Allianz Global Wealth Report 2024: Financial assets of South African households increased by 8.3%

  • Surprising relief: Global financial assets of private households increased by 7.6% in 2023, more than making up for the losses of the previous year
  • No place for bank deposits: Fresh savings normalized after the pandemic-related boom years as savers gave banks the cold shoulder
  • Expected restraint: With interest rates rising, growth in private debt weakened further to 4.1% worldwide, the lowest growth in nine years
  • Setback: Higher rates also weighed on real estate assets which recorded the lowest growth in 10 years with a meagre increase of 1.8%
  • South Africa: Return to robust growth, financial assets increase by 8.3%