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The Thinking Ahead Institute Global Pension Assets Study 2024: Global Asset Owners with $170 Trillion AUM, Top 7 Pension Countries $50.8 Trillion AUM, Top 3 Largest United States $35.6 Trillion, Japan $3.3 Trillion, United Kingdom $3.2 Trillion, Top 7 Pension Asset Allocation in Equity 42%, Bonds 36%, Cash 3%, Others 20%

10th May 2024 | Hong Kong

The Thinking Ahead Institute has released The Thinking Ahead Institute Global Pension Assets Study 2024, providing key insights into global pension funds countries, portfolio allocation, market share & growth.  In 2023, the Top 7 Pension (P7) Countries total AUM is $50.8 trillion and the Top 22 (P22) Pension Countries total AUM is $55.6 trillion.  The Largest Pension Country is United States $35.6 trillion, 2nd Largest Pension Country is Japan $3.3 trillion and 3rd Largest Pension Country is United Kingdom $3.2 trillion.  Top 3 Pension Country Market Share of P22 in 2023 – 75.8% (United States 63.9%, Japan 6.1%, United Kingdom 5.8%).  Global Asset Owners Total AUM$170 trillion, Strictly Defined (Pension Funds) AUM $59.7 trillion, Assets Owner Loosely Defined (Mutual Funds & ETFs) AUM $60.1 trillion, Insurance Funds AUM $35.7 trillion, Sovereign Wealth Funds AUM $12.3 trillion, Endowments & Foundations AUM $2.1 trillion.  Pension Funds Reference Portfolio Return (60% Equity / 40% Debt) Annualized – 1-Year +16.6%, 5-Year +7.7%, 10-Year +5.4%.  Top 7 (P7) Pension Overall Asset Allocation in 2023Equity 42%, Bonds 36%, Cash 3%, Others 20%.  Top 7 (P7) Pension Asset Allocation in 2013 (10 years ago) – Equity 43%, Bonds 28%, Cash 3%, Others 26%.  Top 7 (P7) Pension Asset Allocation in 2003 (20 years ago) – Equity 51%, Bonds 36%, Cash 1%, Others 12%.  4 Key Pension Funds TopicsMacro uncertainty and systemic risk, Increasing influence of governments & politics on pension system, Artificial Intelligence (AI) & technology, Future of pension design.  See below for key findings & summary | View report here

“ Global Asset Owners with $170 Trillion AUM, Top 7 Pension Countries $50.8 Trillion AUM, Top 3 Largest United States $35.6 Trillion, Japan $3.3 Trillion, United Kingdom $3.2 Trillion, Top 7 Pension Asset Allocation in Equity 42%, Bonds 36%, Cash 3%, Others 20% “

 



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The Thinking Ahead Institute Global Pension Assets Study 2024: Global Asset Owners with $170 Trillion AUM, Top 7 Pension Countries $50.8 Trillion AUM, Top 3 Largest United States $35.6 Trillion, Japan $3.3 Trillion, United Kingdom $3.2 Trillion, Top 7 Pension Asset Allocation in Equity 42%, Bonds 36%, Cash 3%, Others 20%

New York City, United States

The Thinking Ahead Institute has released The Thinking Ahead Institute Global Pension Assets Study 2024, providing key insights into global pension funds countries, portfolio allocation, market share & growth.  See below for key findings & summary | View report here

 

The Thinking Ahead Institute Global Pension Assets Study 2024

Summary:

