Value of Global Assets Hits Record $246.8 Trillion Driven by Surge in Equities

• Ocorian’s Global Asset Monitor shows value of private assets has risen nearly three times as fast as public assets over the past 15 years
• Analysis highlights growing risks to diversification with just 10 stocks accounting for a sixth of the global total and US stock markets delivering 84% of the global increase last year

The total market value of eight of the biggest asset classes globally hit a new high of $246.8 trillion at the end of 2024, increasing by a record $25.5 trillion driven by a surge in equity markets, new analysis* from Ocorian, market leader in asset servicing for private markets and corporate and fiduciary administration, shows.

However, Ocorian’s new Global Asset Monitor – which tracks the major trends in public and private markets – underlines that over the long-term private assets have grown nearly three times as fast as public assets, rising 618% in the past 15 years. Last year the value of private market assets increased by an estimated $1.27 trillion – around 9.7% – to a record $14.34 trillion which excludes undeployed capital, so-called dry powder.

The table below shows the breakdown of the asset classes Ocorian has tracked and how values have increased.

Private assets have become increasingly attractive due to their ability to help with diversification as well as returns which have been 4.8% higher per year since 2000**, Ocorian’s Global Asset Monitor shows. Private equity accounts for around 75% of the total value.

Ocorian is predicting ongoing strong growth in private markets – driven by a combination of strong demand from investors and privately-owned companies. This demand for capital is strongest in the US while the supply of funds is strongest in Asia.

The analysis of global equity and bond markets as well as private equity, infrastructure, real estate and private debt found that publicly listed assets ended the year with a market value of $232.45 trillion increasing by 11.6%. Listed equities increased 15.4% in the period to $115.03 trillion while bond markets rose by 8.1% to $117.42 trillion. The Global Asset Monitor shows bond markets have grown by more than half since the start of 2020 due to a surge in issuance by governments and companies.

The analysis underlines the growing risk of concentration in public markets and the threat to investors looking to diversify. US stock markets accounted for 84% of the global rise in stock markets last year; AI chipmaker Nvidia alone contributed a seventh of the global equity increase. Just 10 stocks accounted for a sixth of the global total market capitalisation at the end of 2024, as much as the European, UK and Japanese stock markets combined.

The table below shows the growth in the value of total public markets assets and total private markets assets over the past 15 years.

Ocorian’s analysis shows that US stocks contributed nine tenths of the global increase in equity values, far more than their 58% share of global market capitalisation. Hong Kong was – outside of the US – a major driver of the rise in global equity values followed by Taiwan and India. From a sector perspective listed technology companies were the major contributors to growth followed by financials. Sectors which lost out included energy and legacy car makers, while markets that performed badly included Saudi Arabia and France.

The increased market value of bonds was driven mainly by increased issuance – in other words additional borrowing by governments, companies and agencies – although prices also rose slightly due to interest rate cuts. The total face value (i.e. the amount owed, not the market value) of sovereign bonds rose by $5.2 trillion last year to $67.77 trillion (market value $63.43 trillion) while the face value of corporate bonds rose $3.27 trillion to $36.1 trillion (market value $34.5 trillion).

The value of assets across all private market asset classes rose last year apart from real estate, which recorded a 2.5% drop, while infrastructure recorded the biggest increase year on year at 12.4% narrowly ahead of private equity at 11.6%.

Chantal Free, Chief Executive Officer at Ocorian, said: “The increase in global assets last year is the largest on record and is the equivalent of adding two European stock markets to the global asset pile in a year. Last year’s increase equates to $2,959 for every person in the world.

“Most of the growth inevitably came from public markets as they are 16 times the size of their private counterparts. That size however is increasingly an issue with the concentration of major listed companies making it more challenging for investors to diversify.

“This is one factor behind the growth in private markets, as well as higher returns. The bigger picture however is that private markets have outstripped public markets in terms of long-term growth and are now 618% bigger than in 2009, reflecting capital inflows as well as returns.

“The private capital industry is growing rapidly to meet the needs not just of companies around the world, but also of investors for whom public markets do not hold all the answers. The potential for continued growth in private capital is substantial, especially when compared to the current scale of public markets. This growth is supported by an accumulation of global wealth, with significant pools of capital concentrated in Asia and an acute demand for capital in strategic, high-growth regions such as the United States.”

Ocorian is a global leader in fund administration, capital markets, corporate and fiduciary services. Ocorian helps its clients solve complex problems so they can unlock new value, optimise investment performance and build their competitive advantage.