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The World is Becoming Even More Unipolar . . . for Asset Managers

Alistair Lamb
Jun 10, 20241 min read

The global AM industry allocates USD 130 tr, 27% of the world's wealth in 2023, but the industry is changing.

Animated chart showing the share of global AuM in percentage by top 10 country from 2012 to 2023. The y-limit is initially 0% to 8% and captures the share of all top 10 countries except for the U.S. It then animates the y-limit up to 65%, where the U.S. allocation becomes visible from 51% in 2012 to 59% in 2023. Most other countries share has shrunk except for China and Canada.

Our chart shows a slice of this change. Aggregating by manager's home country, we see some noteworthy changes within the largest ten countries by AuM: 


  • United States: U.S. hegemony strengthened. Considered with Canada's growing AuM share, this block's influence looks unassailable.

  • China: The rapid AuM growth of China's asset managers stalled in 2023. It now ranks just below the AuM of managers of U.K., France, Canada, Germany, and Japan despite a population more than 50% larger than the rest of the 10 top countries combined.

  • Europe: European managers have long been ceding share to North American and Chinese managers, with Switzerland the least worst of this group. The reasons are lower underlying economic performance, and too conservative asset class and location allocations. 


Our new 'Global Asset Management Industry Report: Structure & Growth 2024' has quantitative answers to questions on global industry structural changes. There are important strategy aspects here. 

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