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Allianz Global Wealth Report 2026: Markets Drive Record Wealth as AI Raises the Stakes

  • Markets on Autopilot: Global financial assets rose 8.6% to a record EUR268.4trn, with markets generating 4 in 5 euros of additional wealth.
  • Portfolios set the tone: Securities grew 12.4%, more than twice as fast as deposits or insurance and pensions.
  • AI raises the stakes: AI could power the next wave of wealth creation, but high valuations and concentrated ownership raise both market and distributional risks
  • Singapore stays among the world's wealthiest: Financial assets rose by 9.1% in 2025, and net financial assets per capita of EUR192,840 keep Singapore the world's 4th-richest country
MUNICH, GERMANY – Media OutReach Newswire – 29 September 2026 – The 17th edition of the Allianz "Global Wealth Report," which puts the asset and debt situation of households in almost 60 countries under the microscope, shows that global household wealth hit a new record in 2025, while market gains and the rise of AI are making asset ownership increasingly important in determining who benefits from future wealth creation.

Markets, not savings, powering the gain
Global financial assets increased by 8.6% in 2025 to a record EUR268.4trn, despite a challenging geopolitical and economic backdrop. Markets did the heavy lifting in 2025, as rising asset prices accounted for roughly 4 out of every 5 euros of new household wealth. Fresh savings fell 5.4% to EUR4.1trn. "Global wealth set another record in 2025, but that only tells half of the story," said Ludovic Subran, Chief Economist and Chief Investment Officer at Allianz. "Since 2019, nominal financial assets are up 50%, but in real terms, stripped of inflation, they only grew 23%. The situation is worse in Western Europe where financial assets in real terms are up 0.5% compared to 2019. It is 21% in North America and 70% in China."

Portfolios set the tone
Portfolio composition increasingly determines who captures the gains from wealth creation. Securities increased by 12.4% in 2025, more than twice as fast as deposits (5.7%) or insurance and pensions (5.0%), pushing their share of global financial assets to a record 46.9%. North American households, with 60.7% of their portfolios invested in securities, benefited particularly strongly from rising markets; their region generated 51.4% of the global increase in financial assets. Over the past decade, valuation gains accounted for 71% of North American financial-asset growth, compared with only 36% in Western Europe, reflecting the importance of investing savings over holding them in low-earning accounts.

2026-27: AI as a swing factor amid slowing GDP growth
We estimate that global financial assets could grow by a solid 9% in 2026, but the medium-term backdrop is turning tougher as slower growth, persistent inflation, fragmentation and high public debt weigh on returns. Going forward, AI is therefore the key swing factor: stronger productivity and earnings could sustain asset returns, but the growing reliance on AI-powered markets to drive household wealth also creates vulnerability. With the S&P 500 up around 95% since end-2022, much of the recent wealth boost rests on elevated market valuations and AI expectations. We find that a 25% correction in the S&P 500 would erase around USD27trn of US household wealth in the year of the shock, equivalent to almost 14% of total net worth, weighing on confidence and consumption, and pushing the US economy into recession.
But the AI wealth story is not only about how much wealth is created, it is also about who captures the gains. "AI could become the next great wealth engine, but the key question is who gets a stake in it," said Katharina Utermöhl, Head of Thematic & Policy Research at Allianz Research. "As AI potentially shifts more value creation towards capital, broader participation in capital returns and policies that help workers adjust will be key to making the AI wealth dividend more widely shared."

Singapore: The world's 4th-richest country by net wealth per capita
Gross financial assets of Singapore's private households increased by 9.1% in 2025 to EUR1.4trn, up from 8.5% growth in 2024, modestly above the global average (8.6%) though just below the average for the surveyed Asian countries excluding Japan and China (9.8%).

Securities grew fastest among all asset classes, up 12.7%, ahead of insurance and pensions (9.3%) and deposits (6.8%). However, due to Singapore's strong capital-funded pension system, insurance and pension remained the dominant asset class in the average private household's portfolio, with a share of 47.2%, followed by deposits with 33.2%. Securities accounted for just 19.6% of Singaporean portfolios – well below both the regional average of 30.8% and the global figure of 46.9%.

