The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2026," which shows that money fund assets globally rose by $190.7 billion, or 1.4%, in Q1'26 to a record $13.470 trillion. (The totals would have been $13.742 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in China and Ireland, while the U.S. and the Republic of Korea also showed gains. Meanwhile, money funds in India and Japan were lower. MMF assets worldwide increased by $1.626 trillion, or 13.7%, in the 12 months through 3/31/26, and money funds in the U.S. now represent 57.7% of worldwide assets. In Q4, Asian money fund totals moved back above European money fund totals, and the new Q1 data shows Asia extending its lead over Europe. We review the latest Worldwide MMF assets, below.
ICI's release says, "Worldwide regulated open-end fund assets, excluding funds of funds, decreased 0.8% to $87.23 trillion at the end of the first quarter of 2026. Worldwide net cash inflow to all funds was $931 billion in the first quarter, compared with $1.4 trillion of net inflows in the fourth 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 first quarter of 2026 contains statistics from 44 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets, as reported in US dollars, decreased due to US dollar appreciation over the first quarter of 2026. For example, on a US dollar-denominated basis, fund assets in Europe decreased by 1.7% in the first quarter, compared with an increase of 0.5% on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar-denominated basis, equity fund assets decreased by 2.6% to $41.46 trillion at the end of the first quarter of 2026. Bond fund assets increased by 1.7% to $16.94 trillion in the first quarter. Balanced/mixed fund assets decreased by 1.1% to $8.42 trillion in the first quarter, while money market fund assets increased by 1.4% globally to $13.47 trillion."
The release also tells us, "At the end of the first quarter of 2026, 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, 57% of worldwide assets were in the Americas in the first quarter of 2026, 31% were in Europe, and 12% were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $931 billion in the first quarter of 2026.... Globally, bond funds posted an inflow of $385 billion in the first quarter of 2026, after recording an inflow of $385 billion in the fourth quarter.... Money market funds worldwide experienced an inflow of $193 billion in the first quarter of 2026 after registering an inflow of $467 billion in the fourth 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 Q1'26 with $7.772 trillion, or 57.7% of all global MMF assets. U.S. MMF assets increased by $25.8 billion (0.3%) in Q1'26 and have increased by $797.3 billion (11.4%) in the 12 months through March 31, 2026. China remained in second place among countries overall. China saw assets increase $109.2 billion (5.1%) in Q1 to $2.259 trillion (16.8% of worldwide assets). Over the 12 months through March 31, 2026, Chinese MMF assets have increased by $422.5 billion, or 23.0%.
Ireland remained third among country rankings, ending Q1 with $1.091 trillion (8.1% of worldwide assets). Irish MMFs were up $26.9B for the quarter, or 2.5%, and up $138.8B, or 14.6%, over the last 12 months. Luxembourg remained in fourth place with $789.1 billion (5.9% of worldwide assets). Assets there increased $14.4 billion, or 1.9%, in Q1, and were up $101.7 billion, or 14.8%, over one year. France was in fifth place with $507.5B, or 3.8% of the total, up $5.7 billion in Q1 (1.1%) and up $42.7B (9.2%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.0% of worldwide assets. Its MMF data was unavailable for 2024 and 2025 and Q1 2026, so we kept the 2023 Q4 numbers. Mexico was in 7th place with $166.1 billion (1.2%); assets there increased $4.3 billion (2.6%) in Q1 and increased by $32.1 billion (23.9%) over 12 months. Korea was the 8th ranked country and saw MMF assets increase $17.1 billion, or 12.6%, in Q1'26 to $152.8 billion (1.1% of the total); they've increased $22.5 billion (17.3%) for the year. Brazil was in 9th place, as assets decreased $975 million, or -0.7%, to $140.1 billion (1.0% of total assets) in Q1. They've increased $14.2 billion (11.3%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $100.8B, or 0.7% of total assets, down $4.4 billion (-4.1%) for the quarter.
India was in 11th place, decreasing $8.1 billion, or -8.9%, to $83.3 billion (0.6% of total assets) in Q1 and increasing $4.9 billion (6.2%) over the previous 12 months. Canada ($73.8B, down $432 million and up $7.1B over the quarter and year, respectively) ranked 12th ahead of United Kingdom. ($42.6B, up $1.8B and up $10.2B). Switzerland ($40.3B, down $1.6B and down $6.7B) and Chinese Taipei ($38.4B, down $1.1B and up $9.9B), 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 $8.231 trillion, up $37.9 billion in Q1. Asian MMFs increased by $112.7 billion to $2.646 trillion, and Europe saw its money funds rise $41.7 billion in Q1'26 to $2.569 trillion. Africa saw its money funds decreased $1.7 billion to $24.4 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.)
