The lifeblood of any economy, capital is the driving force behind business operations, innovation, and infrastructure development. From fledgling startups to well-established corporations, capital is essential for growth, expansion, and turning ideas into reality. Governments also rely on capital to fund public services and infrastructure projects, making it a cornerstone of economic prosperity.
Capital markets serve as the bridge between investors seeking returns and businesses or governments needing funding. These markets facilitate the flow of capital, enabling enterprises to access lower-cost funding while providing investors with opportunities to deploy their capital effectively. Financial institutions play a pivotal role in this process, ensuring the smooth functioning of capital markets.
The Global Capital Markets Landscape in 2026
The SIFMA Capital Markets Fact Book provides a comprehensive overview of the capital markets, highlighting key trends and data. In 2026, global fixed income debt outstanding reached $160.7 trillion marking a 10.6% year-over-year (Y/Y) increase. Global long-term fixed income issuance also saw a significant rise, climbing 6.3% Y/Y to $29.9 trillion.
Equity markets experienced robust growth as well, with global equity market capitalization increasing 18.9% Y/Y to $157.8 trillion. Global equity issuance followed suit, rising 13.5% Y/Y to $573.8 billion. Additionally, the volume of gross activity in U.S. securities by foreign investors surged 31.0% Y/Y to $176.3 trillion.
U.S. Capital Markets: Key Highlights
In the United States, long-term fixed income issuance increased 9.7% Y/Y to $11.5 trillion in 2026. This growth was driven by various sectors, including U.S. Treasury securities, mortgage-backed securities, corporate bonds, federal agency securities, municipal bonds, and asset-backed securities. Equity issuance, excluding special purpose acquisition companies (SPACs), totaled $232.6 billion with initial public offerings (IPOs) accounting for $47.0 billion.
The U.S. stock markets continued their upward trajectory in 2026, with major indices closing the year at record highs. The S&P 500 reached 6,845.50 up 16.4% Y/Y while the Nasdaq Composite hit 23,241.99 a 20.4% Y/Y increase. The Dow Jones Industrial Average (DJIA) and Russell 2000 also saw gains, closing at 48,063.29 and 2,481.91 respectively.
Investor Participation and Savings in the U.S.
According to the latest Federal Reserve survey, 58.0% of U.S. households owned equities in 2026, an increase of 5.3 percentage points from the prior survey. The value of U.S. households’ liquid financial assets rose 12.1% Y/Y to $80.4 trillion with equities comprising 57.2% of these assets. Other significant components included mutual funds, deposits, bonds, and money market funds.
The total value of U.S. retirement assets reached $53.6 trillion in 2026, reflecting an 8.4% Y/Y increase. Individual retirement accounts (IRAs) held $18.7 trillion while private pension assets totaled $15.0 trillion. Government pension assets and annuities also contributed to the
The U.S. Securities Industry in 2026
The U.S. securities industry saw notable changes in 2026, with the number of FINRA registered broker-dealers decreasing 2.0% Y/Y to 3,184. Despite this decline, gross revenues for these broker-dealers increased 7.5% Y/Y to $776.8 billion while total expenses rose 4.0% Y/Y to $661.8 billion. Pre-tax net income reached $115.0 billion a 33.8% Y/Y increase.
National securities industry employment reached 1,166,400 jobs in 2026, reflecting a 3.0% Y/Y increase. This growth underscores the industry’s role in driving economic activity and job creation.
The SIFMA Capital Markets Fact Book serves as an invaluable resource for analyzing key industry statistics and trends. By amassing data from dozens of sources, it provides a comprehensive reference tool for understanding the capital markets, investor participation, savings, and the securities industry.
