At a glance  1

Introduction  3

The global balance sheet: Latest totals  5

In 2025, the global balance sheet totaled $1.8 quadrilion, including $570 trillion of household wealth. In both cases, this is the highest number ever.

Is the balance sheet 'in balance?'  11

Equity, government debt, and currency and deposits are at or near historic highs, while other elements such as real estate and household debt have shifted more "in balance."

Has wealth growth been 'healthy?'  25

Global wealth growth accelerated over past year. Over half of new wealth was equity—and "on paper."

What this means for executives  30

A balance sheet out of kilter with the economy may go one of four ways, with implications for growth, inflation, and interest rates. Watch for the swing factors that could move economies from one trajectory to another.

Technical appendix  36

Acknowledgements  38

Endnotes  39