Global Investment Returns Yearbook 2026

UBS

Elroy Dimson

Research

24 Pages

The UBS Global Investment Returns Yearbook offers a comprehensive record of long-term performance across stocks, bonds, bills, currencies, and other asset classes, tracing developments back to 1900.

Key Takeaways

US Dominance: From a relatively evenly distributed global equity market in 1900, the US market now dominates, accounting for around 62% of total world equity market value today.
Industry Mix: Of the US firms listed in 1900, some 80% of their value was in industries that are small or extinct today, including railroads, textiles, iron, coal and steel. Meanwhile, 70% of today’s companies in the US come from industries that were small or non-existent in 1900.
Inflation: Although the US had the third-lowest rate of inflation in the DMS 35 markets, averaging 2.9% per year since 1900, this still means that USD 1 in 1900 had the same purchasing power as USD 38 today.
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The information contained in this communication is of a general nature for informational purposes only, and does not constitute financial, investment, tax or legal advice. The information contained within this communication reflects the opinions of those referenced herein, and do not reflect the opinions of The Idea Farm, L.P. and its affiliates. Such opinions expressed herein are as of the date of production and are subject to change at any time without notice due to various factors, including changing market conditions or tax laws. Where data or information prepared by third parties is presented, no representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by The Idea Farm, L.P. or any other person. While such sources are believed to be reliable, The Idea Farm, L.P. does not assume any responsibility for the accuracy or completeness of such information and does not undertake any obligation to update the information contained herein as of any future date. Any links to third party websites are offered only for use at your own discretion. The Idea Farm L.P., and its affiliates, are separate and unaffiliated from any third parties listed herein and are not responsible for their products, services, policies or the content of their website. All investments are subject to varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product referenced directly or indirectly in this communication will be profitable, perform equally to any corresponding indicated historical performance level(s), or be suitable for your portfolio. Past performance is not an indicator of future results.

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