Assets under management of BlackRock in 2026, by product type and client region
BlackRock manages more than 14 trillion dollars, and that money can be sliced two revealing ways: by product type, such as equities or bonds, and by the region where clients are based. This report breaks down the assets under management of BlackRock in 2026 by product type and client region. The two different views together tell the full story.
By region, the Americas dominate, holding around two-thirds of all assets, with Europe a distant second and Asia-Pacific smaller still. This complements the style and client breakdown in our BlackRock AUM by investment style and client type report and the BlackRock AUM by asset class analysis.
Americas dominate: by client region, the Americas hold around two-thirds of BlackRock assets, roughly 9.8 trillion dollars, with EMEA a distant second at around 3.6 trillion and Asia-Pacific smallest at around 1 trillion. Region is by client domicile.
By product type, equities are by far the largest category, in every single region, followed by fixed income. The firm overall scale and reach are profiled in our BlackRock statistics and facts overview.
A note on the data. Region is based on where clients are domiciled, not where assets are invested. The total AUM is a reported figure, but the precise split by product type and region is reconciled from BlackRock disclosures and is approximate for 2026. The broad shape is clear and stable.
BlackRock AUM by Product Type
| Product type | AUM (USD tn) | Share |
|---|---|---|
| Equity | $7.63T | 53% |
| Fixed income | $3.74T | 26% |
| Multi-asset | $1.15T | 8% |
| Cash management | $1.01T | 7% |
| Alternatives | $0.86T | 6% |
The table lists the assets under management of BlackRock by product type in 2026, in trillion dollars, with each type share of the total. It shows equities far ahead, followed by fixed income, then multi-asset, cash and alternatives. Sorting reveals the full order. Equities clearly tower over all the rest.
BlackRock AUM by Product Type
By product type, BlackRock assets are concentrated in equities. Stock-based products make up around 53 percent of all assets, more than half the total, reflecting the long bull market and the popularity of equity index funds. Stocks are clearly the firm core holding.
Fixed income, meaning bonds, is the second-largest category at around 26 percent, followed by smaller slices in multi-asset, cash management and alternatives. Each slice reflects a different kind of investing need. The overall mix is broad and well balanced.
Equities lead: by product type, equities make up around 53 percent of BlackRock assets, more than half the total, followed by fixed income at around 26 percent. Multi-asset, cash and alternatives make up the rest.
Alternatives, though still small, are the fastest-growing product type, boosted by recent acquisitions in private markets such as infrastructure and private credit. Over time, this category is expected to grow well beyond its current modest share of the total. Private markets are the new frontier.
Product Type Within Each Region
Splitting product types within each region reveals a striking consistency: equities are the largest category everywhere. From the Americas to Europe to Asia, stock-based products hold more assets than any other type. The pattern is strikingly uniform.
In the Americas, equities make up well over half of assets, with fixed income second; the pattern repeats, with local variations, in EMEA and Asia-Pacific. This consistency reflects the global appeal of equity index funds, as our BlackRock hub shows.
Equities everywhere: stacked by region, equities are the largest product type in the Americas, EMEA and Asia-Pacific alike. Fixed income is second in each, with multi-asset, cash and alternatives filling out the regional mixes.
The regional product mixes do differ at the margin. European and Asian clients tend to hold relatively more in fixed income and cash, while the Americas lean a little more heavily toward equities and alternatives, reflecting local preferences and market structures. Local tastes shape each market.
How Regions Differ in Fees
Regions do not contribute fees in proportion to their assets. The Americas hold around 68 percent of assets but generate a slightly smaller 65 percent of base fees, while Europe punches above its weight. Fee mix varies sharply by region.
EMEA holds around 25 percent of assets but produces roughly 29 percent of base fees, because European clients hold relatively more in higher-fee products. This fee-rich profile makes Europe especially valuable, as our largest asset managers worldwide coverage hints.
Europe earns more: the Americas hold 68 percent of assets but 65 percent of base fees, while EMEA holds 25 percent of assets yet generates about 29 percent of fees. European clients hold relatively more higher-fee products.
The gap between assets and fees by region matters because it shows where BlackRock earns the most per dollar. Europe and Asia, with their higher-fee mixes, are more profitable per dollar of assets than the vast but lower-fee Americas business. Europe is quietly very profitable.
Equities Lead in Every Region
Equities are not just the largest product type overall; they are the largest in every region. In the Americas, equities make up well over half of all assets, the highest share of any region. Stocks reign across the board.
