1、24 September 202407Financial assets:Surprising reliefAllianz Research32Distribution:Progress is in the eye of the beholderSurprising reliefAllianzTradeAllianz Global Wealth Report 2024 26Real estate:Setback20Liabilities:Expected restraintAllianz ResearchSurprising reliefAgainst the backdrop of resil

2、ient economies and booming markets despite monetary tightening,global financial assets of private households recorded strong growth in 2023:With an increase of+7.6%,the losses of the previous year(-3.5%)were more than made up for.Overall,total financial assets amounted to EUR239trn at the end of 202

3、3.But growth in the three major asset classes was quite uneven.Securities(+11.0%)and insurance/pensions(+6.2%)benefited from the stock market boom and higher rates,growing significantly faster than the average of the last ten years.In contrast,growth in bank deposits fell to+4.6%after the pandemic-r

4、elated boom years,recording one of the lowest increases in the last 20 years.No place for bank depositsIn 2023,the normalization of fresh savings continued after the pandemic-related boom years of forced savings:They fell by-19.3%to EUR3.0trn.The movement in stocks is echoed by the shifts in financi

5、al asset flows as this decline was almost exclusively attributable to bank deposits.On balance,banks worldwide only received EUR19bn,a slump of-97.7%.The main culprit:US households who liquidated deposits worth EUR650bn.The other two asset classes,on the other hand,remained popular with savers.Inflo

6、ws into securities even increased once again by+10.0%from their record level of the previous year.However,there was a notable change of favorites within this asset class:While shares were sold on balance in many markets,savers made strong gains in bonds,thanks to the turnaround in interest rates.Thi