The gross financial assets of Chinese households increased 13.6 percent to 25,689 billion euros ($29,689 billion) in 2020, according to the 12th edition of the Allianz Global Wealth Report released by Allianz Research on Oct 7, 2021.

Chinese net assets per capita rose to 12,430 euros ($14,258) in 2020, up 13.9 percent on a yearly basis. The figure was only 3,010 euros at the end of 2009, according to the report.

China accounts for 24 percent of the global high wealth class, just next to the 31 percent of North America, the report said. In terms of the number of members of the global high wealth class, China has now caught up with Western Europe, with around 140 million people each.

Chinese liabilities experienced "a slowdown" in double-digit growth of 12.9 percent in 2020, added the report.

Lockdowns brought by the COVID-19 pandemic drastically reduced consumption opportunities worldwide, with the emergence of "forced savings" leading to unspent income in bank accounts, which witnessed 11.9 percent growth in 2020.

Buoyed by the strong stock markets, global asset class securities grew by 10.9 percent. Meanwhile, insurance and pension fund assets showed much weaker development, by rising 6.3 percent in 2020.

Fresh savings worldwide jumped by 78 percent to 5.2 trillion euros in 2020, making it an absolute record, with the main driver being the massive inflows into bank deposits, which almost tripled at 187 percent.

Bank deposits accounted for half or more of fresh savings in all markets considered, the report said.