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Germany against the trend: stock market slump gnaws worldwide at the financial assets of the people

2019-09-18T10:38:21.917Z

TIME ONLINE | News, backgrounds and debates



Frankfurt / Main (dpa) - Preliminary end of a boom: For the first time since the financial crisis in 2008, the wealth of people worldwide has fallen according to calculations of the insurance group Allianz.

Households' gross financial assets declined by 0.1 percent to the equivalent of € 172.5 trillion, mainly due to the price collapse on the stock exchanges, as evidenced by the "Global Wealth Report 2019" published on Wednesday in Frankfurt.

In Germany, against the trend, there was an increase of 2.2 percent to 6.2 trillion euros. People saved so much as in hardly any other country. This more than compensated for the losses on the stock markets.

Global, the share prices were reported to decline by about 12 percent. The escalating trade conflict between the US and China, the uncertainties of Brexit and geopolitical tensions clouded investor sentiment. "Increasing uncertainty takes its toll," said Allianz chief economist Michael Heise. Trade is not a zero-sum game. "Either all win - as in the past - or lose it all - as last year."

In its annual "Global Wealth Report" covering 53 countries, the alliance considers cash, bank deposits and securities as well as claims against insurance and pension funds, but not real estate. Net, ie minus debt, the financial assets in the surveyed states fell in 2018 by 1.9 percent to 129.8 trillion euros.

The highest gross financial assets per capita were again calculated by the Swiss (266 320 euros), followed by the Americans (227 360) and the Danes (156 320). Less debts, the Americans (184 410) were ahead. Germany ranked 19th with a gross financial investment of 74,620 euros per capita, net it was 52,860 euros (18th place).

Source: zeit

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