In EMEA and Asia-Pacific, equities still lead but make up a slightly smaller share, as clients there hold relatively more in fixed income. The dominance of equities everywhere reflects the global reach of iShares, as our largest US ETF providers coverage shows.
Stocks on top: equities are the largest product type in every region, making up well over half of assets in the Americas and a slightly smaller but still leading share in EMEA and Asia-Pacific, where clients hold a little more fixed income.
That equities top the list in every region underlines how central stock-market investing is to BlackRock. Wherever its clients are based, they put more money into equity products, especially low-cost index funds and ETFs, than into anything else. Equity is the universal favourite.
Americas vs EMEA Product Mix
Comparing the product mix of the Americas with that of EMEA shows both the similarities and the differences. Both regions hold the most in equities and the second-most in fixed income, but the balance differs. Scale sets the two regions apart.
The Americas hold far more in absolute terms in every category, given their size, but EMEA leans slightly more toward fixed income and cash relative to its total. These regional tilts are explored in our largest BlackRock multi-asset funds coverage.
Same shape, different scale: both the Americas and EMEA hold the most in equities and the second-most in fixed income, but the Americas are far larger in every category, while EMEA leans slightly more toward fixed income and cash.
These differences reflect local investment cultures, regulations and needs. European and Asian investors have historically favoured bonds and income a little more, while American investors have leaned harder into equities and, increasingly, alternatives. History shapes these habits.
Where the Money Flowed by Region
The flow of new money by region in 2025 shows where BlackRock is growing fastest. The Americas led, drawing the largest inflows, while Europe also attracted strong new money, especially into ETFs. Demand there keeps climbing.
Asia-Pacific was weaker, seeing net outflows in parts of the year as some clients pulled back amid regional uncertainty. The contrast between the regions is sharp, as our Apple and Google comparison coverage illustrates.
Americas and Europe win: the Americas led 2025 net flows, with Europe also drawing strong new money, especially into ETFs. Asia-Pacific lagged, seeing net outflows in parts of the year amid regional uncertainty.
These flows are gradually reshaping the regional mix, though slowly. The Americas continue to dominate, and even gained share, while BlackRock keeps pushing to grow its smaller but fast-evolving businesses in Europe and Asia.
Base Fees by Region
Looking at base fees by region shows where BlackRock actually earns its money. The Americas generate the most fees in absolute terms, given their size, at well over half the total. Size makes the Americas the fee leader.
Europe contributes a larger share of fees than of assets, making it disproportionately important to revenue, while Asia-Pacific remains a smaller contributor. The link between region and revenue is central to the firm economics, as our biggest companies by value rankings hint.
Where the money is made: the Americas generate the most base fees in absolute terms, given their size, but Europe contributes a larger share of fees than of assets. Asia-Pacific remains a smaller contributor for now.
Because Europe and Asia hold more higher-fee products, growing those regions lifts revenue faster than growing the lower-fee Americas. This is why BlackRock invests heavily in expanding its international business, even though the Americas remain its core. International growth is the priority.
How International BlackRock AUM Has Shifted
Over time, the regional balance of BlackRock assets has shifted only gradually. Despite a major international push, the Americas have held, and even slightly increased, their share of around two-thirds. The US market remains dominant.
International assets, in EMEA and Asia-Pacific together, have hovered around a third of the total, growing in absolute terms but not gaining much share. The slow pace reflects how dominant the US market remains, as our BlackRock assets under management report shows.
Slow to shift: international assets, in EMEA and Asia-Pacific together, have hovered around a third of the total. Despite a major international push, the Americas have held, and even slightly increased, their dominant share.
That the Americas keep their share, even as BlackRock expands abroad, shows how deep its roots are in the US market, home to the worlds largest pool of investable assets. International growth adds to the total but has yet to shift the balance much. Roots in America run deep.
BlackRock AUM by Region: Size vs Fees
Plotting each region assets against its share of fees brings the whole picture together. The largest region by assets is not quite the largest by fees per dollar, since product mixes differ. Fees do not follow assets exactly.
The Americas lead on both assets and total fees, but Europe earns more per dollar of assets, while Asia-Pacific trails. This gap between assets and fees by region defines the firm geography of profit, much like the patterns in our big tech revenue statistics coverage.
