Household nest eggs shrink

Household wealth excluding property in the 53 largest countries fell slightly last year, in a first since the financial crisis of 2008, said German insurance giant Allianz.

The value of ordinary people’s bank deposits, pension savings and stock investments dropped 0.1% year on year in 2018.

Emerging economies saw a sharper fall than developed nations, with a 3.4% slump in China largely to blame.