The seventh Global Wealth Report ranks Croatia 33rd among over 50 countries with EUR 8,060 in net financial assets per capita, while Switzerland and the US remain at the top with EUR 170,590 and EUR 160,950 respectively, Allianz said on Thursday.

The report, which analyses assets and household debts, says the "years of plenty" are over, with global financial assets increasing by 4.9% in 2015, just above the economic growth rate. Over the past three years, financial assets increased at twice that speed, at the average rate of 9%.

The hardest hit by the slower increase were Europe, the US and Japan.

In Croatia, the growth of financial assets in 2015 slowed down to 1.1% from 7.2% in 2014. Assets in pension funds and insurance companies increased by nearly 10% but securities decreased by 12.6%.

With less than a 16% share in the portfolio, debt securities, stocks and investment funds still do not play a big role in Croatia's household savings. Over half of household financial assets are made up of sight deposits, term deposits, and saving deposits which increased only 2.2% in 2015.

After two-digit growth rates in the years before the financial crisis, private liabilities in Croatia fell for the fourth straight year, by 1.7%. Despite the fall, liabilities of EUR 4,120 per inhabitant are higher than the East European EU member states' average (EUR 3,630). With a 40% debt to GDP ratio, Croatia is second in the region after Estonia (45%). 

In the latest Global Wealth Report rankings, Croatia comes 33rd, the same as the year before, while falling four places in comparison to 2000. According to the gross financial assets per capita, Croatia is 34th.

In 2015, the liabilities of households globally grew 4.5% to EUR 38.6 trillion at the end of the year, a quarter higher than the value prior to the outbreak of the major financial crisis.

The report says that global levels of poverty markedly decreased in recent decades, with 69% of the population belonging to the lower wealth class (80% in 2000), that nearly 600 million people moved up to the middle class (net assets from 7,000 to 42,000 euros), and that the middle wealth class doubled to a billion people. The share of the middle class has grown from 10% to nearly 20% of the population and the global middle class is becoming richer. The global upper class is also growing - 540 million people in 2015, up 25% from 2000.

The report shows that in a third of the countries analysed, the middle class is shrinking, notably in countries hit by the euro crisis (Italy, Ireland and Greece) and traditionally industrialised countries (the US, Japan and the UK).

The report says that at first glance, Croatia appears to belong to that category, primarily because the number of people who could have been considered middle class decreased. But the cause is the increasing number of people ranked as the national upper wealth class, which Allianz says actually indicates the progress of the middle class and not its erosion.

Related stories

Croatia's gross foreign debt at 103.7% of GDP

Croatia's gross foreign debt reaches 107.6 pct of GDP

HUB: Croatians' financial assets rapidly growing

Latest news

Syrian opposition rules out future role for President al-Assad

The Syrian opposition said Friday it would not accept any role for President Bashar al-Assad in the future of the war-torn country, reacting to a recent US shift saying that removing al-Assad is no longer a priority for Washington.

Russian Army integrates breakaway forces of Georgian province

Parts of the small fighting forces of the Georgian breakaway province of South Ossetia have been placed under Russian military control, Russian Defence Minister Sergei Shoigu said on Friday.

Czech Republic's Pilsner Urquell beer is now Japanese

Japanese brewing company Asahi completed its takeover of the Czech brewery Pilsner Urquell on Friday, Asahi said in a statement.

Judge approves 25-million-dollar settlement of Trump University case

A US district judge on Friday approved a 25-million-dollar settlement of lawsuits and state fraud allegations against Trump University, the US president's now-defunct business venture.

Former Thai premier Thaksin to junta on reconciliation: 'Cut me out'

Former Thai prime minister Thaksin Shinawatra on Friday announced that he is not interested in the junta-led reconciliation process, three days after the junta handed him a half-a-billion-dollar tax bill for his past business deal.

Dalic: We welcome possible deal between Agrokor and banks

The government welcomes the possibility of an agreement being concluded between the Agrokor food company and creditor banks, and the bill on vitally important companies is not a fallback plan but the result of the government's care for the overall economic and financial stability of Croatia, Deputy Prime Minister and Minister of Economy Martina Dalic told a press conference in Zagreb on Friday.

Croatia, China sign action plan for cooperation in agriculture

The Croatian and Chinese ministries of agriculture on Friday signed an action plan for cooperation in the field of agriculture for the period 2017-2018, the Croatian ministry said in a statement.

ZSE indices up, Agrokor shares in focus of investor interest

The Zagreb Stock Exchange (ZSE) indices on Friday rose by more than 1.8%, with stocks of the Agrokor food and retail concern being in the focus of investor interest again.

Berlin police defend handling of Berlin market attacker

Berlin police defended themselves on Friday against accusations that they stopped surveillance on Berlin Christmas market attacker despite knowing in June 2016 he was dangerous.

Croatia, creditors tailor emergency measures to save tottering giant

Croatia's tottering retail and food giant Agrokor reached an agreement with its creditors, putting its debts standby and allowing it to continue working during emergency restructuring, the Croatian branch of Austria's Erste Bank said Friday.

Agrokor's creditors say standstill agreement to go into force today

A standstill agreement regarding the Agrokor concern's existing financial obligations to banks will take effect on Friday, additional capital will be injected into the concern in the coming days and the concern will be actively restructured, which includes a change of its management, it was said on Friday after a meeting between Agrokor's suppliers and creditor banks.

Palestinians, UN slam Israel's new settlement plan

Palestinians, Israeli activists and the UN lambasted the government of Israeli Prime Minister Benjamin Netanyahu on Friday, a day after it gave the go-ahead for the first new West Bank settlement in a quarter of a century.

South Sudan rebels release three abducted foreign oil workers

South Sudanese rebels have released three foreign engineers they abducted in early March in the oil-rich Upper Nile region, Foreign Affairs Ministry official Mawein Makol Arik said on Friday.

Turkish opposition: Imprisoned party chief has gone on hunger strike

The head of Turkey's pro-Kurdish opposition party has launched a hunger strike from prison.

European leagues threaten Champions League schedule clashes

The European Professional Football Leagues (EPFL) on Friday threatened schedule clashes on Champions League matchdays in an ongoing dispute with the governing body UEFA.

Danish court revokes citizenship of IS volunteer

A Danish appellate court on Friday stripped a man of his Danish citizenship for volunteering to fight for the extremist Islamic State in Syria.

Banks and Agrokor agree on key elements of standstill agreement

Member banks of the coordinating committee of financial creditors and representatives of the Agrokor food company have in principle agreed on key elements of a standstill agreement, which is expected to be signed later today, announcing changes in the company's management team, Erste Bank said in a statement on Friday afternoon.

Syrian man on trial in Sweden; mosque attack labelled terrorism

A Syrian man went on trial Friday in the southern Swedish city of Malmo, charged with terrorism and arson after an attack last year on a building used as an assembly hall by Shiite Muslims.