Of the 16 investment firms in the world that hold more than $1 trillion in assets, the US leads with 12 representatives, including well-known firms like BlackRock, Vanguard Group, and the asset management arms of Goldman Sachs and Bank of New York Mellon.

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In sum, the top 16 asset managers in the world hold over $29 trillion, a staggering amount. For comparison, the nominal GDP of the US is just over half that amount, at $16.75 trillion.

The US Federal Reserve holds approximately $4.4 trillion in assets—less than BlackRock—and the European Central Bank just $2.7 trillion, which would place it 3rd on the chart.

In an era with high public indebtedness and decreased lending by the banking sector, asset management firms thus represent a large source of finance for economic growth. To unlock the potential of this $29 trillion pool, states may take a look at improving their investment and regulatory environments to attract greater institutional investment, and therefore, growth.