The record amount does not mean a comparable increase in purchasing power. Since 2019, financial assets have increased by almost 50% in nominal terms, but adjusted for inflation by only 23%, while in Western Europe the real increase was only 0.5%. Wealth is still extremely unevenly distributed: the richest 10% own 85.4% of the world's net financial assets, while the bottom half of the population, almost 3 billion people, account for about zero.
Against this background AI is no longer just a technology and is turning into a question of who will benefit from future growth. If companies use it to increase productivity and profits, shareholders and business owners will be the first to benefit. If wages grow more slowly, total wealth will increase, but the incomes of most workers may not keep up. According to the authors of the study, in the next three years, AI may affect almost one in four jobs in large economies.
The markets are already putting these expectations into prices: since the end of 2022, the S&P 500 index has grown by about 95%. In a stressful scenario, a 25% drop in the index would reduce the wealth of American households by about $27 trillion - by almost 14% of their net worth. This is not a forecast, but an assessment of the possible consequences of a sharp correction. According to the study's forecast, global financial assets may grow by about 9% in 2026, and then the pace will slow down to 5-6% per year.
Source: Allianz Global Wealth Report 2026
