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September 16, 2010

September 14, 2010, 12:00 AM
America’s Dominance of Global Wealth Is Slipping
By NICK CORASANITI

For once, the poor are getting richer faster than the rich are getting richer.

While most of the world’s stocks and other assets still belong to Americans and Europeans, the gap is narrowing as emerging markets grow faster and people in the advanced countries focus on paying down debt, according to a report on global wealth by the German insurer Allianz.

The United States remains by far the nation with the most wealth, with 101,762 euros ($130,764) per person in stocks, bank accounts and insurance, Allianz researchers said Tuesday. Some 39 percent of the world’s wealth belongs to Americans, while Western Europe accounts for another 31 percent.

But American dominance of the world’s financial assets is slipping. United States wealth has plunged 12 percent since 2007, as Americans’ stock portfolios lost value and people diverted assets to pay off mortgages.

“Households are paying off debt they acquired during the boom, and that means less money is flowing into investments,” Allianz’s chief economist, Michael Heise, told reporters in Frankfurt on Tuesday.

Only Greece, which is in a deep recession and trying to dig its way out of a fiscal crisis, has experienced a bigger decline in wealth since the financial crisis began — 14 percent, according to Allianz. Other big declines occurred in Spain, which also has fiscal and economic problems, as well as Japan and Switzerland. Switzerland remained the wealthiest country, though, with assets worth 163,732 euros per person.

Globally, the world is still trying to recover the wealth it has lost since the financial crisis began. Wealth in the 50 countries surveyed rose 7.5 percent last year, but remains 4 percent below the precrisis level, Allianz said.

Germany was one of the few advanced countries to have recovered its precrisis wealth, thanks to conservative investment habits. Germans typically have fewer stocks in their portfolios than Americans, Mr. Heise said.

But the financial crisis is having a leveling effect on global wealth. In fact, poorer regions of the world have been gaining ground since the dot-com bubble burst at the beginning of the decade.

In Eastern Europe, which has had the biggest gains, wealth has soared an average of more than 16 percent a year since in 2000. Asia (not including Japan) and Latin America are close behind with average annual gains of more than 12 percent, Allianz said. The United States and Europe have managed gains of 3 percent or less.

In the 50 countries Allianz researchers looked at, more than one billion people out of a total of 4.7 billion have assets of more than 5,300 euros, not counting real estate.

True, the gap between rich and poor is still huge. Per capita wealth in the richest countries is still 45 times that of the poorest countries. But a decade ago, wealthy countries had 135 times as much wealth.

That is progress, of a sort.
Allianz: Losses from financial crisis not yet overcome
16/09/2010 11:57 (07:25 minutes ago)
The FINANCIAL — Allianz presented on September 14 the first edition of its “Global Wealth Report”. The analysis of 50 countries shows that the wealth losses as a consequence of the financial crisis have not yet been overcome.

Despite a marked increase to the tune of 7.5 percent, global financial assets at the end of 2009 (82.230 trillion euros) were still some 4 percent lower than the level of 85.590 trillion euros reached before the crisis. “Far too little has been said so far about this blow to savers”, said Michael Heise, Chief Economist at Allianz.

“Global financial assets have been growing by an average of 3.7 percent a year since 2001 – slower than nominal economic output. Per capita growth at 2.8 percent was below average global inflation of 3.4 percent. The reasons for this weak performance can be found in the developed countries. Low savings rates and, above all, the severe losses during the financial crisis and triggered by the bursting of the internet bubble have depressed average growth. The biggest losers of the financial crisis are almost exclusively established industrial countries – with the USA, Greece and Spain at the fore,” Allianz said.

Wealth losses in Germany already offset

In Germany the wealth losses have already been offset. This can be attributed to the high savings rate by international standards and the relatively conservative investment structure which limited the losses in the crisis. However, in the long-term, the conservative investment structure also has drawbacks. In an international comparison, per capita financial assets in Germany are relatively low; the rate of increase at 3.2 percent is well below the average figure for Europe of 4.1 percent. The ranking of the richest countries is led by Switzerland, followed at some distance by the USA, Denmark, the Netherlands and Japan. Germany ranks 16th.

Financial assets in the emerging markets grew by an average 13 to 17 percent a year over the past ten years. “The poorer countries are catching up; the prosperity gap has shrunk somewhat due to the financial crisis. Whereas at the beginning of the decade financial assets in the rich countries were 135 times higher than in the poor countries, this factor has now fallen to 45. However, the absolute differences are still very large. North America, Western Europe and Japan still account for more than 85 percent of overall global financial assets”, according to Heise.

