Allianz unveiled the 13th edition of its Global Wealth Report, which puts the asset and debt situation of households in almost 60 countries under the microscope.

In retrospect, 2021 might have been the last year of the old “new normal”, with bullish stock markets powered by monetary policy.

Households benefitted handsomely: For the third year in a row, global financial assets grew by double-digits in 2021, reaching €233tn (+10.4%).

In these last three years, private wealth increased by a staggering €60tn. This amounts to adding two eurozones to the global financial pile.

Three regions stood out in asset growth: Asia ex Japan (+11.3%), Eastern Europe (12.2%) – and North America (+12.5%): As in the two previous years, the richest region of the world – with gross financial assets per capita amounting to €294,240 against a global average of €41,980 – clocked emerging market-like growth rates.

On the other hand, Western Europe (€109,340) behaved more like a mature, rich region, with growth at 6.7%.

The main growth driver was the stock market boom, contributing around two-thirds to wealth growth in 2021 and propelling the asset class of securities (+15.2%).

Fresh savings, however, remained elevated, too. Despite dropping by around 19% in 2021, with €4.8tn they came in at still 40% above the level seen in 2019.

The composition of savings, too, changed, albeit only slightly: Bank deposits’ share fell but with 63.2% they remained by far the preferred asset class of savers; on the other hand, securities as well as insurance and pensions found increasing favour with savers, but their shares in fresh savings were much smaller, with 15.1% and 17.4%, respectively.

Reflecting these dynamics, global bank deposits grew by “only” 8.6% in 2021, still the second largest increase on record (after the 12.5% jump in 2020). Insurance and pension-fund assets showed much weaker development, rising by 5.7%.

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