【英文】瑞信报告：2021年全球财富报告（60页）

There is little doubt that these interventions  have been highly successful in meeting their  immediate objectives. However, they have  come at a great cost. Public debt relative to  GDP has risen throughout the world by 20  percentage points or more in many countries.  In essence, there has been a huge transfer  from the public sector to the household sector,  which is one of the reasons why household  wealth has been so resilient. In one respect,  these transfers overcompensated households.  Generous payments have meant that disposable  household income has been relatively stable  and has even risen in some countries. In  combination with restricted consumption  opportunities, this has led to a surge in  household saving, which has inflated household  financial assets and caused household debts  to be lower than they would be otherwise. This  increase in savings was an important source of  household wealth growth last year.The regional breakdown shows that total wealth  rose by USD 12.4 trillion in North America and  by USD 9.2 trillion in Europe. These two regions  accounted for the bulk of the wealth gains in  2020, with China adding another USD 4.2 trillion  and the Asia-Pacific region (excluding China  and India) another USD 4.7 trillion. 

Total wealth  scarcely changed in Africa, and exchange rate  appreciation accounted for what little change  there was. India and Latin America both recorded  losses in 2020. Total wealth fell in India by USD  594 billion, or 4.4% in percentage terms. This  loss was amplified by exchange rate depreciation:  at fixed exchange rates, the loss would have  been 2.1%. Latin America appears to have been  the worst-performing region, with total wealth  dropping by 11.4% or USD 1.2 trillion. With the  major economies stricken by the pandemic, this  would not have come as a surprise.Share prices declined everywhere in the  first few months of 2020, so that the net  outcome for the year depends on the speed  and magnitude of the recovery, which varied  across countries. Among the countries  covered in Figure 2, shares rose by around  20% in China and the United States. India  was not far behind with a rise of 16%, and  Canada, Germany and Japan had also moved  into positive territory by the end of the year.  France was slightly down for the year and  Italy by a little more. But Britain was the main  casualty in this group of nations, with share  prices falling by 11.9%. Severe pandemic  upheaval and post-Brexit uncertainty are  clearly not an attractive combination for  investors. Declines by more than 10% were  also recoded in Israel, Spain, Singapore,  Greece, Austria, Chile, Egypt, Kenya and  Colombia. In contrast, share prices forged  ahead in Taiwan (Chinese Taipei) by 23%, in  Denmark by 29% and in Korea by 33%.