Global assets hit a record $246.8 trillion by end-2024, with a $25.5 trillion increase driven by surging equities. Public markets grew 11.6% while private markets expanded 618% over 15 years, mainly via private equity. Concentration risk emerges as US stocks drive 84% of global equity gains, notably raising diversification concerns.
Global assets worldwide attain a record market value of $246.8 trillion at the close of 2024, marking an increase of $25.5 trillion driven by a strong surge in equity markets. Ocorian’s Global Asset Monitor provides a comprehensive overview of market trends, noting that private assets have grown nearly three times as fast as their public counterparts over the past 15 years.
Chantal Free, Chief Executive Officer at Ocorian, states:
“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.”
Robust growth across asset classes
The latest figures reveal that publicly listed assets close the year at $232.45 trillion, an 11.6% rise. Listed equities advance by 15.4% to reach $115.03 trillion, while bond markets grow by 8.1% to $117.42 trillion. The growth in bonds is primarily due to a surge in issuance by governments and companies since the start of 2020. In this context, the total face value of sovereign bonds increases by $5.2 trillion to $67.77 trillion (with a market value of $63.43 trillion), and corporate bonds see their face value rise by $3.27 trillion to $36.1 trillion (market value of $34.5 trillion).
Ocorian’s monitoring covers eight major asset classes. Below is a breakdown of market values (in USD billion) over recent years:
| Asset Class | 2009 | 2023 | 2024 |
|---|---|---|---|
| Listed Equity | 32,937 | 99,687 | 115,034 |
| Sovereign Bonds | 23,593 | 59,583 | 63,426 |
| Municipal, Agency & Other Bonds | 3,591 | 17,375 | 19,481 |
| Corporate Bonds | 11,238 | 31,614 | 34,512 |
| Total Public Markets | 71,360 | 208,259 | 232,453 |
| Infrastructure | 92 | 1,085 | 1,220 |
| Private Debt | 223 | 1,147 | 1,192 |
| Private Equity | 1,463 | 9,641 | 10,762 |
| Real Estate | 218 | 1,195 | 1,165 |
| Total Private Markets | 1,996 | 13,068 | 14,339 |
| Grand Total | 73,356 | 221,327 | 246,792 |
Private market assets demonstrate notable growth, having risen by an estimated 618% since 2009. Last year alone, these assets increase by approximately $1.27 trillion (9.7%) to reach a record $14.34 trillion—excluding undeployed capital, often referred to as “dry powder”. Private equity constitutes around 75% of this total value.
In addition, historical data further underscores this trend:
| Year | Public Markets (USD Trillion) | Private Markets (USD Trillion) |
|---|---|---|
| 2009 | 71.36 | 2.00 |
| 2014 | 108.59 | 3.81 |
| 2019 | 150.00 | 6.88 |
| 2024 | 232.45 | 14.34 |
Concentration risks and regional dynamics
The analysis identifies growing risks associated with market concentration. US stock markets account for 84% of the global increase in equity values, with companies such as AI chipmaker Nvidia contributing one-seventh of this rise. Furthermore, just 10 stocks represent one-sixth of the global total market capitalisation—the same as the combined markets of Europe, the UK, and Japan. US equities contribute nine-tenths of the global increase in equity values, despite holding only a 58% share of global market capitalisation.
Outside the United States, Hong Kong plays a major role in driving equity growth, followed by Taiwan and India. Sector analysis shows that technology companies lead the growth in listed equities, with financials following, while energy firms and legacy car manufacturers struggle. Markets such as Saudi Arabia and France also record weaker performance.
Chantal Free, Chief Executive Officer at Ocorian, states:
“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.”
About Ocorian
Ocorian is a global leader in corporate and fiduciary services, fund administration, and capital markets. The firm supports and protects global investment by managing over 17,000 structures on behalf of more than 8,000 clients, including financial institutions, large-scale international organisations, and high-net-worth individuals. Offering fully compliant, tailored solutions to meet individual client needs, Ocorian operates across a network of offices in key financial hubs worldwide, including Bermuda, BVI, Cayman Islands, Denmark, Germany, Guernsey, Finland, Hong Kong, Ireland, Isle of Man, Jersey, Luxembourg, Mauritius, Netherlands, Norway, Singapore, Sweden, UAE, the UK, and the US, and employs over 1,800 professionals.
Pallavi Singal is the Vice President of Content at ztudium, where she leads innovative content strategies and oversees the development of high-impact editorial initiatives. With a strong background in digital media and a passion for storytelling, Pallavi plays a pivotal role in scaling the content operations for ztudium’s platforms, including Businessabc, Citiesabc, and IntelligentHQ, Wisdomia.ai, MStores, and many others. Her expertise spans content creation, SEO, and digital marketing, driving engagement and growth across multiple channels. Pallavi’s work is characterised by a keen insight into emerging trends in business, technologies like AI, blockchain, metaverse and others, and society, making her a trusted voice in the industry.
