The global financial assets of private households in Greece have grown slightly below the global average, according to the 15th edition of the Allianz Group's Global Wealth Report, which puts the state of household assets and debt in nearly 60 countries under the microscope. At the same time, Greece moved up one place in the ranking of the 20 richest countries, reaching 29th place.

Specifically, global assets increased by 7.6% in 2023, fully covering the losses of the previous year, while in Greece the increase was 7.4%. However, Greece recorded the highest growth rate in Western Europe (excluding Sweden).

The main driver of this growth was debt and equity securities (portfolio share at 38%), which increased by 23.9%. This increase offset the decline in the largest asset class in the Greek household portfolio, namely bank deposits (53% share), which fell by 1.1%. Insurance/pensions also showed a significant increase of 6.8%, although their share in the portfolio remains small (6%).

The decline in bank deposits is due to a change in savings behaviour. Contrary to the global trend, new savings increased by 36%, reaching €5.4 billion. However, Greek savers withdrew €2.2 billion from bank deposits and channeled it into debt and equity securities (€7.6 billion), with bonds being the biggest winners. Insurance/pensions received EUR 0.5 billion from new savings. Overall, Greek savers reacted strongly to the change in the path of interest rates.

Even in real terms, the picture does not change significantly: Adjusted for inflation, financial assets grew by 3.1% in 2023, the largest real increase in the region, even ahead of Sweden. Compared to pre-pandemic levels in 2019, the purchasing power of financial assets was 7.2% higher.

Liabilities declined by 1.6%, bringing the debt ratio to 49% at the end of 2023, below the corresponding level for German households for the first time. Finally, net financial assets rose by a very strong 12.4%. With net financial assets per capita of €21,140, Greece moved up one place in the ranking of the 20 richest countries, reaching 29th place (relevant table below).