The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2025," which shows that money fund assets globally rose by $470.2 billion, or 4.0%, in Q2'25 to a record $12.315 trillion. (The totals would have been $12.587 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in China and Ireland, while France and the U.S. also rose. Meanwhile, money funds in Argentina were lower. MMF assets worldwide increased by $1.672 trillion, or 15.7%, in the 12 months through 6/30/25, and money funds in the U.S. now represent 57.0% of worldwide assets. In Q1, European money fund asset totals surpassed Asian money fund totals for the first time since Q4'2017, and they continue to rise. We review the latest Worldwide MMF totals, below. (Note: Thank you to those of you who attended our European Money Fund Symposium in Dublin! Mark your calendars for next year's show in Paris, Sept. 24-25!)
ICI's release says, "Worldwide regulated open-end fund assets, excluding assets in funds of funds, increased 8.5 percent to $80.85 trillion at the end of the second quarter of 2025. Worldwide net cash inflow to all funds was $714 billion in the second quarter, compared with $577 billion of net inflows in the first quarter of 2025. 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 second quarter of 2025 contains statistics from 44 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets, as reported in US dollars, increased due to US dollar depreciation over the second quarter of 2025. For example, on a US dollar–denominated basis, fund assets in Europe increased by 10.1 percent in the second quarter, compared with an increase of 1.6 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 11.0 percent to $38.94 trillion at the end of the second quarter of 2025. Bond fund assets increased by 5.8 percent to $15.17 trillion in the second quarter. Balanced/mixed fund assets increased by 8.1 percent to $8.05 trillion in the second quarter, while money market fund assets increased by 4.0 percent globally to $12.31 trillion."
The release also tells us, "At the end of the second quarter of 2025, 48% 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 15% of the worldwide total. By region, 56% of worldwide assets were in the Americas in the second 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 $714 billion in the second quarter of 2025.... Globally, bond funds posted an inflow of $309 billion in the second quarter of 2025, after recording an inflow of $222 billion in the first quarter.... Money market funds worldwide experienced an inflow of $273 billion in the second quarter of 2025 after registering an inflow of $154 billion in the first quarter of 2025."
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 Q2'25 with $7.024 trillion, or 57.0% of all global MMF assets. U.S. MMF assets increased by $48.9 billion (0.7%) in Q2'25 and have increased by $931.7 billion (15.3%) in the 12 months through June 30, 2025. China remained in second place among countries overall. China saw assets increase $150.2 billion (8.2%) in Q2 to $1.987 trillion (16.1% of worldwide assets). Over the 12 months through June 30, 2025, Chinese MMF assets have increased by $171.9 billion, or 9.5%.
Ireland remained third among country rankings, ending Q2 with $1.013 trillion (8.2% of worldwide assets). Irish MMFs were up $61.0B for the quarter, or 6.4%, and up $199.3B, or 24.5%, over the last 12 months. Luxembourg remained in fourth place with $733.0 billion (6.0% of worldwide assets). Assets there increased $45.6 billion, or 6.6%, in Q2, and were up $146.6 billion, or 25.0%, over one year. France was in fifth place with $523.5B, or 4.3% of the total, up $58.7 billion in Q2 (12.6%) and up $62.9B (13.7%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.2% of worldwide assets. Its MMF data was unavailable for 2024 and Q1, Q2 2025, so we kept the 2023 Q4 numbers. Korea was in 7th place with $150.6 billion (1.2%); assets there increased $20.2 billion (15.5%) in Q2 and increased by $12.5 billion (9.0%) over 12 months. Mexico was the 8th ranked country and saw MMF assets increase $15.7 billion, or 11.7%, in Q2'25 to $149.8 billion (1.2% of the total); they've increased $16.9 billion (12.7%) for the year. Brazil was in 9th place, as assets increased $14.4 billion, or 11.4%, to $140.3 billion (1.1% of total assets) in Q2. They've increased $20.7 billion (17.3%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $103.1B, or 0.8% of total assets, up $7.2 billion (7.5%) for the quarter.
India was in 11th place, increasing $13.8 billion, or 17.6%, to $92.3 billion (0.7% of total assets) in Q2 and increasing $17.4 billion (23.2%) over the previous 12 months. Canada ($70.7B, up $4.0 billion and up $11.3B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($47.9B, up $805M and up $4.4B). United Kingdom ($37.4B, up $5.0B and up $9.1B) and Chinese Taipei ($37.2B, up $8.7B and up $9.9B), rank 14th and 15th, respectively. Chile, Argentina, 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 $7.458 trillion, up $81.8 billion in Q2. Asian MMFs increased by $200.0 billion to $2.380 trillion, and Europe saw its money funds rise $186.9 billion in Q2'25 to $2.451 trillion. Africa saw its money funds increased $1.5 billion to $25.0 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.)
