Global asset markets continued to expand in 2026, and reached a record $308.5 trillion by September.
But performance diverged sharply between asset classes: listed equities surged, bond-market growth was driven largely by new issuance, and private assets grew much more slowly.
Equities
- Listed: Global listed equities reached $156.7 trillion, up 14.0% between January and September. Strong earnings and IPO activity pushed up global market capitalisation.
- Private Equity: Private equity AUM rose 4.3% to $10.46 trillion. Portfolio returns have been lower than public markets and deployment remained subdued.
Debt
- Sovereign bonds: Debt outstanding increased 5.2% to $79.1 trillion, driven by heavy issuance, but market value rose only 3.6% to $74.5 trillion as higher yields reduced bond prices.
- Corporate bonds: Outstanding debt rose 2.6% to $40.9 trillion, while market value increased just 1.3% to $39.3 trillion.
Private credit
- AUM increased 2.5% to a record $1.38 trillion. Borrower fundamentals remain broadly resilient, although rising payment defaults, software exposure and growing PIK use are emerging areas of concern.
Private infrastructure AUM rose 4.3% to a record $1.395 trillion, supported by continued investment in energy and digital infrastructure, while private real estate grew just 1.1% to $1.514 trillion as higher-for-longer rates continued to limit the recovery in property values.
The defining theme of 2026 so far is divergence: public equities have undergone a powerful re-rating, while private markets have expanded at a much more measured pace and fixed-income growth has reflected issuance offset by the negative effect on prices of higher yields.