Who holds it, and how much (ex-China)
The same three tiers, without China's separately-sourced data.
Who Holds It, and How Much (Ex-China)
The same 3-tier balance sheet (Financial Sector / Financial System / Real Economy), WITHOUT China's contribution. Because China's data comes from separate, older sources like CASS/PBoC/NIFD, it noticeably shifts the world total (especially the Real Economy tier) - see the Financial Statements (Ex-China) page.
Including China, the Real Economy tier's Assets were $649.6T and its Net Worth was $712.6T. Excluding China, as shown below, both shrink - but their proportions (the balance between the Real Economy and the other two tiers) are largely preserved.
1Financial Sector (ex-China)
Financial Corporations' (S12) own book
Financial assets held by Financial Corporations
525,85 T $
Equity and Investment Fund Shares154,82 T $ (29%)
Loans149,12 T $ (28%)
Debt Securities112,87 T $ (21%)
Derivatives47,10 T $ (9%)
Currency and Deposits43,30 T $ (8%)
Other Accounts Receivable/Payable10,40 T $ (2%)
Gold/SDR6,89 T $ (1%)
Insurance/Pensions1,36 T $ (0%)
Financial Corporations' liabilities
482,87 T $
Equity and Investment Fund Shares136,70 T $ (28%)
Currency and Deposits127,95 T $ (26%)
Insurance/Pensions96,64 T $ (20%)
Derivatives41,47 T $ (9%)
Debt Securities39,62 T $ (8%)
Loans29,52 T $ (6%)
Other Accounts Receivable/Payable10,19 T $ (2%)
Gold/SDR0,79 T $ (0%)
2Financial System (ex-China)
Households + Government + Non-Financial Corporations' financial position
Financial assets held by Households, Government, and Non-Financial Corporations
523,01 T $
Equity and Investment Fund Shares250,46 T $ (48%)
Currency and Deposits94,08 T $ (18%)
Insurance/Pensions93,08 T $ (18%)
Loans29,70 T $ (6%)
Other Accounts Receivable/Payable28,03 T $ (5%)
Debt Securities24,39 T $ (5%)
Gold/SDR2,39 T $ (0%)
Derivatives0,91 T $ (0%)
Households, Government, and Non-Financial Corporations' liabilities
528,21 T $
Equity and Investment Fund Shares249,63 T $ (47%)
Loans133,01 T $ (25%)
Debt Securities108,06 T $ (20%)
Other Accounts Receivable/Payable26,03 T $ (5%)
Insurance/Pensions7,72 T $ (1%)
Currency and Deposits2,43 T $ (0%)
Derivatives0,87 T $ (0%)
Gold/SDR0,47 T $ (0%)
3Real Economy (ex-China)
All sectors' real assets = the world's net worth
Real (non-financial) assets
554,67 T $
Land204,02 T $ (37%)
Other Buildings and Structures128,87 T $ (23%)
Housing125,76 T $ (23%)
Machinery and Equipment37,63 T $ (7%)
Intellectual Property19,63 T $ (4%)
Mineral/Energy Reserves17,43 T $ (3%)
Inventory/Stock16,19 T $ (3%)
Valuables4,20 T $ (1%)
Other Natural Resources0,65 T $ (0%)
Agricultural/Biological Assets0,29 T $ (0%)
Net Worth (by sector)
592,47 T $
Households and Non-Profit Institutions Serving Households (NPISH)527,92 T $ (89%)
Financial Corporations51,74 T $ (9%)
Government36,20 T $ (6%)
Non-Financial Corporations-23,39 T $ (-4%)
World Total1.603,53 T $ = 1.603,55 T $
All three tiers are of similar size. The Financial Sector's own book (525,85 T $), the rest of the economy's financial position (523,01 T $), and the Real Economy (554,67 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.