Financial services firm Allianz announced the “2022 Global Wealth Report 2022” on the 12th. The report shows that Asia is richer than Europe, with Taiwan’s net worth per capita of 138,220 euros (approximately NT $ 4, 31 million) which surpasses Japan and Singapore in first place in Asia and fifth in the world.
The “Global Wealth Report 2022” pointed out that in terms of total financial assets per capita, Taiwan was € 164,610 (approximately NT $ 5.13 million), ranking 9th among the 57 countries and regions surveyed, and Asia was second only to Singapore’s 170,000 3,610 euros (approximately NT $ 5.41 million). However, if you look at net assets per capita after deducting liabilities, Taiwan’s net assets per capita amounted to € 138,220 (approximately NT $ 4.31 million), officially surpassing Singapore’s € 134,150 making it the richest in Singapore. Asia and ranking fifth in the world. United States, Switzerland, Denmark and Sweden.
However, the report also considers the “household debt ratio” of various countries: the highest proportion is South Korea, which reaches 109.1%, while Taiwan and Thailand are in second place with 90%. Looking at the Asian region, the average household debt is around 60.6%, the only region in the world with a much higher debt than 10 years ago.
Deutsche Welle (DW) reported that the latest report gathering data for 2021 analyzes the asset and debt conditions of nearly 60 countries, stating that 2021 could be the last year of substantial economic growth and 2022 will be a turning point, which could occur globally “The Shocking Transformation”.
The Allianz report, titled “The Last Hurray”, highlights economic prosperity in 2021. The stock market is driven by monetary policy and household wealth benefits as well. Global financial assets for the third consecutive year recorded double-digit growth. Over the past 3 years, global private wealth has increased by 60 trillion euros, of which 3 regions have an outstanding performance in asset growth, i.e. Asia (excluding Japan) has increased by 11.3%, the Eastern Europe rose 12.2%, North America rose 12.5%, the main asset growth The momentum comes from the stock market boom, which will contribute about two-thirds of wealth growth in 2021.
The report also highlights that Asia is richer than Europe. The total financial assets of private households in mainland China are estimated at 32 trillion euros, or 14% of the world’s total financial assets, while the 16 trillion euros of Japan, China and Japan are second only to 103 trillion. euro of the United States. Asia has overtaken Europe as the second richest region after the United States.
“People didn’t spend a lot during COVID-19,” said Allianz economist Arne Holzhausen. Although the outbreak has disrupted the pace of life, it has also saved people on vacation, restaurants and transportation.On the other hand, the state will compensate people for the loss of income, which increases people’s savings.
But the report says 2022 is a turning point. Earlier this year, the Russian-Ukrainian war stifled the recovery after the epidemic and turned the world upside down, fueling soaring inflation, and governments of various countries resorted to monetary tightening policies to curb inflation. ; in addition, the war has also worsened the energy and food crisis. The report argues that monetary tightening is squeezing the economy and markets after the value of households’ financial assets hit a record high for three consecutive years, “in real terms, households will lose 1/10 of their wealth.”
Publisher: Qin Yingwen
