Assets under management (AUM) of BlackRock from 2014 to 2026, by asset class
BlackRock is the largest asset manager in the world, and the way its money is spread across asset classes reveals how the firm has grown. This report tracks the assets under management of BlackRock from 2014 to 2026, broken down by asset class, in trillion US dollars. The trend reveals how the firm has evolved. Each class tells part of the story. Together they map the firm rise to the top. The mix explains how it grew so vast.
Over these years, total AUM of BlackRock has climbed from around 4.7 trillion dollars to a record of more than 14 trillion. Much of that growth came from equities, especially the iShares ETFs analysed in our largest ETFs by market cap report.
A near-tripling, led by equities: total AUM of BlackRock has climbed from around 4.7 trillion dollars in 2014 to over 14 trillion, with equities, mostly iShares ETFs, the largest and fastest-growing block in absolute terms.
Equities are by far the largest asset class, followed by fixed income, with multi-asset, alternatives and cash making up the rest. The firm overall scale and history are covered in our BlackRock statistics and facts overview.
A note on the data. The total AUM figures are reported actuals from BlackRock annual reports, but the precise asset-class split for some earlier years is estimated, and a small advisory and other category is folded into cash. The 2026 figure is a mid-year estimate. The broad shape of the data, though, is clear.
BlackRock AUM by Asset Class: 2014 vs 2026
| Asset class | 2014 (USD tn) | 2026 (USD tn) |
|---|---|---|
| Equity | $2.45T | $8.05T |
| Fixed income | $1.20T | $3.45T |
| Multi-asset | $0.34T | $1.25T |
| Cash & advisory | $0.55T | $1.13T |
| Alternatives | $0.11T | $0.62T |
The table lists the assets under management of BlackRock by asset class, showing 2014 alongside 2026, both in trillion dollars. It reveals how every class has grown, with equities expanding most in absolute terms and alternatives fastest in percentage terms. Sorting reveals the full order.
BlackRock AUM by Asset Class in 2026
As of 2026, the assets under management of BlackRock are dominated by equities. Stock strategies, mostly iShares ETFs, account for more than 8 trillion dollars, well over half of the firm total. No other class comes close to its size. Equities stand in a league of their own. They dwarf every other class combined. More than half the money is in stocks. The tilt has only deepened over time.
Fixed income is the second largest class at around 3.5 trillion dollars, followed by multi-asset, cash and alternatives. This mix shows how central index equity investing has become to BlackRock, a dominance also clear in our largest US ETF providers coverage.
Equities dominate: stock strategies make up well over half of BlackRock AUM in 2026, at more than 8 trillion dollars, followed by fixed income near 3.5 trillion. Multi-asset, cash and alternatives share the rest.
The smallest class, alternatives, is also the fastest growing, boosted by recent acquisitions in private markets. Even so, it remains a modest share of the total, underlining how much of the firm money still sits in traditional stocks and bonds. Private markets are a deliberate new direction. The firm wants higher-fee growth there. Index fees have been squeezed for years. Margins on the cheapest trackers are now wafer-thin.
BlackRock Total AUM Growth, 2014-2026
The total assets under management of BlackRock have grown dramatically over the period. From around 4.7 trillion dollars in 2014, AUM reached a record of more than 14 trillion by the end of 2025. The climb has been steep and sustained. Each recovery reached a new high.
Growth has not been smooth. AUM dipped in 2018 and fell sharply in 2022 as markets dropped, before recovering strongly. The long-run climb mirrors the rise of the whole industry, detailed in our largest asset managers worldwide report.
From 4.7 to 14 trillion: total AUM dipped in 2018 and fell sharply in 2022 as markets dropped, before surging to a record over 14 trillion in 2025, the first asset manager ever to cross that line.
The biggest single leap came in 2025, when AUM jumped from around 11.5 trillion to over 14 trillion, helped by rising markets, record inflows and major acquisitions. It made BlackRock the first asset manager ever to cross the 14 trillion dollar mark. No rival had ever reached such heights. The milestone underlined its dominance.
BlackRock Equity AUM Over Time
Equities are the engine of BlackRock growth. Equity AUM has risen from around 2.5 trillion dollars in 2014 to over 8 trillion in 2026, more than tripling over the period. Stocks have powered almost all the growth. The iShares engine never stopped running. Inflows poured in year after year. Cheap funds kept winning new savers. The iShares brand pulled in the crowds. Its enormous scale made such low fees possible.
Most of this is passive, tracking indexes through iShares ETFs, which have drawn enormous inflows as investors shift to low-cost funds. The surge reflects the broader move to index investing, a force seen across our top global fund groups coverage.
