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Duff & Phelps continuously monitors global economic and financial market conditions that may indicate a change in the indicated ERP and will update our guidance as frequently as warranted. May 23, 2022. Attitudes to tax are changing. The inflation differential is calculated by us, based on inflation estimates provided by Economist Intelligence Unit. To identify suitable peer companies, the user can resort to precise search functions, e.g. 5. (May 23, 2022). In these uncertain times, where geopolitical issues rapidly ensue, ESG is more relevant. (Its worth noting the tech sector makes up just 4% of the workforce). Sources What makes up core inflation exactly? 55 East 52nd Street 17 Fl For the pessimists, on the other hand, looking at countries like Zimbabwe, Venezuela, Turkey, and Poland may suggest that we are far from out of the woods on a global scale. Advisory and technology solutions, including policies and procedures, screening and due diligence, disclosures and reporting and investigations, value creation, and monitoring. Organization All rights reserved. Limited, a private English company limited by guarantee. Peer group-specific and 70 (sub)sector-specific beta factors. 1. Show publisher information So far, this year is no different. Duff & Phelps (Rebranded as Kroll) has published its recommended U.S. ERP and corresponding risk-free rate since 2008. The results can be downloaded into an Excel-sheet or pdf-file and forwarded to the auditor together with the documentation. Please refer to the disclaimers here for more information about S&P Dow Jones Indices' relationship to such third party product offerings. Creating value whilst not losing sight of concrete opportunities and the financial risks, Creating values through a merger and/or acquisition. Kroll is not affiliated with Kroll Bond Rating Agency, The index measures the spread of returns of U.S. stocks over long term government bonds. Our privacy policy describes how your data will be processed. 0000056329 00000 n To buy a product from KPMG Atlas, you must be registered and signed in. Kroll is a leading provider of goodwill, intangible and long-lived asset impairment testing. Also included are recent publications from the CBI, EIOPA, and other European bodies. We advise financial institutions on all aspects of traded and non-traded market risk. discount rate, in practice the estimated discount e e Ke = Rf + (RPm + RPi) + RPs + CRP + RPz (based on the Build-up approach) (based on the CAPM approach) Rf = risk-free rate, RPm = market premium, RPi = industry premium, RPs = size premium, CRP = country risk premium, RPz = company specic risk and = beta K = cost of equity, Kd = after tax cost of debt, W and Wd = proportion of equity . xref Then you can access your favorite statistics via the star in the header. 0000004162 00000 n 4This section has been updated with more recent information relative to the content included in the client alert Duff & Phelps Recommended U.S. Equity Risk Premium Decreased from 6.0% to 5.5%, Effective December 9, 2020. On the low end of the scale, countries such as the United States, Singapore, and Germany have AAA credit ratings and the lowest premium of 5.23%. Here are the countries with the highest forecasted inflation rates in 2023. Of course, the pandemic recovery has impacted these figures. Please try again later. Find a countrys credit (bond) risk rating. U.S. real GDP decreased an estimated 3.5% in 2020 (compared to an increase of 2.2% in 2019). The cut-off dates range from 2011 to the present. Unemployment is forecast to tick higher in 2023, but so far red-hot labor markets are resisting this trend on a global scale. Based on KPMG Nederland Corporate Finance analysis, the equity market risk premium decreases to 5.75% as per 31 December 2022. . W.(?Q3|3sv J@?Erv=^FD8_r"m5%R tp@" zI c]j=3j.#DQK[rlEPF#=]Rs#cAGEZN9;Np)#s While the IMF predicts that global inflation peaked in late 2022, rates in 2023 are expected to remain higher than usual in many parts of the world. In 2022, 4.8 million jobs were added, more than double the average seen between 2015-2019. Yet despite recent rate increases, the impact has yet to prompt major waves in unemployment. Given its importance, it is surprising how haphazard the estimation of equity risk premiums remains in . Consider the manufacturing sector. The QCA's allowed return on equity for every business As these macroeconomic factors play out throughout 2023, each can have an effect on inflation. Subjects include Financial Accounting, Quantitative Methods, Economics, Financial Markets , Excel, Management Control Systems, Advanced Finance, Competitive Strategy, Corporate Finance Knowing the Market and the Consumer, Marketing, Organisational Behaviour, Operations and Supply Chain Management, Marketing Strategy . (May 23, 2022). How can investors determine the equity risk premiums for individual companies? 