The Philippines, among the less affluent economies in Asia, posted a 13.2-percent growth in net financial assets to 1,940 euros per capita in 2023, based on the 15th edition of the “Global Wealth Report” released by Allianz Global.
The report said the growth of the Philippines financial assets in 2023 was the highest in six years and led the region, outpacing China and India. It provided a comprehensive analysis of the asset and debt situation of households in nearly 60 countries.
It said that in the Philippines, the growth was driven by securities, which increased by 16 percent. Bank deposits and insurance/pensions also saw strong growth, but insurance/pensions remained underrepresented in Filipino portfolios.
Real growth, adjusted for inflation, was 6.8 percent, surpassing pre-pandemic levels. Liabilities also grew, leading to a debt ratio of 27.1 percent, which remained relatively low.
According to the report, 2023 witnessed a robust recovery in global financial assets, growing by 7.6 percent and reaching 239 trillion euros.
The recovery was widespread, with only New Zealand and Thailand experiencing negative growth.
Emerging economies, including those in Asia and North America, displayed growth exceeding 8 percent. However, the growth advantage of emerging economies over advanced economies shrunk considerably, signifying a more unequal world in the face of increasing fragmentation.
Financial assets of Asian households increased by 7.5 percent in 2023, totaling 63.8 trillion euros. While all asset classes contributed, bank deposits were the primary driver.
