The Ascendancy of Non-Bank Financial Institutions: A Global Shift in Financial Assets
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The IMF estimated the size of the sector in more detail by looking at the respective share of the Global Financial Assets for each sub-sector of NBFIs.
Investment funds are the most important NBFI sub-sector representing 12% of global financial assets
Insurance companies and pension funds follow, at 9% of the global financial assets
Overall, these institutions now represent a 49.2% share of total global financial assets, surpassing banks at 37.6%. The rest of the market is composed of central banks and Public Financial Institutions.
The NBFI sector has more than doubled since 2008
NBFIs represent 63% of national financial assets in the US. In the eurozone, the sector is less significant though it has still doubled in size since the global financial crisis.
Total NBFI assets in the euro area have doubled since 2009
Euro area NBFI assets diminished in 2022 as the sector sold higher risk assets acquired during the low interest rate period
