Annual Report 2025: Collective Investment Institutions and Pension Funds (Inverco)

Summary

• At the end of 2025, worldwide assets of collective investment institutions are estimated at €74.4 trillion and pension funds at €40.9 trillion, up 4.6% and 4% respectively versus 2024.p.3
• Total assets of collective investment institutions in Spain stood at €842,737 million in 2025, an increase of €96,161 million (12.9%) and a new all-time high.p.3
• Domestic investment funds ended 2025 with €450,889 million in assets.p.3
• Domestic investment funds recorded positive net flows for the thirteenth consecutive year (€32,427 million).p.3
• Pension funds in Spain closed the year with assets of €137,988 million, 4.7% more than in 2024.p.3
• Worldwide collective investment and pension fund assets total €115.4 trillion, equal to 115.7% of world GDP.p.7
• Sustainable funds rose from 9.8% of domestic fund assets in March 2021 to 39.7% at the end of December 2025.p.18

Key insights

1. Domestic investment funds generated a positive return of 4.9% (€19,459 million) for investors.p.16
2. Fund transfers amounted to €93,677 million, equal to 46.6% of total gross subscriptions.p.20
3. Pension funds represent only 8.3% of Spanish GDP, against a weighted average of 57.6% in OECD countries.p.9
4. Equities account for 49% of worldwide collective investment assets.p.8
5. Spain has the largest retail share of fund investors in Europe (63%), against an average of 27% in the euro zone.p.29
6. The household savings rate in Spain stood at 12%, against 15% for the euro zone.p.27
7. The annual contribution limit for individual pension plans was cut drastically from €8,000 to €1,500.p.3