Global financial assets increased by 9.7 percent last year and for the first time reached 200 trillion euros, while in Croatia they grew by 5.3 percent, according to the annual Allianz Global Wealth Report published on Thursday, which analyzes the assets and debts of households in nearly 60 countries.
Financial assets include cash and bank deposits, receivables from insurance companies and pension institutions, securities (stocks, bonds, and investment funds), and other receivables.
Although the global economy plunged into the largest recession since World War II last year, households managed to weather the pandemic-induced crisis with the help of monetary and fiscal policies that mobilized vast sums to support the economy. Savings were the main driver of household wealth increase, as it is noted that in the conditions of lockdowns that drastically reduced consumption opportunities, a global phenomenon of forced savings emerged, and savings jumped by 78 percent to a record 5.2 trillion euros.
Allianz expects the trend of increasing savings to continue, buoyed by the growing vaccination coverage, global GDP growth, loose monetary policies, and continued generous fiscal support.
Thus, 2021 is expected to be another good year for savers, with a total global growth of financial assets of about seven percent, forecasts Allianz.
