In December 2019, the figure stood at US$ 7.2 trillion—meaning that assets under management (AuM) doubled in less than seven years.

What I find most revealing is the composition.

Equities grew from US$ 3.8 trillion to US$ 9 trillion, representing a compound annual growth rate (CAGR) of 13.5%, while fixed income grew at a rate of 5.6% per year, rising from US$ 2.3 trillion to US$ 3.4 trillion.

Even with high interest rates globally, new capital flowed into the stock market.

It is worth noting that a significant portion of this is due to valuation effects (mark-to-market) rather than new inflows.