South Africa Ranked 41/60 Allianz Global Wealth Report 2021

Solid growth of 5% in financial assets

The gross financial assets of South African households rose by 5.0% in 2020. The main driver were bank deposits which rose by 11.3%, the fastest increase in six years.

Insurance and pension fund assets, on the other hand, which are by far the most popular asset class in South Africa, accounting for more than half of all financial assets, grew by only 2.3%, one of the shallowest increase in recent years; in fact, since the Great Financial Crisis, only 2018 saw even weaker growth, with a decline of 3.4%.
Securities showed a solid performance, increasing by 6.1%, on par with 2019.