Allianz Global Wealth Report Reveals: SA's Financial Assets on an Upward Trajectory - IT News Africa | Business Technology, Telecoms and Startup News

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According the report, 2022 was an annus horribilis for savers. Asset prices fell across the board in an 'everything slump' scenario.

The 14th edition of the “Global Wealth Report”, was released by Allianz, revealing the asset and debt situation of households in almost 60 countries.According the report, 2022 was an annus horribilis for savers. Asset prices fell across the board in an “everything slump” scenario. The result was dismal -2.7% decline in private households’ global financial assets. This is the steepest drop since the Global Financial Crisis in 2008.

China’s financial assets grew robustly, too, clocking growth of 6.9%. Compared to the previous year and the long-term average of the last 20 years , this was a rather disappointing development – repeated lockdowns clearly took their toll.The gross financial assets of South African households increased by a modest 1.7% in 2022, way below the increase in the previous year .

While most regions could at least preserve some real growth in wealth, the situation in Western Europe is different: Any nominal gains were wiped out, real wealth decreased by -2.6% over 2019. Given a global inflation rate of around 6% in 2023, savers should be spared another year of real losses on their financial assets.

 

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