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China to top retail deposit market rankings in 2021
Market rankings are constantly changing, but China is a consistent high ranking performer.
GlobalData’s Global Retail Banking Analytics tool has recently published an update on consumer deposit markets across the world.
Asian markets have performed strongly, while Europe and to a lesser extent, North America, have stagnated. GlobalData forecasts that China will overtake the US in 2021 to become the largest retail deposit market in the world. India is expected to be the fastest growing market, rising from 13th in 2010 to 7th in 2021.
Consistent economic performance has led to strong growth in Australia’s retail deposit market. GlobalData forecasts that Australia will become the 10th largest in the world in 2021, displacing Spain. Overall, Europe has underperformed relative to Asia and North America, yet within Europe exist some of the fastest growing markets. During 2010–21 the compound annual growth rate for retail deposits in Russia and Poland are forecast to grow at 12.3% and 9.4% respectively.