  1. Top 7 Pension Countries AUM$50.8 trillion
  2. Top 22 Pension Countries AUM – $55.6 trillion
  3. Largest Pension CountryUnited States $35.6 trillion
  4. 2nd Largest Pension Country – Japan $3.3 trillion
  5. 3rd Largest Pension Country – United Kingdom $3.2 trillion
  6. Top 3 Pension Country Market Share of P22 in 2023 – 75.8% (United States 63.9%, Japan 6.1%, United Kingdom 5.8%)
  7. Global Asset Owners Total AUM$170 trillion 
  8. Strictly Defined (Pension Funds) AUM – $59.7 trillion
  9. Assets Owner Loosely Defined (Mutual Funds & ETFs) AUM – $60.1 trillion
  10. Insurance Funds AUM – $35.7 trillion
  11. Sovereign Wealth Funds AUM – $12.3 trillion
  12. Endowments & Foundations AUM – $2.1 trillion 
  13. Pension Funds Reference Portfolio Return (60% Equity / 40% Debt) Annualized – 1-Year +16.6%, 5-Year +7.7%, 10-Year +5.4%
  14. Top 7 (P7) Pension Overall Asset Allocation in 2023Equity 42%, Bonds 36%, Cash 3%, Others 20%
  15. Top 7 (P7) Pension Asset Allocation in 2013 (10 years ago) – Equity 43%, Bonds 28%, Cash 3%, Others 26%
  16. Top 7 (P7) Pension Asset Allocation in 2003 (20 years ago) – Equity 51%, Bonds 36%, Cash 1%, Others 12%
  17. 4 Key Pension Funds TopicsMacro uncertainty and systemic risk, Increasing influence of governments & politics on pension system, Artificial Intelligence (AI) & technology, Future of pension design 

 

 

The Thinking Ahead Institute Global Pension Assets Study 2024

1) Pension Funds AUM & Market Share

2023 AUM

  • Top 7 Pension Countries AUM$50.8 trillion
  • Top 22 Pension Countries AUM – $55.6 trillion
  • Global Asset Owners Total AUM – $170 trillion 

Top 3 Market Share of P22 in 2023 (75.8%)

  1. United States – 63.9%
  2. Japan – 6.1%
  3. United Kingdom – 5.8%

Rest of P22 (19 Countries) – 23.2%

Top 7 (P7) Market Share of P22 in 2023 (91.3%)

  1. United States – $35.6 trillion
  2. Japan – $3.3 trillion
  3. United Kingdom – $3.2 trillion
  4. Canada – $3.1 trillion
  5. Australia – $2.4 trillion
  6. Netherlands – $1.7 trillion
  7. Switzerland – $1.3 trillion

Pension Funds AUM Market Share

  • Top 20 Pension Funds – 17% of Global Pension AUM
  • Top 300 Pension Funds – 41% of Global Pension AUM

Type of Asset Owners AUM

  • Strictly Defined (Pension Funds) – $59.7 trillion 
  • Assets Owner Loosely Defined (Mutual Funds & ETFs) – $60.1 trillion
  • Insurance Funds – $35.7 trillion
  • Sovereign Wealth Funds – $12.3 trillion
  • Endowments & Foundations – $2.1 trillion
  • Total AUM – $170 trillion

Pension funds, sovereign wealth funds and endowments & foundations qualify as asset owners.  Mutual funds 7 insurance funds partly qualify as asset owners. 

Asset owner has 4 qualifying characteristics: 

  1. Works directly for a defined group of beneficiaries / savers / investors as the manager of their
    assets in a fiduciary capacity under delegated responsibility 
  2. Works with a sponsoring entity (government, government affiliate, company or not-for-
    profit) 
  3. Works within explicit law and possesses an implicit societal license to operate because of
    its societal trust and legitimacy 
  4. Delivers mission-specific outcomes to beneficiaries and stakeholders in the form of various
    payments or benefits into the future 

 

2) Pension Funds Asset Allocation

Pension Funds Reference Portfolio Return (60% Equity / 40% Debt) Annualized:

  • 1-Year: +16.6%
  • 5-Year: +7.7%
  • 10-Year: +5.4%
  • 20-Year: +6%

P7 Overall Asset Allocation in 2023:

  • Equity – 42%
  • Bonds – 36%
  • Cash – 3%
  • Others – 20%

P7 Countries Asset Allocation in 2023 – Equity / Bonds / Cash / Others:

  • United States – 46% / 34% / 2% / 18%
  • Japan – 25% / 56% / 4% / 14%
  • United Kingdom – 26% / 58% / 2% / 14%
  • Canada – 31% / 25% / 2% / 43%
  • Australia – 51% / 14% / 11% / 24%
  • Netherlands – 27% / 46%. 4% / 14%
    Switzerland – 30% / 32% / 4% / 34%

P7 Asset Allocation in 2013 (10 years ago):

