The world’s assets, liabilities, and wealth hit record highs in 2025, reaching $1.8 quadrillion in assets and $570 trillion in household wealth. But most of that new wealth growth happened “on paper,” not through real investment, leaving the global balance sheet out of proportion with the economy by historical standards. The US, Europe, and China are now on distinctly different economic paths, each carrying its own imbalances.
The session began with an overview of the report findings with authors Rebecca J. Anderson and Arvind Govindarajan, followed by a fireside chat with Shubham Singhal and Onur Erzan, President, AllianceBernstein and a panel discussion moderated by Paul Hannon, Economics Editor, Dow Jones Newswires featuring:
- Joyce Chang, Managing Director and Chair, Global Research, JP Morgan
- Catherine L. Mann, External member of the Monetary Policy Committee, Bank of England
- Jan Mischke, Partner, McKinsey Global Institute
- What does the record growth in global wealth tell us about the health of the global economy?
- What is driving the diverging paths of the US, Europe, and China?
- How exposed are businesses to a repricing shock amid record equity valuations and government debt?
- Which swing factors matter most for growth, inflation, and interest rates ahead?
For more on this topic, please watch the virtual event recording and read our report, The global balance sheet 2026: Imbalance and divergence.