Colombia falls in Allianz wealth ranking as debt rises

By the end of 2025, Colombian households held 393 billion euros, or about $460 billion, in financial assets, equal to 94.1% of GDP. After subtracting 125 billion euros in debt, net financial wealth came to 268 billion euros, or about $314 billion, which works out to 5,020 euros per person. That is only about one-seventh of the global average and still below the roughly 11,000-euro threshold the study uses as an entry point to the financial-wealth middle class.

The ranking is especially weak in Latin America. Colombia placed fourth among six regional economies, behind Chile, Mexico and Brazil, and ahead of Peru and Argentina. Chile’s per-capita net financial wealth was almost four times Colombia’s, highlighting how far the region’s household balance sheets remain from convergence. Colombia also posted the slowest financial-asset growth among the six Latin American countries in the survey, a sign that it is losing ground not only in absolute terms but relative to peers.

For investors, the report is a reminder that headline GDP growth does not automatically translate into stronger consumption or deeper domestic capital formation. A household sector that is taking on debt faster than it is building assets is more exposed to interest-rate shocks, slower credit growth and weaker spending power. It also suggests limited near-term support for banks from quality loan expansion if leverage is rising without a corresponding improvement in wealth creation.

The distribution data adds another layer of risk. Allianz said the richest 10% of Colombians hold 71.9% of net financial wealth, well above the average across the countries studied. That concentration means gains in asset prices or credit access are likely to remain unevenly shared, limiting the broader economic benefits of wealth accumulation and keeping inequality a structural drag on consumption.

The report also trimmed Colombia’s 2028 growth outlook to 2.5% from 2.7% in its June forecast, reinforcing the view that the country’s wealth problem is not just a stock issue but a growth issue. Unless asset accumulation accelerates faster than borrowing, Colombia is likely to keep slipping behind peers in financial-wealth rankings — and investors will continue to face an economy where household balance sheets are improving too slowly to become a strong engine of demand.