South Africans got richer in 2017: report

“At the top of the list‚ Switzerland re-captured the top spot that it lost the year before to the US. In general‚ European countries performed better in 2017 than in previous years due to a stronger euro‚” the report said.

The report said there was a noticeable shift in investment behaviour in 2017. After savers had largely ignored shares and investment funds in the post-crisis years‚ 2017 saw significant inflows into this asset class.

The report said securities enjoyed by far the strongest growth of all asset classes in 2017‚ increasing by 12.2% in total and representing over 42% of all savings at the end of 2017. This is followed in second place by receivables from insurance companies and pensions‚ which account for 29% of the asset portfolio and grew by 5.2% last year.

While investors rediscovered the capital markets‚ bank deposits fell out of favour with households around the globe. The report said only 42% of new investments went into banks‚ compared with 63% the year before.

“Savers finally recognised the signs of the times‚” said Kathrin Brandmeir‚ co-author of the report.

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