Global PensionAssets Study | 2026

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      <subfield code="a">Global PensionAssets Study | 2026</subfield>
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      <subfield code="a">Global pension assets grew by 9.6% in 2025, driven mainly by defined contribution plans, which have recorded sustained growth of 9.4% per annum over the last decade. The United States remains the largest market, accounting for 66% of the global Top 22, while Canada overtakes Japan and consolidates its position as the world's second largest pension market. In contrast, Spain remains in last place with £166 billion, barely 0.2% of the total, reflecting a heavy dependence on the public system and limited development of supplementary schemes. The report also analyses the evolution of asset allocation, noting a decline in equities to 48% compared to increases in bonds and other asset classes. In addition, experts highlight that factors such as political decisions, technological innovation and global dynamics, together with the use of more comprehensive investment approaches, will be key to addressing an increasingly complex and interdependent financial environment</subfield>
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      <subfield code="a">Fondos de pensiones</subfield>
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