Global pension assets hit a historic record, reaching 68.3 trillion dollars in 2025
13 FEB, 2026
By Joanna Piwko from RankiaPro Europe
The global heritage managed by pension systems reached new highs in 2025. The global pension assets reached 68.3 trillion dollars, after growing 9.6% year-on-year, according to the latest Global Pension Assets Study prepared by the Thinking Ahead Institute (TAI) and promoted by WTW. The year was marked by a sustained recovery of financial markets, a strong investor appetite and relatively contained volatility levels, factors that allowed generating about 6 trillion additional dollars in value.
The report also notes a structural trend that consolidates year after year: the growing predominance of defined contribution plans over defined benefit plans. In the seven main global markets —United States, Canada, Japan, United Kingdom, Australia, Netherlands and Switzerland— this type of vehicles already represents 63% of the total managed assets.
The inclination towards defined contribution is especially marked in Australia, where it reaches 90% of the system, and in the United States, with 72%. Canada is also moving in that direction, with 44% of assets under this model. The transfer responds to both demographic and regulatory factors and the search for greater financial sustainability in the face of an aging population.
| Market | Total estimated assets in 2025 (billions of USD) |
|---|---|
| United States | 44.919 |
| Canada | 3.777 |
| Japan | 3.390 |
| United Kingdom | 3.239 |
| Australia | 2.972 |
| Netherlands | 1.942 |
| Switzerland | 1.736 |
| South Korea | 1.328 |
| China | 996 |
| Germany | 564 |
| India | 454 |
| Mexico | 373 |
| Malaysia | 364 |
| South Africa | 361 |
| Finland | 345 |
| Hong Kong | 279 |
| Italy | 278 |
| Brazil | 227 |
| Chile | 207 |
| France | 187 |
| Ireland | 169 |
| Spain | 166 |
| TOTAL | 68.274 |
Unequal growth in the last decade
In terms of long-term evolution, the markets with the greatest weight in defined contribution have shown above-average dynamism over the last decade. Australia has recorded an annual growth of 6.6% between 2015 and 2025; the United States, 7.7%; and Canada, 5.3%.
Among the 22 main markets analyzed by the study, South Korea, Switzerland, and Hong Kong stand out with expansion rates above 8% per year in the same period, reflecting both the consolidation of their systems and the momentum of financial markets.
The United States maintains its undisputed leadership as the world's largest individual pension market, accounting for 66% of the Top 22 global assets. The main novelty of the ranking is the rise of Canada, which, after a solid year-on-year growth of 12%, has surpassed Japan for the first time and is positioned as the second largest pension market worldwide.
Spain occupies the last position in the ranking
At the opposite end is Spain. Pension assets reached 166,000 million dollars in 2025, which represents just 0.2% of the total Top 22 and keeps the country in the last position of the ranking, as was the case the previous year.
The weight of pension savings on GDP is around 8%, one of the lowest percentages of the group analyzed. This data shows the strong dependence on the public distribution system and the limited development of complementary pillars, both corporate and individual.
Although assets grew at an average rate of 3.9% per year between 2015 and 2025, the structural evolution remains behind that observed in other comparable markets. The contrast is significant in a global environment where the transition to mixed systems and the expansion of private capitalization continue to gain ground.
In a context of increasing demographic pressure and questionable fiscal sustainability in numerous developed economies, the divergence between countries in terms of pension savings is becoming increasingly relevant. The global asset record reflects the financial strength of the sector, but also highlights the structural differences between systems and the pending challenges in markets like the Spanish one.
The study shows Spain as a market with ample room for growth in volume. To achieve this, it will be key to reinforce the role of complementary systems and accelerate their development with appropriate incentives, as well as greater involvement of companies and workers. Only in this way can we aspire to a more sustainable, competitive system aligned with international standards.
Raúl Mateos, director of Investments at WTW Spain
The prospects for 2026 will likely be determined by political decisions, technological innovation, and changing global dynamics. Fiscal support and investment related to AI should continue to be important drivers of growth. Inflation trends and the actions of central banks will be key, particularly in the U.S., where strong capital spending and supportive fiscal policy can continue to drive growth and keep returns relatively high.
Jessica Gao, director of the Thinking Ahead Institute