Geography of profit: the bars show AUM by region while the line shows each region share of base fees. The Americas lead on both, but Europe earns more per dollar of assets, while Asia-Pacific trails on fees.
For BlackRock, the lesson is that geography matters as much as product. Growing higher-fee regions and products lifts revenue faster than simply piling up assets, which is why the firm balances its vast Americas base with a push into Europe and Asia.
Taken together, the breakdown shows a BlackRock anchored in the Americas, which hold around two-thirds of its assets, yet reaching across Europe and Asia. In every region, equities are the largest product type, ahead of fixed income. The Americas anchor the whole firm.
Whether sliced by product type or by client region, BlackRock assets reveal a firm built on equities and centred on the Americas, but steadily broadening its reach. Its global spread, led by equity products, underpins its position as the worlds largest asset manager. Equities and the US lead the way.
Frequently Asked Questions: BlackRock AUM by Region
BlackRock assets under management are heavily concentrated in the Americas, which hold around 68 percent of the total, or roughly 9.8 trillion dollars. Europe, the Middle East and Africa, grouped together as EMEA, make up around 25 percent, or about 3.6 trillion dollars, while Asia-Pacific accounts for around 7 percent, or roughly 1 trillion dollars. This split is based on where clients are domiciled, not where the assets are invested. The dominance of the Americas reflects BlackRock origins as a US firm and the sheer size of the American investment market, home to the worlds largest pools of pension, retirement and wealth assets. Despite a major push to grow its international business, the Americas have held, and even slightly increased, their share over recent years. Europe is an important and fee-rich second market, while Asia-Pacific, though smaller, is a growth focus, with new ventures such as the Jio BlackRock joint venture in India.
By product type, BlackRock assets are dominated by equities, which make up around 53 percent of the total, or roughly 7.6 trillion dollars. This reflects the long bull market in stocks and the huge popularity of equity index funds and ETFs. Fixed income, meaning bonds, is the second-largest category at around 26 percent, or about 3.7 trillion dollars. The remaining assets are spread across multi-asset strategies, which combine stocks and bonds, at around 8 percent; cash management, money held in short-term funds, at around 7 percent; and alternatives, such as private credit and infrastructure, at around 6 percent. Although alternatives are still the smallest category, they are the fastest-growing, boosted by recent acquisitions in private markets. Crucially, equities are the largest product type not just overall but in every region, from the Americas to Europe to Asia, underlining how central stock-market investing is to BlackRock business everywhere.
The Americas hold by far the most BlackRock assets, at around 68 percent of the total, or roughly 9.8 trillion dollars. This includes clients across the United States, which is the dominant market, as well as Canada, Mexico, Brazil and other countries in Central and South America. The Americas are home to the worlds largest pools of investable assets, including vast pension, retirement and wealth-management markets, which is why they account for such a large share. Europe, the Middle East and Africa, or EMEA, are a distant second at around 25 percent, while Asia-Pacific is smallest at around 7 percent. The Americas also generate the most base fees in absolute terms, though slightly less than their share of assets, because some other regions hold relatively more higher-fee products. Despite BlackRock efforts to grow internationally, the Americas have maintained their dominant position, reflecting the enduring scale and depth of the US financial market.
BlackRock biggest product type is equities, meaning stock-based investments, which make up around 53 percent of its total assets under management, or roughly 7.6 trillion dollars. More than half of everything BlackRock manages is in equity products, the great majority of it in low-cost index funds and ETFs that track stock-market benchmarks. This dominance reflects both the long rise in global stock markets and the enormous shift of investor money into cheap, passive equity funds, where BlackRock iShares brand is the world leader. Equities are the largest product type not just in total but in every region where BlackRock operates, from the Americas to Europe to Asia. The second-largest product type is fixed income, or bonds, at around 26 percent. The remainder is split among multi-asset strategies, cash management and alternatives. The heavy weighting toward equities means BlackRock revenue and assets are closely tied to the performance of global stock markets.
Europe, grouped with the Middle East and Africa as EMEA, earns a larger share of BlackRock base fees than its share of assets because European clients hold relatively more in higher-fee products. EMEA accounts for around 25 percent of total assets but generates roughly 29 percent of base fees. This happens because the mix of products differs by region: European investors, including many retail buyers of ETFs and active funds, tend to hold products that carry higher fees than the very large, very low-fee institutional index mandates common in the United States. As a result, BlackRock earns more in fees per dollar of assets in Europe than in the Americas. This makes EMEA disproportionately valuable to the firm revenue and helps explain why BlackRock invests heavily in growing its European business, particularly its fast-expanding iShares ETF range, where European retail demand has been rising strongly in recent years.
