Filipinos’ wealth rose in 2023—just not enough to pluck the Philippines out of the group of poorer economies in the regionsmash bet, insurer Allianz Global said in a new report.

Allianz Global said net financial assets per capita in the Philippines grew by 13.2 percent year-on-year to 1,940 euros (P121,000 based on current foreign exchange rates) in 2023, placing the country in the 49th spot out of 60 economies covered by its latest “Global Wealth Report.”

At this rate, Allianz Global said the Philippines still belonged to the poorer countries in Asia. Nevertheless, the country is a “growth champion” in the region after its gross financial assets increased by 13.2 percent, the fastest clip in six years and well ahead of China or India.

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Dissecting the report, Allianz Global said the 16-percent jump in asset class securities was the “main driver” of growth.

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Other financial assets like bank deposits grew “strongly” at 9.1 percent, while insurance and pensions rose 9.8 percent.

But Allianz said insurance and pensions remained “underweighted” in Filipino households’ portfolios with a share of 7 percent, way lower compared to the 57-percent share of bank deposits.

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But while wealth rose, the growth in liabilities of Filipinos also continued at 12.9 percent. As a result, Allianz Global said the debt ratio climbed to 27.1 percent last year, which was “still at a rather low level.”

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”2023 was marked by sharp monetary tightening. But economies proved resilient and markets even boomed,” the report said.

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Overall, Allianz Global said financial assets of private households worldwide recorded strong growth of 7.6 percent last year, making up for the 3.5 percent losses in 2022. Total financial assets amounted to 239 trillion euros at the end of 2023.

By region, financial assets of Asian households increased by 7.5 percent in 2023 to 63.8 trillion euros, a quarter above the level in Europe. All asset classes contributed to this increase, with bank deposits being the main driver after rising by 9.3 percent.

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