In a world of constantly shifting economic and geopolitical dynamics, understanding the structure of the Global Market Portfolio (GMP) can help investors benchmark their own portfolios and identify diversification gaps. This post offers a snapshot of the global investable universe—spanning equities, bonds, and alternative assets—and drills deeper into the geographic and capitalization breakdown of global equities.
The Global Market Portfolio in 2024: An Overview
According to State Street Global Advisors (SSGA), the total value of the global investable market portfolio reached an estimated $175 trillion as of early 2024. This includes all major publicly investable asset classes, weighted by market value:
| Asset Class | Market Value | Weight |
| Equities | $78.0 trillion | 44.8% |
| Bonds | $73.5 trillion | 41.8% |
| Alternatives | $23.5 trillion | 13.4% |
The GMP provides a de facto benchmark for global diversification—essentially reflecting how the world has allocated capital.
The Geography of Global Equities
A closer look at the equity portion of the GMP reveals a highly concentrated geographic distribution. Using the MSCI ACWI Investable Market Index (IMI) as a proxy, we can see how global equity exposure is spread across regions:
| Region | Weight (%) |
| North America | 65.4% |
| Europe, Middle East & Africa | 16.8% |
| Asia Pacific | 8.7% |
| Emerging Markets | 9.1% |
The North America, EMEA and AP weights are based on developed markets. The emerging market category included countries in all three regions.
North America, led by the United States, dominates global equity market capitalization—reflecting the rise of mega-cap U.S. technology firms and sustained earnings growth.
Top 10 Countries by Equity Market Cap (MSCI ACWI IMI – March 2024)
| Country | Weight | Change Since 2013 |
| United States | 62.6% | +13.1 p.p. |
| Japan | 6.1% | –1.3 p.p. |
| United Kingdom | 3.5% | –4.2 p.p. |
| China | 2.4% | +0.4 p.p. |
| India | 2.0% | +1.3 p.p. |
| France | 2.7% | –0.8 p.p. |
| Germany | 2.0% | –1.3 p.p. |
| Canada | 2.8% | –0.9 p.p. |
Capitalization Breakdown: Large, Mid, and Small Caps
The MSCI ACWI IMI covers the full spectrum of market capitalizations across 23 developed and 24 emerging markets:
| Category | % of Index | Typical Market Cap Range |
| Large Cap | ~70% | > $10 billion |
| Mid Cap | ~20% | $2–10 billion |
| Small Cap | ~10% | <$2 billion |
As of mid-2025:
– Total market cap: ~$90.4 trillion
– Median market cap: $1.36 billion
– Largest constituent: ~$3.3 trillion
– Smallest constituent: ~$59 million
This structure ensures the index represents nearly 99% of the global investable equity universe, making it a valuable proxy for global equity exposure.
Implications for Investors
1. Diversification Gaps: Most investors are home-biased—heavily overweighting their domestic markets. Comparing portfolios against the GMP helps identify underexposures to foreign stocks, bonds, and alternatives.
2. The Rise of Alternatives: The increasing share of real assets and private markets in the global portfolio reflects institutional investor behavior and the search for uncorrelated returns.
3. Geographic Imbalance in Equities: While the U.S. leads, non-U.S. markets still offer long-term value, especially in sectors underrepresented in the U.S. like industrials, energy, and financials.
4. Smaller Companies Matter: Small- and mid-cap equities often offer higher growth potential and should not be overlooked in a well-rounded equity strategy.
Final Thoughts
The Global Market Portfolio is not just a theoretical construct—it’s a real-world benchmark for understanding how global capital is allocated. As investors face new macroeconomic and market challenges, keeping one eye on the GMP provides a grounding reference for informed strategic investment asset allocation.
References
MSCI Inc. (2025, May 30). MSCI ACWI Investable Market Index (IMI) Factsheet. Retrieved from https://www.msci.com/www/index-factsheets/msci-acwi-imi/09234846msci.com+1msci.com+1
State Street Global Advisors. (2025). Global Market Outlook 2025: Finding the Right Path. Retrieved from https://www.ssga.com/library-content/assets/pdf/global/global-market-outlook/2025/gmo-2025-full.pdfssga.com
Visual Capitalist. (2024, May 2). A Geographic Breakdown of the MSCI ACWI IMI. Retrieved from https://www.visualcapitalist.com/sp/a-geographic-breakdown-of-the-msci-acwi-imi/