Allianz said in its report that bank deposits also grew solidly by 5.2%.
KUALA LUMPUR: Malaysia demonstrated impressive growth in financial assets in 2023 with per capita net financial assets reaching €9,430 (RM43,618), according to Allianz Malaysia Bhd
.
This achievement positions Malaysia firmly in the mid-range globally and within Asia, reflecting a positive trend in the country’s financial landscape, the company said in its latest “Global Wealth Report”.
Allianz highlighted that the primary driver of this growth was the insurance and pensions sectors.
“These sectors accounted for 42% of the country’s financial portfolio, an increase of 9.8%, the fastest growth in five years.
“Bank deposits also grew solidly by 5.2%,” it said.
However, the report noted that securities as an asset class lagged, growing by only 0.3%, though this was an improvement after two years of negative growth.
“When adjusted for inflation, the increase in 2023 almost halved to 3.2%, with real financial assets only slightly above the level of 2020 (0.8%).
“This is despite they remaining significantly higher than pre-pandemic levels (9.1%),” Allianz said.
It said debt continued to grow at a rate of 5.7%, bringing the country’s debt ratio to 81% by the end of 2023.
While this is one of the highest debt ratios in Asia, it remains lower than the pre-pandemic level of around 85%, added Allianz. — Bernama