Yes, BlackRock business is heavily concentrated in the United States and the wider Americas, which together hold around 68 percent of its total assets under management. The United States alone is by far the largest single market, reflecting BlackRock origins as a US firm and the enormous size of the American investment market. This includes huge pools of money in retirement accounts, pension funds, insurance companies and wealth-management platforms. The Americas region also generates the largest share of base fees in absolute terms. That said, BlackRock is a genuinely global firm, with around a third of its assets coming from clients outside the Americas, in Europe, the Middle East, Africa and Asia-Pacific. It has been pushing hard to grow these international markets, which are often more profitable per dollar of assets. But despite this push, the Americas have kept, and even slightly increased, their dominant share, underlining how central the US market remains to the business.
For BlackRock, product type and asset class are very similar, and the terms are often used to describe the same breakdown. Both refer to what the money is invested in: equities, meaning stocks; fixed income, meaning bonds; multi-asset strategies, which blend stocks and bonds; alternatives, such as private credit, infrastructure and hedge funds; and cash management, money held in short-term funds. In BlackRock earnings disclosures, the product type breakdown is presented alongside other ways of slicing the assets, such as by investment style, which distinguishes active from index and ETF products, by client type, which distinguishes retail from institutional, and by client region. So while product type tells you what the assets are invested in, the other dimensions tell you how they are managed and for whom. Looking at all of them together gives the fullest picture of BlackRock enormous and diverse asset base, and of how it earns fees across products, styles, clients and regions.
BlackRock Asia-Pacific business is its smallest region, at around 7 percent of total assets, and its growth has been uneven. In 2025, Asia-Pacific was the weakest region for flows, seeing net outflows in parts of the year as some clients pulled back amid regional economic uncertainty, particularly in China. This contrasted with strong inflows in the Americas and Europe. However, BlackRock sees Asia-Pacific as an important long-term growth opportunity and has been investing to expand there. A notable example is the Jio BlackRock joint venture in India, which aims to tap the fast-growing Indian investment market through digital platforms, reflecting rising retail engagement in the region. Over time, BlackRock expects Asia-Pacific to grow through a mix of institutional and retail demand, with emerging markets such as India offsetting volatility in others. For now, though, Asia remains a relatively small, if strategically important, part of an asset base still firmly centred on the Americas.
Alternatives are still a relatively small part of BlackRock total assets under management, at around 6 percent, but they are the fastest-growing product type and strategically very important. Alternatives include private credit, infrastructure, real estate, hedge funds and other investments outside traditional stocks and bonds. BlackRock has expanded aggressively in this area through major acquisitions, including the infrastructure manager Global Infrastructure Partners (GIP), the private-credit specialist HPS, and the data provider Preqin. These deals, completed in 2024 and 2025, have significantly boosted the firm alternatives business. Although alternatives are small in asset terms, they are highly valuable because they carry much higher fees than index funds, so they contribute more to revenue than their share of assets suggests. BlackRock expects alternatives, especially private markets, to be a major engine of future growth, both in assets and in fees. Over time, this category is likely to grow well beyond its current modest share of the firm vast asset base.
BlackRock regional mix has changed only gradually over time, despite the firm efforts to grow internationally. The Americas have consistently held around two-thirds of total assets, and have actually maintained or slightly increased that share in recent years, reflecting the enduring scale and depth of the US investment market. International assets, in EMEA and Asia-Pacific together, have hovered around a third of the total. While these international regions have grown strongly in absolute terms, with assets rising year after year, they have not gained much share, because the Americas have grown just as fast. This slow shift underlines how dominant the US market remains, as home to the worlds largest pool of investable assets. BlackRock continues to invest heavily in expanding its European and Asian businesses, which are often more profitable per dollar of assets, but for now the geographic balance of its enormous asset base remains firmly tilted toward the Americas, with international growth adding to the total rather than reshaping it.
BlackRock quarterly earnings supplements (Form 8-K), 2025-2026 - Source for AUM and base fees by product type and client region.
BlackRock 2024 annual report (Form 10-K) - Source for the Americas at 68 percent of AUM, EMEA at 24 to 25 percent, and regional net flows.
BlackRock Investor Relations - Reference for official regional disclosures.