Adjusted for inflation, Singaporean financial assets grew by 8.1% in real terms in 2025, up from 6.0% in 2024. They have increased by a cumulative 33.3% since 2019 – below the regional average of 39.6%, though well above the global average of 22.9%.

Private households' liabilities rose by 7.4% to EUR269.9bn, growing more slowly than gross financial assets. As a result, net financial assets increased by 9.5% to EUR1.1trn. With net financial assets of EUR192,840 per capita, Singapore ranked 4th among the world's richest countries in 2025.

Net financial assets per capita in 2025


In Euro
Y/Y in %
Rank 2005
1
United States
296,950
9.8
2
2
Switzerland
275,980
3.9
1
3
Denmark
197,510
2.4
4
4
Singapore
192,840
8.8
10
5
Taiwan
164,470
9.6
12
6
Sweden
155,980
6.2
13
7
Canada
135,350
9.8
11
8
New Zealand
127,550
2.4
9
9
Netherlands
116,600
-6.2
7
10
Belgium
114,590
4.2
3
11
Australia
113,190
11.0
16
12
Germany
91,780
6.4
17
13
Italy
91,730
8.8
6
14
Japan
89,420
7.9
5
15
Ireland
83,590
5.0
18
16
Austria
82,260
6.3
15
17
France
77,940
4.1
14
18
United Kingdom
72,200
2.0
8
19
Malta
65,720
3.6
19
20
Spain
55,300
11.2
21

The interactive "Allianz Global Wealth Map" can be found here on our homepage:
https://www.allianz.com/en/economic_research/research-data/interactive-wealth-map.html

You can find the study here on our homepage:
https://www.allianz.com/en/economic_research/insights/publications/global-wealth-report-2026.html
Hashtag: #AllianzResearch

The issuer is solely responsible for the content of this announcement.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers, active in nearly 70 countries and serving around 97 million customers*. Our insurance customers benefit from a broad range of offerings, from property, life and health insurance, through assistance services and credit insurance, to corporate insurance. For the seventh consecutive time, Allianz has been recognised as the world's leading insurance brand in the Interbrand 'Best Global Brands 2025' ranking. This success is based on a technology-enabled customer focus – with the aim of providing security, protection and prevention to our customers and strengthening the resilience of individuals, communities and societies. We are one of the world's largest investors and manage an investment portfolio of around 770 billion euros** on behalf of our insurance customers. In addition, our asset managers PIMCO and Allianz Global Investors manage approximately 2.0 trillion euros** for third parties. Thanks to our systematic integration of environmental and social criteria into our business processes and investment decisions, we hold an 'AAA' ESG Rating from MSCI (as of March 2026). In 2025, our 156,000 dedicated employees generated revenues of 186.9 billion euros for the Group and achieved an operating profit of 17.4 billion euros.

* As of 31 December 2025. The customer figure reflects only Allianz customers in consolidated companies within the scope of customer reporting.

** As of 31 March 2026.

As always, the assessments are subject to the disclaimers set out below.

Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements such as forecasts or expectations that are based on management's current views and assumptions and are subject to known and unknown risks and uncertainties. Actual results, performance figures or events may differ materially from those expressed or implied in such forward-looking statements.

Such deviations may arise from changes in factors including, but not limited to: (i) the general economic and competitive situation in the Allianz Group's core business areas and markets, (ii) the performance of financial markets (in particular market volatility, liquidity and credit events), (iii) adverse publicity, regulatory actions or litigation involving the Allianz Group, other financial services providers and the financial services industry in general, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and developments in loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency rates, (vii) the default rate of borrowers, (viii) changes in interest rate levels, (ix) currency exchange rates, particularly the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions, including related integration and restructuring measures, and (xii) general competitive factors, in each case at a local, regional, national and/or global level. Many of these changes may be exacerbated by terrorist attacks and their consequences.

No Duty to Update
Allianz assumes no obligation to update the information and forward-looking statements contained in this release, unless required to do so by law.

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