1、25 September 2025Allianz ResearchPowering AheadAllianz Global Wealth Report 2025Allianz Research2Content Page 3-5 Executive SummaryPage 6-18 Financial assets:Powering aheadPage 19-27 Liabilities:No recoveryPage 28-31 Real estate:Bottoming out Page 32-36 Distribution:No progress Page 37-38 Appendices

2、25 September 20253SummaryExecutiveArne HolzhausenHead of Insurance,Wealth&ESG RPowering ahead2024 saw another year of solid growth for the global economy and another bumper year for financial assets of private households,which rose by+8.7%,surpassing the strong growth of the previous year(+8.0%).By

3、the end of 2024,total financial assets had reached a new absolute record of EUR269trn,though at 283%relative to economic activity,this is only at the same level as in 2017 as inflation has“artificially”inflated the denominator.The US remains on topAs might be expected,this enormous wealth is not dis

4、tributed evenly across the world.In fact,around half of all private financial assets are concentrated in just one region:North America.Remarkably,Americas share has hardly changed in the last 20 years,despite the rapid rise of China,whose share is now around 15%a fivefold increase compared to 2004.C

5、hinas rise has come at the expense of other developed regions:Western Europe and Japan have lost significant market share over the last two decades,with Europe down 9.1pps and Japan down 5.9pps;Japans share has thus more than halved.Growth made in the USAOver the past 20 years,the financial assets o

6、f American households have grown in 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 lagged the global average by over 2pps and just under 4pps per year,respectively.Combined with the sheer size of Ameri