S. Korea ranks 20th in Allianz wealth report

South Korea ranked 20th out of 53 countries surveyed by German insurer Allianz Group in terms of per capita financial assets last year, according to its report on Sunday.

According to the recently released Allianz Global Wealth Report, Koreans' financial assets stood at an average of 39 million won ($33,000) per person in 2018, slightly up from a year earlier.

Last year, the United States topped the list with per capita financial assets of 240 million won, followed by Switzerland with per capita assets of 230 million won. The average per capita financial assets was 30 million won for the 53 countries, the report said.

In 2018, global financial assets across industries, emerging countries and regions declined simultaneously for the first time since the 2008 financial crisis, it said.

Factors weighing on savers worldwide include an escalating trade conflict between the United States and China, uncertainties surrounding Britain's departure from the European Union and increasing geopolitical tensions, the report said.

"The increasing uncertainty takes its toll. The dismantling of the rule-based global economic order is poisonous for wealth accumulation," Allianz Group's chief economist Michael Heise said in the report. (Yonhap)