Balance sheet, 3 tiers
Real assets, financial assets and debt, the world's consolidated balance sheet in three tiers. Paper value is 1.8× the real physical stock.
Who Holds It, and How Much
McKinsey's "The Rise and Rise of the Global Balance Sheet" report splits the world's balance sheet into 3 tiers not by instrument type (cash, equity, real estate), but by WHO HOLDS IT: the Financial Sector's own book, the rest of the economy's (Households, Government, Corporations) financial position, and the Real Economy. We built the same data with the same grouping.
Summing these three gives the world's total assets - no new calculation, just a different cut of our 4-sector balance sheet (Financial Statements page).
1Financial Sector
Financial Corporations' (S12) own book
Financial assets held by Financial Corporations
620,63 T $
Loans190,02 T $ (31%)
Equity and Investment Fund Shares148,14 T $ (24%)
Debt Securities139,16 T $ (22%)
Derivatives56,48 T $ (9%)
Currency and Deposits51,93 T $ (8%)
Other Accounts Receivable/Payable22,13 T $ (4%)
Gold/SDR11,13 T $ (2%)
Insurance/Pensions1,63 T $ (0%)
Financial Corporations' liabilities
571,12 T $
Currency and Deposits177,62 T $ (31%)
Equity and Investment Fund Shares136,19 T $ (24%)
Insurance/Pensions94,12 T $ (16%)
Derivatives49,74 T $ (9%)
Debt Securities48,85 T $ (9%)
Loans35,40 T $ (6%)
Other Accounts Receivable/Payable28,26 T $ (5%)
Gold/SDR0,94 T $ (0%)
2Financial System
Households + Government + Non-Financial Corporations' financial position
Financial assets held by Households, Government, and Non-Financial Corporations
614,87 T $
Equity and Investment Fund Shares268,48 T $ (44%)
Currency and Deposits142,74 T $ (23%)
Insurance/Pensions95,47 T $ (16%)
Other Accounts Receivable/Payable42,74 T $ (7%)
Loans35,62 T $ (6%)
Debt Securities25,87 T $ (4%)
Gold/SDR2,87 T $ (0%)
Derivatives1,09 T $ (0%)
Households, Government, and Non-Financial Corporations' liabilities
601,35 T $
Equity and Investment Fund Shares248,06 T $ (41%)
Loans176,38 T $ (29%)
Debt Securities128,60 T $ (21%)
Other Accounts Receivable/Payable34,53 T $ (6%)
Insurance/Pensions9,25 T $ (2%)
Currency and Deposits2,92 T $ (0%)
Derivatives1,05 T $ (0%)
Gold/SDR0,56 T $ (0%)
3Real Economy
All sectors' real assets = the world's net worth
Real (non-financial) assets
649,56 T $
Land204,02 T $ (31%)
Other Buildings and Structures128,87 T $ (20%)
Housing125,76 T $ (19%)
China (CASS 2019, no category breakdown)94,89 T $ (15%)
Machinery and Equipment37,63 T $ (6%)
Intellectual Property19,63 T $ (3%)
Mineral/Energy Reserves17,43 T $ (3%)
Inventory/Stock16,19 T $ (2%)
Valuables4,20 T $ (1%)
Other Natural Resources0,65 T $ (0%)
Agricultural/Biological Assets0,29 T $ (0%)
Net Worth (by sector)
712,58 T $
Households and Non-Profit Institutions Serving Households (NPISH)583,23 T $ (82%)
Government59,93 T $ (8%)
Financial Corporations58,76 T $ (8%)
Non-Financial Corporations10,66 T $ (1%)
World Total1.885,06 T $ = 1.885,05 T $
All three tiers are of similar size. The Financial Sector's own book (620,63 T $), the rest of the economy's financial position (614,87 T $), and the Real Economy (649,56 T $) - this shows the same pattern McKinsey's 2020 report observed: "all three around $500T, 6x GDP." The Real Economy's "resource" side isn't a liability - it flows straight into Net Worth, because a real asset has no creditor on the other side.