More than tripled: equity AUM has risen from around 2.5 trillion dollars in 2014 to over 8 trillion in 2026, mostly passive iShares ETF money. It is the single biggest driver of BlackRock results.
Because equities are so dominant, the fortunes of BlackRock are closely tied to stock markets. When shares rise, AUM and fees swell; when they fall, as in 2022, the firm assets shrink, making equity markets the single biggest driver of its results. Equity swings move the whole business. A market crash hits its assets at once.
How BlackRock AUM Mix Has Shifted
The mix of asset classes within BlackRock has shifted over time. Equities have grown from just over half of AUM to a slightly larger share, while cash and fixed income have edged down in relative terms. The shifts have been gradual but real. The mix is slowly tilting toward equities.
The most striking change is the rise of alternatives, which, though still small, has grown faster than any other class. This reflects a deliberate push into private markets, a strategy discussed in our BlackRock hub.
Stable yet shifting: equities have edged up as a share of AUM while cash and fixed income have eased back. The most striking change is the slow rise of alternatives, still small but growing fastest.
Despite these shifts, the overall picture is remarkably stable: equities dominate, fixed income is a solid second, and the other classes trail, a balance also visible in our number of BlackRock funds by region analysis. BlackRock remains, at its core, a giant index equity and bond manager. That core identity has barely changed. It is still an index house at heart. Low-cost trackers remain its foundation. Everything else is built around them.
BlackRock AUM by Class: 2014 vs 2026
Comparing 2014 with 2026 shows how each asset class has grown. Every class is far larger, but the scale of the increase varies sharply between them.
Equity AUM has more than tripled, from around 2.5 to over 8 trillion dollars, while alternatives have grown roughly six-fold from a tiny base. The contrast in growth is as wide as anything in our biggest companies by value rankings.
All bigger, but unevenly: equity AUM has more than tripled while alternatives have grown roughly six-fold from a tiny base. The widest gaps belong to the classes BlackRock has pushed hardest.
The widest gaps belong to the classes BlackRock has pushed hardest: equities through iShares and alternatives through acquisitions. The more traditional cash and fixed income businesses have grown more steadily. The traditional businesses grew at a calmer pace.
Which BlackRock Asset Classes Grew Fastest
Measured by growth multiple, alternatives have expanded fastest, growing around six times over since 2014, driven by acquisitions in private markets such as infrastructure and private credit. The acquisitions transformed the unit overnight. A small business suddenly became sizeable.
Equities and multi-asset have also grown strongly, each more than tripling, while fixed income and cash have grown more modestly. The pattern shows where BlackRock has chosen to expand, a strategic tilt echoed in our big tech revenue statistics coverage.
Alternatives lead the pace: measured by growth multiple, alternatives have expanded around six times since 2014, ahead of equities and multi-asset, which each more than tripled. Fixed income and cash grew more modestly.
Fast growth from a small base is easy; the impressive feat is that equities have more than tripled despite already being enormous. That combination of size and speed is what keeps BlackRock so far ahead of its rivals. Size and speed together are its great edge. Few rivals can match either alone.
BlackRock Alternatives AUM Surge
Alternatives are the smallest of the main asset classes but the most strategically important for BlackRock future. AUM in alternatives has grown from around 0.1 trillion dollars in 2014 to over 0.6 trillion in 2026. The pace picked up dramatically after 2023. Two giant deals did most of the work. Infrastructure and private credit led the way.
The biggest jump came in 2024 and 2025, when BlackRock made its largest acquisitions ever, buying infrastructure and private-credit specialists. These deals reshaped the firm, as explored in our largest BlackRock multi-asset funds coverage.
The acquisition bump: alternatives AUM has grown from around 0.1 trillion dollars in 2014 to over 0.6 trillion in 2026, with the biggest jump in 2024 and 2025 from BlackRock largest-ever purchases in private markets.
BlackRock is betting that private markets, which carry much higher fees than index funds, will drive future profit growth. Although alternatives are still a small share of AUM, they are central to the firm strategy for the years ahead. Higher fees make them prized despite their size. Each dollar there earns far more.
BlackRock Fixed Income and Multi-Asset AUM
Fixed income and multi-asset are the middle tier of BlackRock business. Fixed income, mostly bond funds and ETFs, has grown from around 1.2 trillion dollars in 2014 to about 3.5 trillion in 2026. Bond ETFs have driven much of that rise. Investors increasingly trade bonds in funds.
Multi-asset strategies, which blend stocks and bonds, have grown from roughly 0.3 trillion to over 1.2 trillion. Both have expanded steadily, supporting the firm even when equities wobble, a balance highlighted in our Apple and Google comparison coverage.