  • Equity – 43%
  • Bonds – 28%
  • Cash – 3%
  • Others – 26%

P7 Asset Allocation in 2003 (20 years ago):

  • Equity – 51%
  • Bonds – 36%
  • Cash – 1%
  • Others – 12%

 

3) Pension Funds AUM Growth in 2023 / 2013 / 2003

P7 AUM 20 Years Growth – 2003 / 2013 / 2023 (Every 10 years)

  • United States – $9.9 trillion / $20.2 trillion / $35.6 trillion
  • Japan – $2.9 trillion / $3.1 trillion / $3.3 trillion
  • United Kingdom – $1.2 trillion / $2.8 trillion / $3.2 trillion
  • Canada – $1 trillion / $2.5 trillion / $3.1 trillion
  • Australia – $424 billion / $1.7 trillion / $2.4 trillion
  • Netherlands – $614 billion / $1.3 trillion / $1.7 trillion
    Switzerland – $355 billion / $809 billion / $1.3 trillion

 

4) Top 22 Pension Countries AUM, Market Share & Growth

Top 22 Pension Countries AUM in 2023

  1. United States – $35.6 trillion
  2. Japan – $3.3 trillion
  3. United Kingdom – $3.2 trillion
  4. Canada – $3.1 trillion
  5. Australia – $2.4 trillion
  6. Netherlands – $1.7 trillion
  7. Switzerland – $1.3 trillion
  8. South Korea – $1.1 trillion
  9. Germany – $596 billion
  10. China – $423 billion
  11. Mexico – $381 billion
  12. Finland – $284 billion
  13. Malaysia – $278 billion
  14. Brazil – $272 billion
  15. Italy – $243 billion
  16. South Africa – $243 billion
  17. India – $241 billion
  18. Hong Kong – $216 billion
  19. Chile – $199 billion
  20. Ireland – $172 billion
  21. France – $155 billion
  22. Spain – $43 billion

Total – $55.6 trillion

 

P22 Market Share of P22:

  1. United States – 63.9%
  2. Japan – 6.1%
  3. United Kingdom – 5.8%
  4. Canada – 5.6%
  5. Australia – 4.4%
  6. Netherlands – 3.1%
  7. Switzerland – 2.4%
  8. South Korea – 2%
  9. Germany – 1.1%
  10. China – 0.8%
  11. Mexico – 0.7%
  12. Finland – 0.5%
  13. Malaysia – 0.5%
  14. Brazil – 0.5%
  15. Italy – 0.4%
  16. South Africa – 0.4%
  17. India – 0.4%
  18. Hong Kong – 0.4%
  19. Chile – 0.4%
  20. Ireland – 0.3%
  21. France – 0.3%
  22. Spain – 0.1%

Total – 100%

 

Highest Assets / GDP Ratio:

  1. Netherlands – 159%
  2. Switzerland – 150%
  3. Canada – 146%
  4. Australia – 145%
  5. United States – 132%
  6. United Kingdom – 96%
  7. Finland – 93%
  8. Japan – 80%
  9. Malaysia – 64%
  10. South Korea – 64%
  11. South Africa – 63%
  12. Chile – 57%
  13. Hong Kong – 56%
  14. Ireland – 28%
  15. Mexico – 21%
  16. Germany – 13%
  17. Brazil – 12%
  18. Italy – 11%
  19. India – 6.5%
  20. France – 5.1%
  21. Spain – 2.7%
  22. China – 2.4%

Total Assets (AUM) Annualized Growth:

  • 1-Year – 11%
  • 5-Year – 6.1%
  • 10-Year – 4.5%
  • 20-Year – 6%

 

5) 4 Key Pension Funds Topics

  1. Macro uncertainty and systemic risk 
  2. Increasing influence of governments & politics on pension system 
  3. Artificial Intelligence (AI) & technology 
  4. Future of pension design 

 

The Thinking Ahead Institute

The Thinking Ahead Institute (TAI) is a not-for-profit research and innovation network motivated to influence the investment industry for the good of savers worldwide and to mobilise capital for a sustainable future. Since its establishment in 2015, almost 90 investment organisations have collaborated to bring this vision to light through designing fit-for-purpose investment strategies, working towards better organisational effectiveness and strengthening stakeholder legitimacy. 




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