安联全球财富报告2025：强势推进

Allianz Global Wealth Report 2025 25 September 2025 Content Page 3-5Executive Summary Page 6-18Financial assets: Powering ahead Page 19-27Liabilities: No recovery Page 28-31Real estate: Bottoming out Page 32-36Distribution: No progress Page 37-38Appendices SummaryExecutivePowering ahead2024 saw another year of solid growth for the global economy – and anotherbumper year for financial assets of private households, which rose by +8.7%,surpassing the strong growth of the previous year (+8.0%). By the end of 2024, total financial assets had reached a new absolute record of EUR269trn, though Michaela GrimmSenior Economist,Demography & Social Protection The US remains on top As might be expected, this enormous wealth is not distributed evenly across theworld. In fact, around half of all private financial assets are concentrated in justone region: North America. Remarkably, America‘s share has hardly changed inthe last 20 years, despite the rapid rise of China, whose share is now around 15%– a fivefold increase compared to 2004. China‘s rise has come at the expenseof other developed regions: Western Europe and Japan have lost significant Arne HolzhausenHead of Insurance, Wealth & ESG Researcharne.holzhausen@allianz.com Patricia Pelayo-RomeroSenior Economist, Insurance & ESGpatricia.pelayo-romero@allianz.com Growth made in the USA Over the past 20 years, the financial assets of American households have grownin line with the global average. But in 2024, their growth was significantly higher.This is in stark contrast to Western Europe and Japan, where growth laggedthe global average by over 2pps and just under 4pps per year, respectively.Combined with the sheer size of American financial assets, this means thatin 2024 more than half (53.6%) of the growth in global financial assets was Kathrin StoffelEconomist, Insurance & Wealthkathrin.stoffel@allianz.com Owning securities, particularly stocks, is key for asset growth. In this respect, thelast two years have been extremely gratifying for savers. In both 2023 (+11.5%)and 2024 (+12.0%), securities grew almost twice as fast as the other two assetclasses: insurance/pensions (+6.7% and +6.9%, respectively) and bank deposits(+4.7% and +5.7%, respectively). However, the extent to which savers benefitfrom rising securities prices varies widely between countries and regions due to Hard savers American savers also demonstrate a clear preference for securities wheninvesting new savings. In 2024, for instance, they accounted for 67% of freshsavings, compared to just 26% in Western Europe. This consistent focus oninvestment vehicles with high potential for value appreciation has paid off. Whilefinancial assets in North America grew by an average of +6.2% per year over thelast ten years, Western Europe achieved an average growth rate of just 3.8%.However, savings efforts are higher in Europe: on average over the last decade, No more debt, please Although central banks started to lower their key interest rates again in 2024,this did not result in an increase in demand for loans. In fact, global private debtgrowth slowed further, from +3.8% in 2023 to +3.1%. Overall, global householddebt totaled EUR59.6trn at the end of 2024. Nearly all regions recorded anemicdebt growth in 2024, with China being a case in point: While private liabilities Surging net financial assets Relatively strong growth in assets and relatively weak growth in debt led to asignificant increase in net financial assets (financial assets minus liabilities) in2024. At +10.3%, this exceeded the strong growth of the previous year (+9.4%) bya considerable margin. Overall, global net financial assets totaled EUR210trn Emerging debt The global debt ratio (liabilities as a percentage of GDP) was 62.6%, which isalmost 8pps lower than two decades ago. However, this does not apply to allregions. Deleveraging was primarily pursued by households in North America(-15.9pps), Japan (-6.1pps) and Western Europe (-2.5pps). By contrast, mostemerging markets have experienced a significant increase in their debt ratiosover the past two decades. China leads the way, with its ratio rising by 43.4pps Another weak year for real estate In 2024, the value of real estate assets grew at more than twice the speed thanin the previous year: +3.6%, compared to +1.7% in 2023. However, even this figureis rather weak in historical terms; growth was weaker only in the aftermath ofthe global financial crisis in 2012. However, price trends varied from market tomarket. While there were solid increases in North America, prices in Western Poor countries are no longer catching up For a long time, international wealth development was characterized byconvergence, with the gap between poorer and richer countries narrowing. This isno longer the case, as seen in the ratio of net financial assets between advancedand emerging markets. Between 2004 and 2014, this figure fell sharply from 67to 24. This means that, on average, the net