How big is the real asset universe?
This should be a simple question to answer.
Sadly, there are massive disparities in estimates of market size - by several orders of magnitude...
Of course, definitional approaches confuse matters, but major differences arise even when analysts agree on the basic concepts.
Here, we try to knit a fragmented story by examining several estimates.
We also provide an experimental estimate that benchmarks the real asset universe against several metrics, including GDP and stock market size.
Other estimates of global market size
Here’s some other estimates that address the size of the real asset universe.
| Source | Reference Date | Estimate (USD T) | Definition / Scope | Key Notes | Link |
|---|---|---|---|---|---|
| McKinsey | 2020 | $406.0 | Real assets including infrastructure | Land ($182T), Dwellings ($109T), Non-res ($57T), Infra ($57T). | Source |
| Verwer | 2023 | $400.0 | Total real estate (inc. productive infra) | Structures ($260T) + Land ($140T). 33 OECD + 30 Non-OECD imputed. | Source |
| Savills | Dec 2024 | $393.3 | Real assets (excl. infrastructure) | Residential ($287T), Commercial ($59T), and Agriculture ($48T). | Source |
| Berlemann etc. | 2010 | $212.0 | Total real asset universe | Capital stock estimate for 122 countries using constant 2010 USD. | Source |
| Lasalle | Mid-2023 | $62.3 | Investable Universe (ex. non-inst res) | Listed RE ($4.7T) + Institutionally owned ($12.3T). | Source |
| EPRA | Dec 2025 | $39.9 | Real assets (ex. non-inst res) | Listed RE ($3.58T) + Equity REITs ($1.99T). Ref: March 2026. | Source |
| MSCI | Dec 2024 | $12.5 | Professionally managed real estate | Disaggregation by region, quadrant, and investment trend data. | Source |
Chart of Global Real Asset Universe estimates