The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2025," Tuesday, which shows that money fund assets globally rose by $246.3 billion, or 2.1%, in Q1'25 to a record $11.845 trillion. (The totals would have been $12.117 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in U.S. and Luxembourg, while Ireland and Brazil also rose. Meanwhile, money funds in China and Turkey were lower. MMF assets worldwide increased by $1.404 trillion, or 13.4%, in the 12 months through 3/31/25, and money funds in the U.S. now represent 60.1% of worldwide assets. European money fund asset totals surpassed Asian money fund totals for the first time since Q4'2017. We review the latest Worldwide MMF totals, below. (Note: For those attending our Money Fund Symposium, welcome to Boston! Attendees and Crane Data Subscribers may access the MFS Conference Materials here.)
ICI's release says, "Worldwide regulated open-end fund assets, excluding assets in funds of funds, increased 0.8 percent to $74.45 trillion at the end of the first quarter of 2025. Worldwide net cash inflows to all funds were $578 billion in the first quarter, compared with $1.3 trillion of net inflows in the fourth quarter of 2024. The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the first quarter of 2025 contains statistics from 43 jurisdictions."
It explains, "The growth of total regulated open-end fund assets reported in US dollars, increased due to US dollar depreciation over the first quarter of 2025. For example, on a US dollar–denominated basis, fund assets in Europe increased by 2.9 percent in the first quarter, compared with a decrease of 1.2 percent on a euro-denominated basis."
ICI's quarterly continues, "Globally, equity fund assets decreased, on a US dollar–denominated basis, by 1.7 percent to $35.09 trillion at the end of the first quarter of 2025. At the same time, Bond fund assets increased by 3.8 percent to $14.30 trillion; balanced/mixed fund assets increased by 1.9 percent to $7.43 trillion, and money market fund assets increased by 2.1 percent to $11.84 trillion."
The release also tells us, "At the end of the first quarter of 2025, 47% of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 19% and the asset share of balanced/mixed funds was 10%. Money market fund assets represented 16% of the worldwide total. By region, 57% of worldwide assets were in the Americas in the first quarter of 2025, 32% were in Europe, and 11% were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $578 billion in the first quarter of 2025.... Globally, bond funds posted an inflow of $222 billion in the first quarter of 2025, after recording an inflow of $315 billion in the fourth quarter.... Money market funds worldwide experienced an inflow of $157 billion in the first quarter of 2025 after registering an inflow of $582 billion in the fourth quarter of 2024."
According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. sustained its position as the largest money fund market in Q1'25 with $6.975 trillion, or 60.1% of all global MMF assets. U.S. MMF assets increased by $122.4 billion (1.8%) in Q1'25 and have increased by $1.055 trillion (17.8%) in the 12 months through March 31, 2025. China remained in second place among countries overall. China saw assets decrease $28.0 billion (-1.5%) in Q1 to $1.836 trillion (15.8% of worldwide assets). Over the 12 months through March 31, 2025, Chinese MMF assets have increased by $248.0 billion, or 15.6%.
Ireland remained third among country rankings, ending Q1 with $952.3 billion (8.2% of worldwide assets). Irish MMFs were up $38.2B for the quarter, or 4.2%, and up $146.0B, or 18.1%, over the last 12 months. Luxembourg remained in fourth place with $687.4 billion (5.9% of worldwide assets). Assets there increased $47.1 billion, or 7.4%, in Q1, and were up $116.7 billion, or 20.4%, over one year. France was in fifth place with $464.9B, or 4.0% of the total, up $14.2 billion in Q1 (3.1%) and up $5.1B (1.1%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.3% of worldwide assets. Its MMF data was unavailable for 2024 and Q1 2025, so we kept the 2023 Q4 numbers. Mexico was in 7th place with $134.0 billion (1.2%); assets there increased $8.4 billion (6.7%) in Q1 and increased by $9.3 billion (7.4%) over 12 months. Korea was the 8th ranked country and saw MMF assets increase $15.7 billion, or 13.7%, in Q1'25 to $130.4 billion (1.1% of the total); they've decreased $2.9 billion (-2.2%) for the year. Brazil was in 9th place, as assets increased $17.9 billion, or 16.6%, to $125.9 billion (1.1% of total assets) in Q1. They've increased $935 million (0.7%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $95.9B, or 0.8% of total assets, down $1.2 billion (-1.2%) for the quarter.
India was in 11th place, decreasing $2.8 billion, or -3.4%, to $78.4 billion (0.7% of total assets) in Q1 and increasing $15.7 billion (25.0%) over the previous 12 months. Canada ($66.7B, up $7.3 billion and up $8.9B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($47.1B, up $5.1B and up $8.5B). Argentina ($36.5B, up $4.9B and up $19.3B) and Chile ($34.6B, up $1.8B and up $1.4B), rank 14th and 15th, respectively. United Kingdom, Chinese Taipei, Spain, South Africa and Turkey round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $7.376 trillion, up $162.8 billion in Q1. Asian MMFs decreased by $16.9 billion to $2.181 trillion, and Europe saw its money funds rise $99.2 billion in Q1'25 to $2.264 trillion. Africa saw its money funds increased $1.1 billion to $23.5 billion.
Note that Ireland and Luxembourg's totals are primarily "offshore" money funds marketed to global multinationals, while most of the other countries in the survey have mainly domestic money fund offerings. Contact us if you'd like our latest "Largest Money Market Funds Markets Worldwide" spreadsheet, based on ICI's data. (Let us know too if you'd like to see our latest Money Fund Intelligence International product, which tracks "offshore" money market funds domiciled in Europe and outside the U.S.)
