2025年全球财富报告-Allianz

Financial Assets Growth - In 2024, global financial assets of private households increased by 8.7%, reaching a total of EUR 269 trillion, marking a new record [1][27][85] - The growth in financial assets surpassed the previous year's growth of 8.0%, but relative to economic activity, it remained at the same level as in 2017, at 283% [1][27] Regional Distribution - North America holds nearly half of the global private financial assets, with its share remaining stable over the past 20 years [1][11] - China's share of global financial assets has increased to 15%, a fivefold increase since 2004, while Western Europe and Japan have seen declines of 9.1 percentage points and 5.9 percentage points, respectively [1][11][30] - In 2024, North America contributed 53.6% to the global financial asset growth, while China and Western Europe contributed 19.8% and 14.1%, respectively [1][12][34] Asset Structure - Securities have been the key driver of asset growth, with growth rates in 2023 and 2024 nearly double that of other asset classes [1][13] - North American investors allocated 59.2% of their portfolios to securities, significantly higher than Western Europe's 34.9% [1][13][59] Debt Trends - Global private debt growth slowed to 3.1% in 2024, totaling EUR 59.6 trillion, with China experiencing a drastic reduction in growth from an average of 20% over the past two decades to just 3.4% [2][16] - The global debt ratio stands at 62.6%, with significant deleveraging in developed economies, while emerging markets, particularly China, have seen rising debt ratios [2][18] Real Estate Market - The value of real estate assets grew by 3.6% in 2024, an acceleration from 1.7% in 2023, but still at a historical low [2][19] - Price trends varied significantly, with North American real estate prices increasing due to supply shortages, while many Western European markets saw declines [2][19] Wealth Distribution - The wealth gap remains significant, with the richest 10% of the global population holding 85.1% of net financial assets [2][21] - In China, the wealth share of the top 10% has risen to 67.9%, indicating a stable concentration of wealth over the past five years [2][22] Future Outlook - Global financial assets are projected to grow by 6% in 2025, with potential volatility due to geopolitical factors and uncertainties surrounding AI development [2][85] - The medium-term outlook suggests financial asset growth may stabilize between 4% and 5% in the coming years, with increasing volatility expected [2][85]