Allianz Global Wealth Report 2026: Markets drive record wealth as AI raises the stakes

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.

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.”

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.

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.

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.