Global public and private assets have fallen by $3.4trn in March 2025 so far, almost halving the gains seen in January and February, analysis by Ocorian has revealed.

Assets surged by $7.8trn in the first two months of the year, a 3.2 per cent increase to a record $250.6trn by the end of February.

However, the US-initiated trade war resulted in global assets declining by $3.4trn in March, mainly driven by falls in US equities, leaving global assets up by 1.8 per cent in 2025 to date.

As at 12 March 2025, the world’s public and private assets were worth $247.2trn.

Equity markets were down by $4trn in March, with falling US share prices accounting for 93 per cent of this decline, according to Ocorian.

Despite this, most other regions have made positive contributions in 2025 so far, with European equities (excluding the UK) up by $1.4trn, while UK stocks added $193bn.

Asian equities were also up, by $218bn, driven primarily by China and Hong Kong, although Indian, Japanese and Taiwanese equities have fallen in the year to date.

The market value of the world’s bonds has increased by $4.5trn (3.8 per cent) in 2025 so far, which Ocorian said mainly reflected new issuance and a weakening US dollar.

Meanwhile, private assets have increased by $211bn in 2025 so far, up to $12.9trn.

The UK’s listed assets rose by $338bn in January and February to a record $7.5trn, up by 4.8 per cent, and have expanded “very modestly” so far this month.

“Asset prices have whipsawed in 2025 in the face of concerns over government finances and the inflationary impact of US trade wars,” commented Ocorian head of Americas and global head of corporate services, Jason Gerlis.

“But it’s US assets that are feeling the most pain, as a flood of capital out of US equity markets is washing up on shores in Europe and parts of Asia. Six of the US Magnificent 7 stocks have lost $2.3trn of value since the New Year.

“This highlights how important diversification is. The growing concentration of stock market value in the US and among a few companies – the 15 largest companies account for one fifth of the global total – is increasing risks for investors.

“Private markets can help investors achieve this much needed diversification. Private capital is transforming the way businesses grow.

“Public markets have long provided a structured path for companies to raise capital and investors to earn returns, but their reach is far more limited than their size suggests. And the vast majority of companies are still privately owned – around 90 per cent in the US for example.

“Investors and businesses alike are seeking alternative paths to growth, and private capital is increasingly the bridge between opportunity and execution. The global investment landscape is shifting rapidly – the dramatic growth in private assets reflects both a flow of capital to the sector and superior performance over the long term.”

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