Chinese household gross financial assets increased 13.6% to reach 25,689 billion euros ($ 29,689 billion) in 2020, according to the 12th edition of the Allianz Global Wealth Report published by Allianz Research on October 7, 2021.
Chinese net assets per capita reached 12,430 euros ($ 14,258) in 2020, up 13.9% on an annual basis. The figure was only 3,010 euros at the end of 2009, according to the report.
China makes up 24% of the world’s wealthy class, right next to North America’s 31%, according to the report. In terms of the number of members of the rich world class, China has now caught up with Western Europe, with around 140 million people each.
Chinese liabilities saw double-digit growth “slow” to 12.9% in 2020, the report added.
Lockdowns caused by the COVID-19 pandemic have dramatically reduced consumption opportunities around the world, with the emergence of “forced savings” resulting in unspent income in bank accounts, which have grown by 11, 9% in 2020.
Supported by the strength of the stock markets, securities of global asset classes rose 10.9%. At the same time, insurance and pension fund assets experienced a much weaker development, increasing by 6.3% in 2020.
Global fresh savings jumped 78% to € 5.2 trillion in 2020, making it an all-time high, with the main driver being massive inflows into bank deposits, which nearly tripled to 187% .
Bank deposits accounted for half or more of new savings in all markets considered, according to the report.