The “Global Wealth Report 2022” released a few days ago shows that Asia has surpassed Europe in terms of wealth. Taiwan’s per net assets reached 138,220 euros, surpassing Japan, South Korea, and Singapore, ranking first in Asia. It ranks fifth in the world, after the United States, Switzerland, Denmark, and Sweden.
Taipei, TAIWAN (Merxwire) – The “Allianz Global Wealth Report 2022” was recently released by the well-known financial services company Allianz. After analyzing the household assets and liabilities of 57 countries in the world, the report found that Asia’s wealth has surpassed that of Europe. Taiwan’s per net assets reached 138,220 euros, surpassing Japan, South Korea, and Singapore, and ranking first in Asia for the first time. It ranks fifth globally, after the United States, Switzerland, Denmark, and Sweden.
The report pointed out that global personal wealth has increased by about 60 trillion euros in the past three years, and increased the most were 12.5% in North America, 12.2% in Eastern Europe, and 11.3% in the Asian region (excluding Japan). The main growth cause is the stock market, accounting for 2/3 of the increase in assets. Among them, the total amount of private financial assets of Chinese families is about 32 trillion euros, which is 14% of the global, and Japan is 16 trillion euros. Let the Asian region officially replace Europe as the second-largest wealthy region after the United States.
In the total per capita financial assets of the world, Taiwan is 164,610 euros, second place in Asia and ranking 9th among 57 countries and regions. Singapore is 173,610 euros ranked first in ASIA. The top five are Switzerland, the United States, Denmark, Sweden, and the Netherlands.
In the “Households Debt to GDP” part of various countries, the highest ranking is South Korea with the highest debt, and the number is 109.1%. Taiwan and Thailand ranked second, accounting for 90%, followed by 89% of Malaysia and 74% of Japan. In the entire Asian region, the average proportion of family liabilities is about 60.6%, which is the only country and region in the world that was more than 10 years ago.
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Arne Holzhausen, an economist, believes that the main reason for the increase in savings of people is related to the COVID-19 outbreak. Because of the longer time spent working and studying at home, travel, dining out and various transportation expenses have been reduced, and some countries have policies to compensate for the income loss of people, which has allowed people to save more.
Global economic growth in 2021 is mainly related to the tightening of monetary policies in various countries, which has prompted the stock market to climb all the way, and household financial assets have reached new highs for three consecutive years. Global financial assets grew by 10.4%, a double-digit growth rate for the third consecutive year, and a record high of 233 trillion euros.
After inspection and analysis, economists are worried about the economic trend this year. They believe that as the epidemic subsides, and global inflation intensifies, coupled with the impact of the Ukrainian-Russian war and the monetary tightening policies of various countries to fight inflation, there will be a shortage of energy and food in the future. And the problem of rising prices will become more serious, which is bound to affect the development of the global economy. It is estimated that financial assets will decrease by more than 2% in the world in 2022, which is the first major loss since the 2008 financial tsunami, and the real value of household assets will also decrease by 1/10.
It is estimated that in 2022, the prosperity of these three years of rapid economic growth will end, and the global economy will undergo an unpredictable and drastic change. At this moment, countries around the world should more carefully evaluate the next monetary and economic policies, gradually transform into sustainable energy, and take more preventive measures to activate the social economy, to cope with the more severe shortage of materials and energy and the economic downturn in the future.