2023年全球养老金资产报告（Global Pension Assets Report 2023）-Thinking Ahead Institute

Global Pension Assets Study | 2023Global Pensions Assets Study© 2023 Thinking Ahead Institute. All rights reserved.Global Pensions Assets StudyThinking Ahead InstituteExecutivesummarySection 1Asset SizeSection 2Asset AllocationLimitations of relianceSection 3DB/DC SplitSection 4Methodology030432034003270342362903132Global Pensions Assets Study© 2023 Thinking Ahead Institute. All rights reserved.Formed in 2015, the Thinking Ahead Institute is a global not-for-profit research and innovation group whose aim is to mobilise capital for a sustainable future. The Institute’s members comprise around 50 asset owners and asset managers with collective responsibility for around USD 16 trillion. It is an outgrowth of WTW Investments’ Thinking Ahead Group and more research is available on its website.The Thinking Ahead InstituteThe Thinking Ahead Group research teamTim HodgsonRogerUrwinMarisa Hall Jessica GaoAnastassiaJohnsonPaul Deane-WilliamsIsabellaMartin3AndreaCaloisiOverview and key findings Executive summary© 2023 Thinking Ahead Institute. All rights reserved.TAI Global Pensions Assets Study4Executive summary© 2023 Thinking Ahead Institute. All rights reserved.The study covers 22 pension markets in the world (P22). They have pension assets of USD 47,861 bnP22P195Outside the P22 we estimate there is an additionalUSD 3-5 tn of pension assets92%of P22 assets are in the seven largest markets76%The Gini coefficient of global pension assets reflecting the concentration in few marketsOverview5P22 marketsAustralia, Brazil, Canada, Chile, China, Finland, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, Netherlands, South Africa, South Korea, Spain, Switzerland, UK, USP7A deeper analysis is performed for the P7, with assets ofUSD 43,838 bnP7 marketsAustralia, Canada, Japan, Netherlands, Switzerland, UK, USP22 marketsExecutive summary© 2023 Thinking Ahead Institute. All rights reserved.6USD 56,575USD 47,861 bn Total P22 assets estimated to year end 2022 The US, Japan and Canada represent 76.1% of all pension assets76%%y/y decrease in 2022 P22 assets from USD 57,452 bn the previous year64%Return for a60% global equities / 40% global bonds reference portfolio as of December 2022(in USD)-17.4%The US is the largest market, with a share of 63.6% of P22 assets, followed by Japan and Canada with 6.5% and 6.0% respectively62%Ratio of pension assets to GDP of these economiesThe P22 assets estimated growth rate of US, Japan and Canada is -16.8%, -16%, -12.5% respectively in 2022 (in USD)It is important to note the impact of currency exchange rates when measuring the growth of pension assets in USD as, in many cases, the results vary significantly with growth rates in local currency termsP22-16.7%Overview of P22 marketsExecutive summary© 2023 Thinking Ahead Institute. All rights reserved.7P71 The majority of pension fund assets in Switzerland are DC and take the form of cash balance plans, whereby the plan sponsor shares the investment risk and the