0000003233 00000 n Direct WACC calculation and access to all relevant cost of capital parameters, Reliability and monthly updates of data ensured by KPMG experts, Option of selecting the cash flow currency, Summary and storage option of own peer group from more than 11,000 companies worldwide, Parameters available as Excel spreadsheet for download. With the KPMG Valuation Data Source, you can calculate both types of WACC. Something went wrong. 8(>M1O^?(d:TF1eSL-x8!v[z Bt.OK;,(Q=l~BZ6j}Og.#m!/E)O*0yYOTlrjLdx j$C ^@=T@/SzR;n(oU\a\B3t4jc6rAb3^&^. [Online]. Incident response, digital forensics, breach notification, managed detection services, penetration testing, cyber assessments and advisory. 2023 Kroll, LLC. statistic alerts) please log in with your personal account. Goldman Sachs & Co. Dec 2008 - May 20112 years 6 months. statistic alerts) please log in with your personal account. Investors generally expect to see a higher return from investments that involve a greater level of risk - investing in stocks is riskier than putting your money into an ultra-low risk . End-to-end governance, advisory and monitorship solutions to detect, mitigate and remediate security, legal, compliance and regulatory risk. 5780 0 obj You can only download this statistic as a Premium user. These reviews warrant a periodic reassessment of the equity risk premium (ERP) and the accompanying risk-free rate and key inputs used to calculate the cost of equity capital in the context of the Capital Asset Pricing Model (CAPM) and other models used to develop discount rates. Profit from the additional features of your individual account. If you are an admin, please authenticate by logging in again. Market Risk Premia Market Risk Premia Application example Market Risk Premia of international stock markets as of 31 January 2023 0.834 0.834 10.309 10.309 Austria Australia Belgium Brazil Canada Swiss China Germany Denmark Estland Spain Finnland France United Kingdom Greece Hongkong Indonesia India Italy Japan South Korea Mexico Malaysia Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. hbbd``b`o d; $:@@+5LL S % Exhibit 2: U.S. Base Cost of Equity (= U.S. Normalized Risk-Free Rate + Duff & Phelps Recommended U.S. ERP). An oil and gas company, where true risk lies in their reserves rather than where they sell, may instead be weighted by production. That was down 16.2 percent from 374,703 in the prior quarter. <>stream Could it finally subside in 2023? 5Source: FDAs Emergency Use Authorization information available at: https://www.fda.gov/emergency-preparedness-and-response/mcm-legal-regulatory-and-policy-framework/emergency-use-authorization#coviddrugs. Our Market Risk Management professionals advise corporations and financial institutions on the identification, modelling, measurement, valuation, monitoring and management of market risks. I have over 7 years working experience in auditing, finance and accounting in the following industries: consultancy, retail, public sector, insurance and Financial technology. Some analysts suggest that despite a bleaker economic outlook, companies are hesitant to conduct layoffs. Profit from the additional features of your individual account. . Then you can access your favorite statistics via the star in the header. Even as the January ISM Purchasing Managers Index posted lower readings, hitting 47.4a level of 48.7 and below generally indicates a recessionfactories are not laying off many workers. You receive independent access to all of the tool's functions. Following the 8.8% global inflation rate in 2022, the IMF forecasts a 6.6% rate for 2023 and 4.3% rate for 2024 based on their most recent January 2023 update. The interactive dashboard is updated monthly and can be accessed anywhere and anytime. 2. 0000002465 00000 n To further accelerate the input process, sector betas can be accessed for an initial indication. A confirmation email has been sent to you. Get full access to all features within our Business Solutions. While rising food and energy prices accounted for much of the inflation we saw in 2022, the IMFs World Economic Outlook highlights that core inflation, which excludes food, energy, transport and housing prices, is now also a major driving factor in high inflation rates around the world. All rights reserved. Which ESG Risks Are Affecting Your Portfolio? 0000002412 00000 n 645 0 obj <> endobj Heightened regulatory concerns and vigilance, together with increased investor scrutiny, have led to increased demand for independent expert advice. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Please try again later! 3U.S. real GDP decreased an estimated 3.5% in 2020 (compared to an increase of 2.2% in 2019). %PDF-1.6 % Get our latest research and insights in your inbox. When investors purchase stocks internationally, they are exposed to additional risks. KPMG is a global network of professional firms providing Audit, Tax & Advisory services. 