KUALA LUMPUR: Loans to private households increased at a faster pace than national gross domestic product (GDP) and also their financial assets in 2015, according to the Allianz Global Wealth Report. As a consequence, an important driver for asset growth no longer exists. At the same time, interest rates continue their remorseless slide, even into negative territory. For savers, the outlook is not rosy,” he added.The report pointed out that growth in financial assets in industrial countries was slowing. Hence, slowing growth has hit Europe, the US and Japan the hardest.In Western Europe (3.2%) and the US (2.4%), asset growth more than halved in 2015.At the other end of the spectrum is Asia (excluding Japan), where financial assets expanded by 14.8%.The region's lead over the rest of the world is only getting bigger.

Source: The Star September 22, 2016 04:00 UTC