Risk aversion on the increase

In the wake of the financial crisis risk aversion can be seen to be on the increase. In the global investment mix, securities have lost six percentage points since the year 2000 whereas bank deposits have gained five percentage points and insurance policies one percentage point. Empirical calculations conducted by Allianz show that stock market crashes have a lasting impact on investment. Although securities purchases recover after the crash, long-term the securities ratio remains some five percentage points lower.

Private household wealth plays an important role in cushioning the inevitable impact of demographic change. Currently, financial security in old-age is not one of the main motivations behind capital formation across the globe. “The increase in bank deposits as a proportion of financial assets shows that risk aversion is winning in the race against a focus on long-term returns. It is therefore crucial that, as the global financial architecture is revamped, the basis for a return of investor confidence in long-term investments is laid”, said Heise.

The analysis of wealth distribution by country neglects to take account of differences within individual countries. Consequently, the Allianz Global Wealth Report has also calculated the average per capita wealth per population decile within the countries analyzed. According to this calculation, 565 million people worldwide belong to the wealth middle class (per capita financial assets of between 5,300 euros and 31,600 euros); more than half of them are not from industrial countries. In the year 2000 the wealth middle class numbered only 300 million people. 493 million people in the world can be deemed to belong to the wealth upper class. While the vast majority of this upper class lives in the industrial countries, there are no less than 35 million people with considerable wealth living in poorer countries.
Allianz Global Wealth Report
Losses from financial crisis not yet overcome
Global financial assets up by 7.5 percent in 2009 / Germany only in 16th place in terms of gross financial assets per capita / Huge prosperity gap between poor and rich countries is shrinking / In wake of financial crisis, risk aversion is winning in race against focus on long-term returns / 565 million people worldwide belong to wealth middle class

Allianz SE
Munich, Sep 14, 2010
Michael Heise: “Far too little has been said so far about the blow to savers”
Allianz presented today the first edition of its “Global Wealth Report”. The analysis of 50 countries shows that the wealth losses as a consequence of the financial crisis have not yet been overcome. Despite a marked increase to the tune of 7.5 percent, global financial assets at the end of 2009 (82.230 trillion euros) were still some 4 percent lower than the level of 85.590 trillion euros reached before the crisis. “Far too little has been said so far about this blow to savers”, said Michael Heise, Chief Economist at Allianz.

Global financial assets have been growing by an average of 3.7 percent a year since 2001 – slower than nominal economic output. Per capita growth at 2.8 percent was below average global inflation of 3.4 percent. The reasons for this weak performance can be found in the developed countries. Low savings rates and, above all, the severe losses during the financial crisis and triggered by the bursting of the internet bubble have depressed average growth. The biggest losers of the financial crisis are almost exclusively established industrial countries – with the USA, Greece and Spain at the fore.

Wealth losses in Germany already offset

In Germany the wealth losses have already been offset. This can be attributed to the high savings rate by international standards and the relatively conservative investment structure which limited the losses in the crisis. However, in the long-term, the conservative investment structure also has drawbacks. In an international comparison, per capita financial assets in Germany are relatively low; the rate of increase at 3.2 percent is well below the average figure for Europe of 4.1 percent. The ranking of the richest countries is led by Switzerland, followed at some distance by the USA, Denmark, the Netherlands and Japan. Germany ranks 16th.


Financial assets in the emerging markets grew by an average 13 to 17 percent a year over the past ten years. “The poorer countries are catching up; the prosperity gap has shrunk somewhat due to the financial crisis. Whereas at the beginning of the decade financial assets in the rich countries were 135 times higher than in the poor countries, this factor has now fallen to 45. However, the absolute differences are still very large. North America, Western Europe and Japan still account for more than 85 percent of overall global financial assets”, according to Heise.

Risk aversion on the increase

In the wake of the financial crisis risk aversion can be seen to be on the increase. In the global investment mix, securities have lost six percentage points since the year 2000 whereas bank deposits have gained five percentage points and insurance policies one percentage point. Empirical calculations conducted by Allianz show that stock market crashes have a lasting impact on investment. Although securities purchases recover after the crash, long-term the securities ratio remains some five percentage points lower.

Private household wealth plays an important role in cushioning the inevitable impact of demographic change. Currently, financial security in old-age is not one of the main motivations behind capital formation across the globe. “The increase in bank deposits as a proportion of financial assets shows that risk aversion is winning in the race against a focus on long-term returns. It is therefore crucial that, as the global financial architecture is revamped, the basis for a return of investor confidence in long-term investments is laid”, said Heise.

The analysis of wealth distribution by country neglects to take account of differences within individual countries. Consequently, the Allianz Global Wealth Report has also calculated the average per capita wealth per population decile within the countries analyzed. According to this calculation, 565 million people worldwide belong to the wealth middle class (per capita financial assets of between 5,300 euros and 31,600 euros); more than half of them are not from industrial countries. In the year 2000 the wealth middle class numbered only 300 million people. 493 million people in the world can be deemed to belong to the wealth upper class. While the vast majority of this upper class lives in the industrial countries, there are no less than 35 million people with considerable wealth living in poorer countries.

