Advanced Economies Outlook 2026 (Triodos Bank)

Summary

• Sweeping US import tariffs lifted the average effective US tariff rate to 18.0%, marking its highest point since 1934.p.3
• Global economic expansion is estimated at 3.2% in 2025 and is projected to ease slightly to around 3% in 2026.p.3
• The top 10% of US households hold the majority of financial assets and account for nearly half of all US consumer spending.p.4
• In the eurozone, wealth distribution remains concentrated, with the richest 5% of households holding 45% of net wealth.p.4
• Triodos Investment Management managed EUR 5.8 billion in assets as of 31 December 2024.p.7

Key insights

1. The average effective US tariff rate rose to 18.0%, reaching its highest level since 1934.p.3
2. Top-tier US income earners drive overall economic activity, with the richest 10% responsible for nearly half of total consumer spending.p.4
3. Wealth inequality in the eurozone has stabilized at elevated levels, with the wealthiest 5% owning 45% of total net wealth.p.4