria 8,17 39 South Africa 5, South Africa 7,961 4 Slovakia 5,3 4 Mexico 7, Romania 3, Thailand 6,73 42 Russia 3,86 42 Romania 5, Peru 2, Russia 4, Turkey 2, Turkey 3, Thailand 1, Brazil 3, Argentina 1, Peru 3,19 47 Colombia 1, Colombia 2, India 1,96 48 Argentina 1,98 49 Serbia Serbia 1,452 5 Brazil Kazakhstan 1, Ukraine India 1, Indonesia Indonesia 1, Kazakhstan Ukraine 845 Sources: National Central Banks and Statistical Offices, UN Population Division, Allianz SE. 11

12 Gross versus net financial assets Gross financial assets Liabilities Net financial assets - = Sum of bank deposits, securities, insurance/pensions and other receivables 12