Steady ballast: fixed income has grown from around 1.2 to 3.5 trillion dollars and multi-asset from 0.3 to over 1.2 trillion. Both expand steadily, supporting the firm even when equities wobble.
Together, fixed income and multi-asset give BlackRock ballast. They tend to attract money when investors turn cautious, helping to smooth the firm assets through the ups and downs of the stock market. They cushion the firm against equity falls. Bonds steady the ship when stocks drop. They tend to draw money in nervous times.
BlackRock AUM: Total Size vs Equity Share
Plotting total AUM against the equity share of BlackRock shows how the two have moved together. As total assets have swelled, equities have remained the dominant slice, hovering above half of the total. The link between the two is unmistakable. Bigger has meant ever more equity-heavy.
The equity share has crept up over time, reinforcing how dependent BlackRock has become on stock markets and index ETFs. The link between size and equity exposure is a defining feature of the firm. Equity exposure defines its character. The firm lives and dies by stocks. Its results track the market closely. A strong year for shares lifts everything. A weak one drags the whole firm down.
Size and equities rise together: the bars show total AUM while the line shows the equity share. As assets have swelled past 14 trillion dollars, equities have stayed above half, creeping up over time.
For investors in BlackRock, the message is clear: the firm fortunes rise and fall above all with global equity markets. Its push into alternatives is an attempt to diversify that dependence, but equities still rule. That dependence is unlikely to fade soon. Alternatives may ease it only slowly.
Taken together, the figures tell a clear story: the assets under management of BlackRock have nearly tripled since 2014, to over 14 trillion dollars, with equities leading the way and alternatives growing fastest. The firm remains, above all, a giant index manager. Equities remain its beating heart. The rest of the mix plays a supporting role.
Whether viewed by total size or by asset class, BlackRock has grown into a colossus, dominated by equities but increasingly reaching into private markets. Its asset mix, steady yet slowly shifting, will shape its fortunes for years to come.
Frequently Asked Questions: BlackRock AUM
As of 2026, BlackRock manages more than 14 trillion US dollars in assets, making it by far the largest asset manager in the world. At the end of 2025 it became the first firm in history to cross the 14 trillion dollar mark, based on its fourth-quarter results. This total has grown enormously over the period covered here: in 2014, BlackRock managed around 4.7 trillion dollars, so its assets have roughly tripled in just over a decade. The growth has come from rising markets, record inflows of new money, and a series of major acquisitions, especially in private markets. The bulk of the assets are in equities, mostly low-cost iShares exchange-traded funds, followed by fixed income. BlackRock total AUM is larger than the annual economic output of every country except the United States and China.
BlackRock manages money across five main asset classes. The largest by far is equities, meaning stocks, which make up more than half of its total assets, mostly through iShares index ETFs. The second largest is fixed income, meaning bonds, at around 3.5 trillion dollars in 2026. Next come multi-asset strategies, which blend stocks and bonds in a single product, often for retirement savers. Then there are alternatives, which include private equity, infrastructure, private credit and hedge funds; this is the smallest of the main classes but the fastest growing. Finally there is cash management, covering money-market funds and similar short-term products, along with a small advisory and other category. This breakdown shows that, despite its push into private markets, BlackRock remains overwhelmingly a manager of traditional, index-based stocks and bonds.
Equities are by far the largest asset class for BlackRock, accounting for more than half of its total assets under management. In 2026, equity AUM stands at over 8 trillion dollars, up from around 2.5 trillion in 2014. The great majority of this is passive, meaning it tracks market indexes rather than trying to beat them, and most of it sits in iShares exchange-traded funds. This heavy weighting toward equities is the result of the long-running shift by investors into low-cost index funds, where BlackRock is the dominant provider. Because equities are so dominant, the fortunes of BlackRock are closely tied to the stock market: when shares rise, the firm assets and fees swell, and when they fall, as in 2022, its assets shrink. Fixed income is a distant second, at around a quarter of total AUM.
BlackRock assets under management have grown very fast, nearly tripling from around 4.7 trillion dollars in 2014 to more than 14 trillion by 2026. The growth has not been steady, however. AUM dipped in 2018 and fell sharply in 2022, when both stocks and bonds dropped amid rising inflation and interest rates. Each time, it recovered strongly. The single biggest leap came in 2025, when AUM jumped from around 11.5 trillion to over 14 trillion, driven by rising markets, record net inflows of 698 billion dollars, and major acquisitions. Among the asset classes, alternatives have grown fastest in percentage terms, expanding around six-fold, while equities have grown most in absolute terms. This long-run growth has cemented BlackRock position as the largest asset manager in the world, a title it has held since 2009.
