Willis Towers Watson Study: Global Pension Assets Reach USD 68.3 Trillion with 9.6% Growth
Willis Towers Watson’s research shows global pension assets rose 9.6% to USD 68.3 trillion in 2025, creating USD 6 trillion in new value. Defined contribution accounts for 63% of assets in the top seven markets, led by Australia (90%), the US (72%) and Canada’s 12% growth, which made it the second-largest market.
1. Record Global Pension Asset Growth
In 2025, global pension assets increased by 9.6% year-on-year to USD 68.3 trillion, generating USD 6.0 trillion of new value across defined contribution and other schemes during a period of sustained market recovery and contained volatility.
2. Defined Contribution Trends
Defined contribution savings now constitute 63% of assets in the largest seven pension markets, with Australia leading at 90% DC allocation, followed by the US at 72%, while Canada’s 12% year-on-year growth spurred its rise to the second-largest market.
3. Market Rankings and Regional Shifts
The United States maintains 66% of total pension assets among the top 22 markets; Canada has surpassed Japan for the first time to claim the No.2 spot, while the UK’s 1.4% compound annual growth over the past decade has dropped it to fourth place.
4. Asset Allocation Shifts
Over the past 20 years in the top seven markets, equity allocations have fallen nine percentage points to 48%, while bonds and other asset classes have risen three and six points, respectively, reflecting a shift toward broader diversification.