Allianz has presented the sixteenth edition of its Global Wealth Report, which analyzes the financial assets and debts of households in nearly 60 countries. Data for 2024 shows a continuation of strong growth, with global financial assets of households increasing by 8.7 percent to reach a record €269 trillion.
In relation to economic activity, the ratio of financial assets (283 percent of GDP) has only returned to the level of 2017, but the absolute amount continues to break records.
The U.S. as the Main Driver of Growth
Almost half of the total growth was achieved in the United States. Over the past decade, the financial assets of American households have grown in line with the global average. However, in 2024, their growth was even higher. This sharply contrasts with Western Europe and Japan, where growth lagged behind the global average by more than 2 percentage points and nearly 4 percentage points annually.
– The growth of financial assets in the U.S. is simply incredible. In 2024, half of the growth in global financial assets was achieved solely in the U.S. In the last decade, this share was 47 percent. China contributed 20 percent, and Western Europe 12 percent. At least when it comes to financial assets, the claim that other countries benefited at the expense of the U.S. is unfounded – said Ludovic Subran, Chief Economist of Allianz.
Croatia Closer to the German Savings Model
Ownership of securities, especially stocks, is crucial for asset growth. In this regard, the last two years have been extremely satisfactory for savers. In 2023 (11.5 percent) and 2024 (12.0 percent), securities grew almost twice as fast as the other two asset classes: insurance/pensions (6.7 percent and 6.9 percent) and bank deposits (4.7 percent and 5.7 percent).
However, the extent to which savers will benefit from the rise in securities prices largely depends on the portfolio structure, which varies significantly among countries and regions. North American savers stand out, with securities making up 59 percent of their portfolios. In Western Europe, this share is around 35 percent, while in Croatia, it is only 27 percent.
– When it comes to savings habits, the comparison between the U.S. and Germany is very instructive. Germany has achieved a growth in financial assets of 5.9 percent annually over the last decade, which is comparable to the U.S. (6.2 percent), but in a completely different way: new investments in savings amounted to 3.7 percent of existing financial assets annually – almost double that of the U.S. (2.0 percent). Meanwhile, the contribution of value growth was only 32 percent less than half of the contribution in the U.S. (67 percent). Croatia (annual growth of 6.3 percent) is more similar to Germany: efforts to invest in savings are even greater (4.5 percent), but value growth accounts for only 26 percent – said Kathrin Stoffel, co-author of the report.
