The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Third Quarter 2025," which shows that money fund assets globally rose by $430.2 billion, or 3.5%, in Q3'25 to a record $12.745 trillion. (The totals would have been $13.017 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in the U.S. and China, while Ireland and Luxembourg also rose. Meanwhile, money funds in Republic of Korea were lower. MMF assets worldwide increased by $1.530 trillion, or 13.6%, in the 12 months through 9/30/25, and money funds in the U.S. now represent 57.4% 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: There's still time to register for our "basic training" event, Money Fund University, which takes place this week, Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
ICI's release says, "Worldwide regulated open-end fund assets, excluding assets in funds of funds, increased 5.0 percent to $84.90 trillion at the end of the third quarter of 2025. Worldwide net cash inflow to all funds was $821 billion in the third quarter, compared with $714 billion of net inflows in the second 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 third 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 third quarter of 2025. For example, on a US dollar-denominated basis, fund assets in Europe increased by 4.1 percent in the third quarter, compared with an increase of 3.9 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar-denominated basis, equity fund assets increased by 6.3 percent to $41.38 trillion at the end of the third quarter of 2025. Bond fund assets increased by 3.9 percent to $15.76 trillion in the third quarter. Balanced/mixed fund assets increased by 4.2 percent to $8.40 trillion in the third quarter, while money market fund assets increased by 3.5 percent globally to $12.75 trillion."
The release also tells us, "At the end of the third quarter of 2025, 49% 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, 57% of worldwide assets were in the Americas in the third 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 $821 billion in the third quarter of 2025.... Globally, bond funds posted an inflow of $422 billion in the third quarter of 2025, after recording an inflow of $308 billion in the second quarter.... Money market funds worldwide experienced an inflow of $410 billion in the third quarter of 2025 after registering an inflow of $273 billion in the second 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 Q3'25 with $7.321 trillion, or 57.4% of all global MMF assets. U.S. MMF assets increased by $296.9 billion (4.2%) in Q3'25 and have increased by $896.4 billion (14.0%) in the 12 months through Sept. 30, 2025. China remained in second place among countries overall. China saw assets increase $73.5 billion (3.7%) in Q3 to $2.060 trillion (16.2% of worldwide assets). Over the 12 months through Sept. 30, 2025, Chinese MMF assets have increased by $203.0 billion, or 10.9%.
Ireland remained third among country rankings, ending Q3 with $1.046 trillion (8.2% of worldwide assets). Irish MMFs were up $33.0B for the quarter, or 3.3%, and up $139.6B, or 15.4%, over the last 12 months. Luxembourg remained in fourth place with $749.8 billion (5.9% of worldwide assets). Assets there increased $16.8 billion, or 2.3%, in Q3, and were up $129.6 billion, or 20.9%, over one year. France was in fifth place with $524.7B, or 4.1% of the total, up $1.1 billion in Q3 (0.2%) and up $32.7B (6.6%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.1% of worldwide assets. Its MMF data was unavailable for 2024 and Q1, Q2, Q3 2025, so we kept the 2023 Q4 numbers. Mexico was in 7th place with $156.8 billion (1.2%); assets there increased $7.0 billion (4.7%) in Q3 and increased by $26.6 billion (20.4%) over 12 months. Brazil was the 8th ranked country and saw MMF assets increase $6.4 billion, or 4.6%, in Q3'25 to $146.7 billion (1.2% of the total); they've increased $23.6 billion (19.2%) for the year. Korea was in 9th place, as assets decreased $7.9 billion, or -5.3%, to $142.6 billion (1.1% of total assets) in Q3. They've increased $6.3 billion (4.6%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $108.3B, or 0.8% of total assets, up $5.1 billion (5.0%) for the quarter.
India was in 11th place, decreasing $3.1 billion, or -3.4%, to $89.2 billion (0.7% of total assets) in Q3 and increasing $9.9 billion (12.4%) over the previous 12 months. Canada ($69.7B, down $977 million and up $9.0B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($45.7B, down $2.1B and down $3.3B). Chinese Taipei ($38.1B, up $933M and up $9.6B) and United Kingdom ($37.3B, down $89M in Q3 and up $7.6B), rank 14th and 15th, respectively. Argentina, Chile, Turkey, Spain and South Africa round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $7.764 trillion, up $306.0 billion in Q3. Asian MMFs increased by $68.6 billion to $2.449 trillion, and Europe saw its money funds rise $54.6 billion in Q3'25 to $2.506 trillion. Africa saw its money funds increased $1.0 billion to $26.0 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.)
