Top 10 Takeaways from SIFMA’s 2025 Capital Markets Fact Book

SIFMA Research has released the 2025 Capital Markets Fact Book – a comprehensive, data-rich view of U.S. and global capital markets. This annual resource brings together trusted statistics on everything from market size and issuance trends to investor participation and the health of the securities industry.

Inside, you’ll find a global perspective on equity and fixed income markets, investment banking activity, and cross-border securities flows. For the U.S., the Fact Book covers equity, fixed income, derivatives, and private placement markets; mutual fund and ETF trends; and detailed investment banking statistics. It also examines how Americans save and invest — including household equity ownership, the composition of liquid financial assets, and the mix of retirement holdings — as well as an overview of the securities industry’s footprint, from broker-dealer counts to employment trends.

Capital markets play a critical role in fueling the U.S. economy, providing 75.3% of financing for non-financial corporations through the issuance of equity and debt securities. In the U.S., debt markets dominate at 76.8% of total financing, in contrast to other regions where bank lending averages 83.9%. And with U.S. equity markets representing nearly half of global market capitalization, and fixed income markets accounting for 40% of worldwide securities outstanding, the depth, liquidity, and efficiency of U.S. markets remain unmatched.

Here are ten key highlights from this year’s Fact Book, spanning global and U.S. market performance, issuance trends, investor participation, retirement savings, and the state of the securities industry:

Fixed Income Markets

1. Global Fixed Income Growth Slows: Global fixed income markets outstanding rose 2.4% year-over-year to $145.1T in 2024, while global long-term fixed income issuance dipped 1.9% to $27.4T.
2. U.S. Debt Issuance Surges Across the Board: In 2024, U.S. long-term fixed income issuance jumped by 26.0% year-over-year to $10.4T. Highlights: Treasuries $4.7T (+32.8%), corporates $2.0T (+30.6%), munis $513.6B (+33.2%), and ABS $388.1B (+43.3%).

Equity Markets

3. Global Equities Rebound: Global equity market capitalization climbed 8.7% year-over-year to $126.7T in 2024, with global equity issuance up 21.5% year-over-year to $504.8B.
4. U.S. Equity Issuance Booms: Total U.S. equity issuance (excluding SPACs) hit $222.9B in 2024 (+60.9%). Initial public offering (IPO) deal value was $31.4 billion, (+55.9%).
5. U.S. Stock Indexes Hit Record Highs: U.S. stock markets, in terms of index prices, continued to rise in 2024, with year-end levels at S&P 500 5,881.63 (+23.3%), Nasdaq Composite 19,310.79 (+28.6%), Dow Jones Industrial Average (DJIA) 42,544.22 (+12.9%), and the Russell 2000 2,230.16 (+10.0%).

The Individual Investor

6. More Americans Own Stocks: According to the latest Federal Reserve survey (2022), 58.0% of households own equities, +5.3 pps from the prior survey.
7. Household Financial Assets Reach New Highs: Liquid financial assets totaled $72.3T in 2024 (+14.1%), with equities representing 54.5%, mutual funds 17.1%, and deposits 13.7%.
8. Retirement Savings Continue to Grow: Total retirement assets in the U.S. rose 8.5% to $49.6T in 2024. IRAs led at $17.0T (+13.3%), followed by government pensions ($14.5T) and private pensions ($13.6T).

The Securities Industry

9. Broker-Dealer Revenues Up, Headcount Steady: The number of FINRA-registered broker-dealers fell 1.5% to 3,249 in 2024, but gross revenues grew 5.9% to $641.0B. Pre-tax net income surged 41.3% to $75.8B.
10. Industry Employment Tops 1.1 Million: National securities industry employment reached 1,135,500 jobs in 2024, a 1.6% year-over-year increase.

The data in SIFMA’s Capital Markets Fact Book underscores the scale, resilience, and global leadership of U.S. markets — and the vital role they play in channeling capital to drive economic growth.

To learn more, explore the full 2025 Capital Markets Fact Book.

Author

Kenneth E. Bentsen, Jr. is President and CEO of SIFMA. From 1995 to 2003, he served as a Member of the United States House of Representatives from Texas. Prior to his service in Congress, Mr. Bentsen was an investment banker specializing in municipal and housing finance.