These are still extremely challenging times for savers. Exceptionally low interest rates are keeping a firm lid on investment income in many countries, hindering asset accumulation.

The capital markets are marred by extreme volatility, especially now that a potential tapering of monetary policy has appeared on the investor radar. Considerable uncertainty surrounds the economic outlook, and this is no longer only the case in Europe, America and Japan, but increasingly also in the up-and-coming economies of Asia and Latin America.

So, in this sort of environment, where are the secure investments that allow long-term asset accumulation? After all, among all the prevailing uncertainty, one thing is beyond doubt: faced with the forces of demographic change and shaky public budgets, it is imperative, more than ever before, that every single one of us sets more money aside for our own future.

In an ideal world, savers would react to these challenges by making long-term investments and taking more of a risk to ensure that they can still achieve adequate returns. But the actual asset development trends tell a different story: savers are rooted in a “wait-and-see” mode and short-term, liquid bank deposits are emerging as the winners, especially in countries where interest rates are low.

We have continued with our extensive analysis of the global wealth and debt situation of private households with this fourth issue of the “Allianz Global Wealth Report”. As in previous years, the comprehensive data set paints a multifaceted picture. And one thing is becoming more and more evident: private wealth is immense in global terms and an increasing number of people across the globe are able to participate in it.