How large are deposits held in banks and other financial institutions compared with the size of an economy? World Bank Global Financial Development indicator GFDD.DI.08 measures demand, time, and saving deposits in deposit money banks and other financial institutions as a share of GDP. The latest-non-missing table contains 179 country and area observations, but their reference years span 2007–2021. For a cleaner cross-country comparison, this article focuses on the 137 observations dated 2021.
Across those 137 same-year observations, the median is 59.4% and the unweighted mean is 69.9%. The middle half lies between about 34.9% and 87.4%. Values above 100% are not automatically errors: deposits are a financial stock, while GDP is an annual flow of production, so the stock of deposits can exceed one year of GDP.
Table of Contents
What the indicator measures
The World Bank short definition is demand, time, and saving deposits in deposit money banks and other financial institutions as a share of GDP. The underlying source is the IMF International Financial Statistics. The numerator therefore covers deposits in the financial system rather than only household checking and savings accounts. It is best understood as a financial-depth measure, not as a household saving rate.
A value of 80% means the deposit stock captured by this indicator is roughly four-fifths of annual GDP. A value of 160% means it is about 1.6 times annual GDP. It does not mean households saved 160% of their income, and it does not directly measure bank solvency, deposit-insurance coverage, or the share of adults who own a bank account.
The 2021 median is 59.4% across 137 observations
Giving every country or area observation equal weight, the 2021 median is 59.4% and the mean is 69.9%. The first quartile is 34.9% and the third quartile is 87.4%, so half of the observations fall within that range. The mean is substantially above the median because a small group of financial centers and deposit-heavy systems report ratios above 200% or even 400%.
| 2021 deposits/GDP band | Countries/areas | Share of 137 |
|---|---|---|
| Below 25% | 19 | 13.9% |
| 25% to <50% | 34 | 24.8% |
| 50% to <75% | 39 | 28.5% |
| 75% to <100% | 23 | 16.8% |
| 100% to <150% | 17 | 12.4% |
| 150% to <250% | 1 | 0.7% |
| 250% or more | 4 | 2.9% |
The largest group is 50% to below 75%, with 39 observations, followed by 34 between 25% and 50%. Twenty-two observations are at least 100%, and five are above 150%. Treating 100% as a “normal versus abnormal” threshold would therefore be misleading. The ratio reflects how large the deposit base is relative to annual output, not a pass-or-fail benchmark.
Luxembourg, Hong Kong, Macao, and Japan are the highest 2021 observations
| Country/area | Financial-system deposits / GDP |
|---|---|
| Luxembourg | 437.2% |
| Hong Kong SAR, China | 402.9% |
| Macao SAR, China | 278.9% |
| Japan | 259.6% |
| Korea, Rep. | 160.4% |
| Mauritius | 143.5% |
| Malta | 140.6% |
| Thailand | 135.6% |
| Cambodia | 130.6% |
| Malaysia | 122.6% |
Luxembourg is the highest 2021 observation at 437.2%, followed by Hong Kong SAR at 402.9%, Macao SAR at 278.9%, and Japan at 259.6%. Korea is also high at 160.4%. These figures are consistent with financial systems in which deposit liabilities can be very large relative to domestic annual production, especially in economies with substantial financial-center or cross-border activity.
A high ratio is not a quality score. It does not prove that banks are safer, more profitable, or better managed. Deposit depth can coexist with credit risk, liquidity risk, interest-rate risk, or weak asset quality. Likewise, a lower ratio should not automatically be labeled as financial underdevelopment without checking account access, nonbank finance, capital markets, mobile money, and the structure of the domestic economy.
The lowest 2021 observations are concentrated in parts of Central Asia and Africa
| Country/area | Financial-system deposits / GDP |
|---|---|
| Tajikistan | 7.1% |
| Niger | 13.3% |
| Uzbekistan | 15.1% |
| Sudan | 15.2% |
| Zimbabwe | 15.9% |
| Guinea | 18.0% |
| Uganda | 18.6% |
| Guinea-Bissau | 19.6% |
| Madagascar | 20.1% |
| Nigeria | 21.8% |
Tajikistan is the lowest 2021 observation at 7.1%, followed by Niger at 13.3%, Uzbekistan at 15.1%, Sudan at 15.2%, and Zimbabwe at 15.9%. Guinea, Uganda, Guinea-Bissau, Madagascar, and Nigeria are also around the high teens or low 20s. The map shows a visible cluster of low ratios across parts of Sub-Saharan Africa and Central Asia, but the dataset by itself does not identify the cause.
Possible context can include the use of formal financial institutions, the size of the cash economy, income levels, nonbank finance, statistical coverage, and the importance of informal activity. Those are hypotheses to investigate with separate evidence, not conclusions established by GFDD.DI.08 alone. Financial inclusion, private credit, bank assets, and mobile-money indicators answer related but different questions.
