Global Capital’s Break With the US Is Long Overdue
Trump’s policies have accelerated an overdue shift, as US market advantages fade and investors reassess their heavy exposure to American assets.
Illustration: Zhenya Oliinyk for Bloomberg
The US today accounts for roughly two-thirds of global listed equity benchmarks, about half of private capital assets and around 40% of global bond markets. Yet it represents only about 4% of the world’s population, 10% of global growth, 13% of global trade and roughly 15% of global GDP on a purchasing-power-parity basis.
This extreme concentration of financial capital is not merely striking. It is economically inefficient, financially risky, and ultimately unsustainable.