Box 4. The shifting global map of deposits Deposits are an example of financial services that tend to take off at higher income levels than many consumer goods. Data across cities and countries suggest that the penetration of deposits starts to rise at around $18,000 per capita income at PPP, and then continues to grow slightly faster than income without a clear saturation point.'
However, deposits—and other products in financial services—are more concentrated than other types of products in a few leading cities in each country.2 In Brazil, almost 50 percent of deposits are in sao Paulo and Rio de Janeiro, more than 1.5 times the share of the combined GDP of these two cities of the overall GDP (Exhibit 12). This reflects corporate deposits pooled in central locations as well as a broader supply of financial service providers in leading cities.