Last week, I had a simple question: What is the market capitalization of US and Global Stocks? Fixed income? Other investable assets?
Surprisingly, there are no easily accessible definitive answers. No one or organization maintains a definitive data set for the market capitalization of stocks and bonds around the world.
To find those answer, I reached out to numerous experts and used a variety of sources: Vanguard for Equity, Fixed Income and non-publicly traded company stock; Morningstar for Equity and Fixed Income flows (via Nir Kaissar), SIFMA for global bond totals (via Dave Nadig), Russell for US Equity, and Savills for global Real Estate (via Jonathan Miller). Then I compared these against the Federal Reserve’s Z1 Financial Accounts of the United States.
Via the Capital Markets Fact Book, 2019, the approximate global data (2018):
Total Fixed Income investments: $102.8 trillion dollars.
Total Equity investments: $74.7 trillion dollars.
Via McGuires, I found the value of global real estate (2016):
Total Global Real Estate: $217 trillion in global real estate (US is ~25% of that)
More on this later today . . .
UPDATE: 8am, October 1, 2019