McKinsey Global Institute

Global households gained $40 trillion in 2025, raising total net worth to $570 trillion, driven primarily by equities rather than real capital formation. The U.S. and Australia saw significant wealth growth, while China's expansion relied on corporate debt accumulation. The report highlights risks of an imbalanced 'paper wealth' economy dominated by AI-linked stocks and divergent financial strategies between major economies.

European companies like ASML, Novo Nordisk, and Mistral have achieved global leadership in technology and pharmaceuticals despite structural challenges such as limited venture capital and lower capital investment. The article highlights recent growth in European venture capital and private equity, emphasizing the need to scale these successes through public-private partnerships and a unified single market.