16/09/2010 – 20:49
Aset Finansial AS Tetap Terbesar
Vina Ramitha

(IST)
INILAH.COM, Jakarta – Krisis finansial menyebabkan tingkat kekayaan global menurun. Namun, beberapa negara masih tercatat sebagai pemilik aset finansial terbesar. Siapa saja?

Global Wealth Report 2010 dari raksasa asuransi Allianz mendata 50 negara yang mencakup 87% PDB dunia. Pada akhir 2009, aset finansial negara-negara kaya anjlok 7,4% dibandingkan sebelum krisis. Sebaliknya, aset finansial per kapita pada periode sama malah naik 25%. “Krisis finansial memukul keras aset finansial negara industri maju,” demikian laporan Allianz, seperti tercantum di situs resmi perusahaan asal Jerman tersebut.

Kekayaan per kapita beberapa negara terhantam krisis, dimana Yunani anjlok 14% sejak 2007. Kemudian Amerika Serikat yang jatuh 12%, Spanyol yang terpuruk 9%. Semua ini pada periode 2007-akhir 2009. Namun, kondisi ini menyebabkan disparitas pendapatan antara negara kaya dengan negara miskin makin merapat.

Menurut Allianz, 90% dari seluruh aset finansial global masih dikuasai negara kaya. Sebab itulah, aset finansial global seperti saham, rekening bank dan asuransi hanya turun 4%. Bila pada awal dekade ini, aset finansial negara kaya lebih banyak 135 kali ketimbang negara miskin. “Kini mereka hanya 45 kali lebih banyak,” sambungnya.

Pemilik aset finansial global terbesar tahun ini masih AS, dengan 38,94% atau turun 6,8% dibandingkan 2009. Aset tersebut nilainya mencapai US$41,5 triliun. Aset finansial per kapita Amerika mencapai US$132,178 dengan PDB per kapita US$43.563.

Jepang yang mengambil alih posisi China sebagai perekonomian terbesar kedua dunia, memiliki aset finansial global sebesar 13,71% atau turun 2,3% dibandingkan tahun lalu. Nilai aset tersebut US$14,6 triliun. Sedangkan aset finansial per kapita US$115.159 dan PDB per kapita US$36.952.

Di posisi ketiga adalah Jerman, yang porsi aset finansialnya sebesar 5,68% atau turun 5,4% dibandingkan 2009. Raksasa perekonomian Eropa yang juga terkena krisis ini nilai asetnya mencapai US$6 triliun, dengan aset finansial per kapita sebesar US$73.850. PDB per kapita mencapai US$39.339.

Inggris memiliki porsi aset finansial global yang sama dengan Jerman, namun turun 12,6% dibandingkan tahun sebelumnya. Nilai aset juga pada kisaran yang sama, dengan aset finansial per kapita US$98.511. Sementara PDB per kapitanya sebesar US$34.209.

Prancis, Italia dan China menguasai aset finansial global masing-masing pada kisaran 4%. Prancis memiliki nilai aset terbesar, US$4,9 triliun yang turun 9% dibandingkan 2009. Nilai aset Italia sebesar US%4,5 triliun atau turun 2,9% dan China US$4,4 triliun serta anjlok 29,3%.

Aset finansial per kapita Prancis mencapai US$79.801 dengan PDB per kapita US$41.006. Sedangkan aset finansial Italia US$76.434 dan PDB per kapita US$33.821. Jarak aset finansial per kapita China cukup jauh, hanya US$3.275 dengan PDB per kapita US$3.769.

Kanada berada di tempat selanjutnya dengan porsi 2,46% yang turun 3,4% dibandingkan 2009. Nilai aset tersebut mencapai US$2,6 triliun. Aset finansial Kanada cukup besar, US$78.240 dengan PDB per kapita US$36.603.

Meski digempur krisis, Spanyol masih mampu mencatatkan diri sebagai salah satu negara beraset finansial terbesar, yakni 2,13% atau turun 3,2% ketimbang tahun lalu. Nilainya mencapai US42,2 triliun. Sementara aset finansial per kapita US$50.705 dan PDB per kapita US$30.852.

Australia dan Belanda berada di daftar ini dengan kepemilikan yang sama, 1,85%. Nilai aset Australia US$1,9 triliun dan aset per kapita US$93.048. Belanda nilai asetnya juga pada kisaran US$1,9 triliun dan aset per kapita US$119.336. PDB per kapita Australia US$48.066 dan Belanda US$46.228. [ast]

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