1、22Liabilities:the return of debt42Wealth distribution:frozen12 October 2022hurrah06Financial assets:third record year in a rowPhoto by Redd on UnsplashAllianz ResearchAllianz Global Wealth Report 2022The lastAllianz ResearchThe last year of a past epochIn retrospect,2021 might have been the last yea

2、r of the old“new normal”,with bullish stock markets powered by monetary policy.Households benefited handsomely:For a third year in a row,global financial assets grew by double digits in 2021,reaching EUR233trn(+10.4%).In the last three years,private wealth increased by a staggering EUR60trn,equivale

3、nt to adding two Eurozones to the global financial pile.The dawn of a new era2022 will be different.The war in Ukraine choked the recovery post Covid-19 and turned the world upside down:Inflation is rampant,energy and food are scarce and monetary tightening is squeezing economies and markets.Househo

4、lds will feel the pinch:Global financial assets are set to decline by more than-2%in 2022,the first significant destruction of financial wealth since the Global Financial Crisis(GFC)in 2008.In real terms,households will lose a tenth of their wealth.But in contrast to the GFC,which was followed by a

5、relatively swift turnaround not least in asset markets this time around the mid-term outlook,too,is rather bleak:The average growth of financial assets is expected to be at+4.6%until 2025,compared with+10.4%in the preceding three years.Converging growth ratesLast year,three regions stood out in asse

6、t growth:Asia ex Japan(+11.3%),Eastern Europe(12.2%)and North America(+12.5%).Thus,for the third year in a row,the richest region of the world with gross financial assets per capita amounting to EUR294,240(against a global average of EUR41,980)clocked emerging-market-like growth rates.On the other h