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Mapping $79 Trillion in U.S. Financial Sector Assets
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The U.S. financial sector commands trillions in assets, with its most significant players being banks, mutual funds, and insurance companies.
Notably, banks and credit unions comprise 35% of the total assets of major institutions, experiencing an average annual growth rate of 5.6% since 1998. In contrast, assets held in mutual funds have increased by an average of 8.3% annually over this period, driven primarily by major firms like Vanguard and Fidelity.
This graphic presents select U.S. financial sectors along with their total assets, sourced from the Federal Reserve.
Analyzing the Asset Composition of U.S. Financial Institutions
Below is a breakdown of total assets for significant financial institutions as of Q2 2024:
| Institution | Total Assets | Average Annual Growth Rate 1998-2024 |
|---|---|---|
| Banks and Credit Unions | $27.7T | 5.6% |
| Mutual Funds | $20.9T | 8.3% |
| Insurance Companies | $13.3T | 5.4% |
| Hedge Funds | $10.9T | 8.3% |
| Broker-Dealers | $5.9T | 4.8% |
| Total | $78.7T |
In the previous year, 4,750 commercial banks and 4,604 credit unions in the United States managed $27.7 trillion in assets.
JPMorgan Chase stands as the largest bank overall, boasting $3.6 trillion in assets as of September 2024. Following closely are Bank of America and Citibank, with $2.6 trillion and $1.7 trillion in assets, respectively.
The mutual fund sector, comprising 7,222 funds in the U.S. as of 2023, controls $20.9 trillion in assets. Approximately half of American households are invested in mutual funds, marking a historical peak. Although the Federal Reserve does not provide specific data on exchange-traded funds (ETFs), reports from Cerulli Associates indicate that U.S. ETF assets surpassed $10 trillion in November 2024, reaching an all-time high.
Insurance companies rank third in size, with total assets of $13.3 trillion. Life insurance firms dominate this sector, holding $9.9 trillion in assets. In 2023, New York Life Group and Northwestern Mutual Group emerged as the largest life insurers in America, based on the direct premiums they wrote that year.
With a thriving stock market, hedge fund assets experienced the steepest growth, surging 16.3% between Q2 2023 and Q2 2024. Notably, hedge fund leverage approached its highest levels in over a decade, indicating a robust risk appetite in light of investor optimism.
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For a deeper understanding of this topic from an asset market viewpoint, explore this graphic detailing the magnitude of U.S. asset markets in 2024.