Korea is 160.4%, Japan 259.6%, and China 48.7% in 2021
| Country | Reference year | Financial-system deposits / GDP |
|---|---|---|
| Luxembourg | 2021 | 437.2% |
| Hong Kong SAR, China | 2021 | 402.9% |
| Macao SAR, China | 2021 | 278.9% |
| Japan | 2021 | 259.6% |
| Korea, Rep. | 2021 | 160.4% |
| Australia | 2021 | 112.1% |
| France | 2021 | 106.7% |
| Germany | 2021 | 95.0% |
| India | 2021 | 72.1% |
| Brazil | 2021 | 71.4% |
| South Africa | 2021 | 60.4% |
| China | 2021 | 48.7% |
| Indonesia | 2021 | 41.2% |
| Mexico | 2021 | 35.0% |
Among selected 2021 economies, Korea is 160.4%, Japan 259.6%, Australia 112.1%, France 106.7%, and Germany 95.0%. Brazil is 71.4%, India 72.1%, South Africa 60.4%, China 48.7%, Indonesia 41.2%, and Mexico 35.0%. These are large structural differences, but they are not rankings of household thrift or personal savings behavior.
The contrast between Korea, Japan, and China also shows why the ratio should not be used as a complete measure of financial-system size. Countries differ in the mix of bank deposits, other financial assets, capital-market funding, institutional investors, and cross-border finance. A broader comparison would combine this indicator with private credit to GDP, bank assets to GDP, securities-market measures, and financial-inclusion indicators.
Why the full 179-row latest-value table is not used as one ranking
The latest-non-missing dataset has 179 observations with reference years from 2007 through 2021. The majority—137—are dated 2021, but 18 are from 2020, 10 from 2019, and 14 are older. Canada’s retained observation is from 2008, Switzerland’s from 2016, Saudi Arabia’s from 2017, and the United States and Singapore are from 2020. Ranking all of those as if they described the same year would hide a material timing difference.
165 of the 179 retained latest observations are dated 2019 or later, so most of the table is relatively recent within this database. Even so, a 2008 observation should not be treated as directly comparable with 2021 conditions. The main map, top and bottom tables, and summary statistics therefore use the synchronized 2021 subset only.
Why values above 100% are possible
The key is the stock-flow distinction. Deposits are a balance-sheet stock at a point in time, while GDP measures the flow of value added produced over a year. If the stock of deposits is larger than one year of GDP, the ratio naturally exceeds 100%. Similar logic applies to ratios such as debt-to-GDP and financial-assets-to-GDP.
Financial centers can produce especially large ratios because the banking and financial system may intermediate funds far beyond what would be expected from resident household saving alone. Luxembourg and Hong Kong are clear examples in the 2021 data. A very high ratio should therefore be read alongside the economy’s size, cross-border financial role, and institutional structure rather than treated as an error or as an automatic sign of superior financial performance.
What this indicator cannot tell you
GFDD.DI.08 does not tell us how many people own accounts, what deposit interest rates are, how deposits are split between households and firms, what currencies they are held in, or how concentrated the banking market is. It also does not measure bank profitability, capital adequacy, nonperforming loans, or liquidity. Those questions require separate indicators.
The series is also not a real-time view of financial conditions in 2026. The current World Bank Global Financial Development release contains data through 2021. That is why the article keeps the 2021 reference year explicit and does not infer current deposit flows, current interest-rate behavior, or recent banking stress from these observations.
Data source and comparison method
The statistical source is the World Bank Global Financial Development metadata for GFDD.DI.08. The World Bank defines the series as demand, time, and saving deposits in deposit money banks and other financial institutions as a share of GDP, with the IMF International Financial Statistics identified as the underlying source.
All rankings and summary statistics in the main comparison use the 137 observations dated 2021. The mean is unweighted across country and area rows; it is not weighted by GDP, population, or deposit size. Missing values are not converted to zero, and older observations are not relabeled as 2021. Gray areas on the map mean no retained 2021 value or no directly represented geometry at this scale, not a zero ratio.
Frequently Asked Questions
Can financial-system deposits exceed 100% of GDP?
Yes. Deposits are a financial stock and GDP is an annual flow. The stock of deposits can therefore exceed one year of GDP, especially in deposit-heavy or financial-center economies.
What is Korea’s 2021 financial-system deposits-to-GDP ratio?
The World Bank GFDD.DI.08 observation for the Republic of Korea is about 160.4% in 2021. This is not a household saving rate; it compares financial-system deposits with GDP.
Is this the same as the household saving rate?
No. GFDD.DI.08 measures demand, time, and saving deposits in deposit money banks and other financial institutions relative to GDP. A household saving rate measures a different flow concept.
Why not rank all 179 latest observations together?
The retained latest observations span 2007–2021. The main comparison uses the 137 observations dated 2021 so that country rankings are not distorted by mixing different reference years.
Related Articles
Financial-system deposits are a depth measure. The articles below provide complementary views of bank operating efficiency, bank revenue composition, and how to work with World Bank economic datasets.
- Bank Cost-to-Income Ratio | 2021 Country Comparison
- Bank Noninterest Income Share by Country | Global Map
- World Bank Global Economic Monitor Guide: Find, Map, and Download GEM Data
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