With many European countries such as Italy, France, Belgium, and Great Britain having dropped quite dramatically in the ranking since 2000, the top10 looks very different today says the report, which looks at the assets and debt situation of households in almost 60 countries.
With net financial assets per capita of €6,400, South Africa remained in 39th place in the ranking of the richest countries (financial assets per capita), ranking ahead of Russia (42) and Brazil (43), but well below China (34).
By net financial assets per capita (in euros)
39. South Africa
Top 10 by gross financial assets per capita (in euros)
41. South Africa
In 2002 the gross financial assets of South African households rose by five percent. The report found that the main driver in the rise in gross financial assets were bank deposits, which rose by 11.3%, the fastest increase in six years.
Insurance and pension fund assets, on the other hand, which are by far the most popular asset class in South Africa, accounting for more than half of all financial assets, grew by only 2.3%, one of the shallowest increases in recent years.
In fact, since the Great Financial Crisis, only 2018 saw even weaker growth, with a decline of 3.4%. Securities showed a solid performance, increasing by 6.1%, on par with 2019.Growth in liabilities slowed to 4.3%, against an average increase of almost 6% in the previous three years.
As economic output contracted in 2020, the debt ratio (liabilities in % of GDP) jumped to 48%, a level well above other emerging regions such as Latin America (32%) or Eastern Europe (26%) – but well below Asia (excluding Japan) where the average debt ratio stands at 61%.
Net financial assets, finally, increased by 5.2%. You can read the report here
