Chart of the Day: Insurance and pension make up Singapore's biggest asset class

They beat bank deposits and securities.

This chart from the Allianz Global Wealth Report shows that 46% gross financial asset are in insurance and pension schemes. The Lion City joins South Korea and Taiwan amongst Asian countries that particularly favored insurance policies and pension funds whilst other countries prefered bank deposits more.

In Singapore's case, bank deposits (37%) only comes as the second biggest asset class whilst securities (17%) falls next.

"The diversification of a country’s portfolio also reflects its stage of development," the report said. "The lower the share of bank deposits and the broader the distribution of assets across different asset classes, the more highly evolved the financial system generally is."