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September 10, 2026
Partner, Chief Economist
Countries with larger pension systems have deeper capital markets, see chart below. The US sits at nearly 475% of GDP in pension and household investment assets, and above 200% of GDP in market capitalization. Germany, France, Italy and Spain are all well below on both measures.
What separates them is not just returns, it is the institutional bid. The Netherlands, Denmark and Sweden show what funded pension systems do for capital market depth. Ireland and Italy have now launched auto-enrollment. Germany, Europe's largest economy, is introducing reforms, see also here. Aging societies strengthen the case for creating funded pension schemes.
The bottom line is that pension depth and market depth often move together, and most of Europe has plenty of work to do. Pension funds are natural holders of equities, infrastructure, private credit, private equity and real assets. A deeper institutional savings base broadens demand and expands European markets' capacity to finance growth.
Written by Huw van Steenis, London
Note: Data as of 2025. If unavailable, then 2024. Pension fund assets as of 2024. Market cap is equity market cap. Sources: OECD, Bloomberg, Morgan Stanley, Apollo European and Policy Strategist
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