World’s largest asset managers’ AUM surges to record $140 trillion, driven by North America and passives

• North American managers lead in AUM growth with a notable 13.3% increase in 2024
• In contrast, Japan’s managers experienced a significant decline, with AUM falling by 9.5%
• Passives now account for 39.0% of total assets, a 6.1% increase over the year

LONDON, November 10, 2025 — Total assets under management (AUM) at the world’s 500 largest asset managers reached USD 139.9 trillion at the end of 2024, a 9.4% increase from the previous year, according to new research from The Thinking Ahead Institute.

This marks a continued recovery for the asset management industry with total assets now back above the record that was last set in 2021. This recovery was driven largely by managers in North America who registered the fastest growth, up 13% year-on-year and accounting for USD 88.2 trillion, or 63% of total AUM among the top 500 firms.

Japan registered a decline from its asset managers, with AUM falling by 9.5% in 2024, highlighting regional disparities in economic and investment performance. On current growth rates, the UK, which was the second largest asset management market in 2019, now looks likely to fall to fourth position in the next five years, with France and Canada set to overtake it.

Strategically, the industry is continuing to undergo a significant shift to passive investment strategies, which now account for 39.0% of total AUM, a 6.1% increase from the previous year. Meanwhile, actively managed assets declined to 61%, down 3.6% year-on-year.

The top 20 asset managers further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. Their combined assets rose to USD 65.8 trillion, with 15 US-based firms representing 83.9% of this segment. Among these, BlackRock, Vanguard, and Fidelity Investments retained their positions as the top three global managers, with BlackRock holding the top spot since 2009.

This study also highlights the rapid rise of private-market specialists, whose AUM growth has outpaced traditional managers. For example, Brookfield’s AUM grew from USD 240 billion in 2017 to USD 1,061 billion in 2024 - an impressive 20% annualised increase over eight years and a rise of 46 places in the rankings, driven by investor demand for private credit, infrastructure, and real estate strategies.

Across the regions, the Middle East has gained prominence as a strategic hub for asset managers, as regulatory reforms in the UAE, including updates to digital assets rules and the Qualifying Investment Funds regime, are attracting global firms to financial centres like the Dubai International Financial Centre and Abu Dhabi. Moreover, thematic opportunities in Shariah-compliant investing, ESG, and digital assets are aligning with national transformation agendas, making the region increasingly competitive.

Elsewhere, Artificial Intelligence continues to become an enabler across the industry, with the study finding that 47% of firms are investing in AI for strategic, operational customer improvement purposes. However, adoption remains in its early stages, with 78% of firms allocating less than 10% of their tech budgets to AI. Despite this, the study did find 61% expect AI spending to grow over the next five years, whilst a similar number (64%) expressed concern about AI-related cyber risks.

Jessica Gao, Director of The Thinking Ahead Institute commented: “This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of Artificial Intelligence. These trends are reshaping the very foundations of asset management.

The scale of growth, particularly in North America, and the increasing concentration among the top 20 managers, signals both opportunity and responsibility. As stewards of nearly $140 trillion in assets, the industry must now balance performance with purpose, agility with accountability. This is a pivotal moment to redefine what long-term value means, not just for investors, but for society at large.”

The world’s largest money managers (US$ millions)

About the Thinking Ahead Institute

The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to changing and improving the investment industry for the benefit of the end saver. It has over 55 members around the world and is an outgrowth of WTW Investments’ Thinking Ahead Group, which was set up in 2002.

About WTW Investments

WTW’s Investments business is focused on creating financial value for end investors through its expertise in risk assessment, strategic asset allocation, fiduciary management and investment manager selection. It has over 900 colleagues worldwide, more than 1,000 investment clients globally, assets under advisory of over US$3.4 trillion and US$168 billion of assets under management.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

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