Household wealth up, despite the pandemic
Print Edition
Chinese household wealth weathered the COVID-19 crisis and grew quickly in 2020, thanks to the rapid recovery of the stock market and the surge in pension funds’ investment returns, a new report says.
Despite the crisis, private households’ gross financial assets increased 13.6 percent in 2020 after a 10.3 percent rise in 2019, according to the latest Allianz Global Wealth Report.
That amounts to around 47 percent of total gross financial assets in the Asia region.
Securities and life insurance and pension fund assets, which account for more than a half of Chinese households’ portfolios, increased by 13.3 percent and 18.3 percent respectively.
Financial assets include cash and bank deposits, receivables from insurance companies and pension institutions, securities (shares, bonds, and investment funds), and other receivables.
Across Asia, households’ financial assets rose 12.7 percent in 2020, even faster than in the already strong previous year (9.8 percent).
All asset classes contributed to the uptick with double-digit growth. Bank deposits grew 12.3 percent, securities 13.9 percent, and insurance and pensions 11.4 percent.
But despite the strong growth, there remains work to be done in China with regard to access to financial services and financial literacy, the study noted.
With net financial assets per capita of 12,430 euros (US$14,371), China still ranks only upper midfield in Asia.
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