About the study
The Global Pension Assets Study estimates global pension fund assets across 22 major pension markets (the P22). These geographies now stand at US$68.3 trillion in pension assets and account for 74% of the GDP of these economies. The study, conducted by WTW and the Thinking Ahead Institute since the 1990s, includes an analysis of the seven largest markets (the P7): Australia, Canada, Japan, Netherlands, Switzerland, UK and the US, which comprise 91% of total pension assets.
Pensions markets are very concentrated with the 7 largest markets accounting for most of the pension assets in the world.
2025 saw broad-based gains across global markets, with most major asset classes delivering positive returns, with equities performing especially well. Looking ahead, the 2026 outlook is likely to be shaped by policy decisions, technological innovation and shifting global dynamics.
Jessica Gao
Researcher, Thinking Ahead Institute
Key spotlight subjects
The study draws attention to 4 subjects significant to the investment industry and its building resilience.
Macro landscape
2025 marked a strong recovery across global markets, with most major asset classes delivering positive returns. Equities performed especially well, led by emerging markets. Even though 2025 included shocks, such as the global tariff and trade disruption in April, investor sentiment held up and volatility stayed relatively contained.
Resilience in an era of systemic uncertainty
Resilience is emerging as an important principle for asset owners as uncertainty around climate, geopolitics, and systemic risks grows. In this context, resilience involves both robustness, the ability of the present‑day portfolio to withstand adverse conditions, and the broader through‑time organisational capacity to anticipate, adapt and learn from emerging threats.
A new phase for DC: improving the retirement income experience
Income in retirement is still the biggest unresolved issue in defined contribution (DC) systems. The Thinking Ahead Institute’s 2025 Global DC Peer Study shows that 60% of leading DC organisations see retirement income as the main challenge over the next decade. As more retirees depend mainly on DC pensions, providers are under growing pressure to deliver credible, stable income solutions rather than simply accumulating account balances.
From asset classes to whole-portfolio thinking
Total Portfolio Approach (TPA) has reached a defining moment as portfolios have outgrown traditional asset-class silos. What began as a frontier concept among a small group of asset owners has moved into the mainstream, reinforced by high-profile adopters such as CalPERS. This shift reflects a growing recognition that managing today’s portfolios requires whole-portfolio decisions rather than asset-class optimisation and organisational and portfolio resilience rather than managing volatility and tracking error risks.
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Global Pension Asset Study 2026 press release
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