Alternatives are strategically important to BlackRock even though they are the smallest of its main asset classes. They include private equity, infrastructure, private credit and hedge funds, investments that are not traded on public markets. The key reason they matter is fees: alternatives charge far higher fees than low-cost index funds, so they can generate much more profit per dollar managed. With its core index business under constant fee pressure, BlackRock has pushed hard into alternatives to drive future profit growth. In 2024 and 2025 it made the largest acquisitions in its history, buying infrastructure and private-credit specialists, which sharply boosted its alternatives AUM to over 0.6 trillion dollars. Although alternatives still make up only a small share of total assets, they are central to the firm strategy, and BlackRock is betting that private markets will be a major source of growth in the years ahead.
In 2022, BlackRock assets under management fell sharply, dropping from around 10 trillion dollars at the end of 2021 to about 8.6 trillion at the end of 2022. The decline was caused by a difficult year in financial markets: surging inflation prompted central banks to raise interest rates rapidly, which sent both stock and bond prices tumbling. Because most of BlackRock assets are invested in equities and fixed income, falling markets directly reduced the value of the money it manages, even though investors continued to add new money overall. The episode illustrates how exposed BlackRock is to market movements: with so much of its AUM in stocks, a bad year for equities quickly shrinks its assets and the fees it earns. The setback proved temporary, however, and AUM recovered strongly in the following years, reaching a record in 2025.
Yes, the great majority of BlackRock money is in index, or passive, products rather than actively managed ones. The firm is the worlds largest provider of index exchange-traded funds through its iShares brand, and these account for a huge share of its equity assets. Passive investing, which simply tracks a market benchmark at very low cost, has been the main driver of BlackRock growth, as investors have steadily shifted money out of expensive active funds. This is why equities, mostly in the form of index ETFs, make up more than half of total AUM. BlackRock does run actively managed funds too, particularly in fixed income, multi-asset and alternatives, but these are a smaller part of the business. The firm dominance in low-cost index products is the single biggest reason it has grown so much larger than its rivals over the past decade.
BlackRock is comfortably the largest asset manager in the world, and its lead has been widening. With more than 14 trillion dollars in AUM in 2026, it is well ahead of its nearest rival, Vanguard, which manages around 12 trillion, and far above the next tier of firms such as Fidelity, UBS and State Street, which each manage several trillion. BlackRock has held the top spot since 2009, when its acquisition of the iShares ETF business transformed it. What sets it apart is the combination of its dominant index business, its Aladdin technology platform used across the industry, and its growing push into private markets. Its asset mix, heavily weighted toward equities, is similar to that of other index giants like Vanguard, but its sheer scale, its breadth across asset classes, and its expansion into alternatives give it a uniquely powerful position in global finance.
Multi-asset is one of the five main asset classes BlackRock manages, and it refers to strategies that blend different types of investment, typically stocks and bonds, within a single product. These are often used by retirement savers who want a ready-made, diversified portfolio that adjusts over time, such as target-date funds that gradually become more cautious as retirement approaches. At BlackRock, multi-asset AUM has grown strongly, from around 0.3 trillion dollars in 2014 to over 1.2 trillion in 2026, making it the third largest class after equities and fixed income. Multi-asset products are valuable to BlackRock because they tend to attract steady, long-term money, helping to smooth the firm assets through market ups and downs. They sit between the firm huge index equity business and its smaller, higher-fee alternatives business, providing both scale and stability to the overall mix of assets under management.
BlackRock looks well placed to keep growing, though its future depends heavily on financial markets. Its assets under management have nearly tripled since 2014, reaching over 14 trillion dollars in 2026, and the firm continues to draw record inflows into its low-cost iShares funds. Several forces support further growth: the long-running shift of investor money into cheap index products, where BlackRock dominates; its expansion into higher-fee private markets through major acquisitions; and the global spread of ETF investing beyond the United States. The main risk is the firm heavy exposure to equities, which means a prolonged stock-market downturn would shrink its assets and fees, as happened in 2022. Over the long term, however, the structural trends toward passive investing and ETFs continue to favour the largest, cheapest providers, and BlackRock is the biggest of them all, so most analysts expect its assets under management to keep climbing.
BlackRock annual reports (Form 10-K) and quarterly earnings, 2014-2026 - Source for total AUM and asset-class figures.
BlackRock Q4 2025 earnings release - Source for the record 14.04 trillion dollar AUM and latest class split.
BlackRock Investor Relations - Reference for official AUM data.
