Money rules the world

BlackRock’s assets under management have reached a new record of 13.5 trillion USD.
For reference, that’s roughly 6 times the value of the German stock market (DAX) and about 4 times the French one (CAC 40).

Of course, BlackRock’s scale extends far beyond equities — the firm has seen substantial growth across fixed income and private markets.
Still, from a Luxembourg perspective, with our GDP around 90 billion USD, it’s striking how much decision power in global finance is concentrated in just a few hands. This level of concentration arguably represents a systemic risk for the financial system as a whole.