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Global wealth is growing rapidly - but the gap between rich and poor is growing
Thanks to the booming stock markets, the financial assets of private households grew faster in 2019 than it has done in 15 years. However, inequality has also increased. The richest ten percent own 84 percent of the wealth.
According to Allianz calculations, booming stock markets increased the wealth of people around the globe sharply in 2019. Worldwide, the gross financial assets of private households increased by 9.7 percent to 192 trillion euros compared to the previous year, the insurance company announced on Wednesday.
This was the strongest growth since 2005. However: The gap between rich and poor countries has widened again, according to the information, the lion's share of around 84 percent of the wealth is owned by the richest ten percent worldwide.
According to Allianz economists, the corona crisis should not affect wealth growth: the aid packages from states and central banks shielded wealth "from the consequences of a world in disorder". It is therefore very likely that private financial assets will continue to grow in the year of the pandemic.
Germans own an average of 57,100 euros net per capita
For the eleventh edition of its "Global Wealth Report", Allianz has compiled data on the financial assets and debt of private households in 57 countries. Cash, bank deposits, securities and claims against insurance companies and pension funds were taken into account, but not real estate. After deducting debts, the financial assets of households in the countries examined increased by 11.1 percent in 2019 to a net 146 trillion euros.
According to Allianz, gross financial assets in Germany rose by 7.2 percent to a good 6.66 trillion euros. This is the strongest increase since the turn of the century. In terms of net financial assets per capita - i.e. minus debt - Germany remained in 18th place in the list of the 20 richest countries worldwide with just under 57,100 euros.
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