0000005934 00000 n 0o*q1~*UkL. Brian Morrissey, Head of Insurance, and our insurance team have compiled a collection of KPMG's latest publications and articles which focus on developments in, and issues facing the insurance industry. Should you require more detailed information on the exact methodologies used to derive the equity market Importantly, even countries headquartered in mature markets have international risks if they carry out operations in other countries. Though the expertise of forecasters can give us a general understanding, how they will actually play out is for us to wait and see. See: /en/insights/publications/valuation/valuation-insights-first-quarter-2021/duff-and-phelps-recommended-us-equity-risk, https://www.bea.gov/news/blog/2020-12-22/gross-domestic-product-third-estimate-corporate-profits-revised-and-gdp, https://www.bea.gov/news/2021/gross-domestic-product-4th-quarter-and-year-2020-advance-estimate, https://www.fda.gov/emergency-preparedness-and-response/mcm-legal-regulatory-and-policy-framework/emergency-use-authorization#coviddrugs, https://covid.cdc.gov/covid-data-tracker/#vaccinations. Table Of Contents Table Of ContentsTable Of Contents This list includes investable products traded on certain exchanges currently linked to this selection of indices. Statista. When companies require an objective and independent assessment of value, they look to Kroll. While Venezuela battles hyperinflation, Yemen is suffering from a humanitarian crisis and Sudan has high perceived corruption. All rights reserved. 0000000016 00000 n Many Asian countries, notably Japan, Taiwan, and China, are all predicted to see inflation lower than 3% in the upcoming year. The empirical findings in . FV survey participants included small, midsize, and large fund groups. The Equity Risk Premium (ERP) is a key input used to calculate the cost of capital within the context of the Capital Asset Pricing Model (CAPM) and other models. 0000003412 00000 n Expert provider of complex administrative solutions for capital events globally. Values taken from multiple publications. 4. I am passionate about mathematical and . It is followed by North Macedonia (15.0%) and Spain (12.7%). Historical recommendations: Kroll Increases U.S. Normalized Risk-Free Rate from 3.0% to 3.5%, but Spot 20-Year U.S. Treasury Yield Preferred When Higher, Kroll U.S. Normalized Risk-free Rate Increased from 2.5% to 3.0%, Effective April 7, 2022, Duff & Phelps Recommended U.S. Equity Risk Premium Decreased from 6.0% to 5.5%, Effective December 9, 2020, Duff & Phelps U.S. Normalized Risk-Free Rate Lowered from 3.0% to 2.5%, Effective June 30, 2020, Duff & Phelps Recommended U.S. Equity Risk Premium Increased from 5.0% to 6.0% Effective March 25, 2020, Duff & Phelps U.S. Equity Risk Premium Recommendation Decreases from 5.5% to 5.0%, Effective December 19, 2019, Duff & Phelps Decreases U.S. Normalized Risk-Free Rate from 3.5% to 3.0%, Effective September 30, 2019, Duff & Phelps Increases Recommended U.S. Equity Risk Premium from 5.0% to 5.5%, effective December 19, 2018, Duff & Phelps U.S. Equity Risk Premium Recommendation Decreases from 5.5% to 5.0%, Effective September 5, 2017, Duff & Phelps Decreases U.S. Normalized Risk-Free Rate from 4.0% to 3.5%, Effective November 15, 2016, Duff & Phelps Increases Recommended U.S. Equity Risk Premium from 5.0% to 5.5%, Effective January 31, 2016, Brexit: The Impact on Cost of Capital (September 14, 2016), Duff & Phelps Decreases U.S. Equity Risk Premium Recommendation to 5.0%, Effective February 28, 2013, Duff & Phelps Decreased Its Recommended U.S. Equity Risk Premium to 5.5% Effective January 15, 2012. The Equity Risk Premium (ERP) is a key input used to calculate the cost of capital within the context of the Capital Asset Pricing Model (CAPM) and other models. KPMG in the US. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). 4.41% country risk premium + 5.23% mature market risk premium. Implied Equity Risk Premium Update Implied ERP on March 1, 2023 = 4.78% (Trailing 12 month, with adjusted payout); 5.58% (Trailing 12 month cash yield); 5.50% (Average CF yield last 10 years); 5.34% (Net cash yield); 4.53% (Normalized Earnings & Payout) With strict price controls, negative interest rates, and an aging population, the country is expected to see an inflation rate of just 1.4% in 2023. Financial market overview of the Middle East, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. To use individual functions (e.g., mark statistics as favourites, set ", Social Science Research Network, Average market risk premium in the United States from 2011 to 2022 Statista, https://www.statista.com/statistics/664840/average-market-risk-premium-usa/ (last visited March 05, 2023), Average market risk premium in the United States from 2011 to 2022 [Graph], Social Science Research Network, May 23, 2022. The Cost of Capital Navigator is an interactive, web-based platform (subscription required) that guides finance professionals through the steps of computing cost of capital taking into account best practices and the latest theory on this topic. [Online]. One of these key parameters is the equity market risk premium used to estimate the equity financing cost for discounted cash flow analysis. On that date, our recommendation was increased to 6.0% (from 5.0%) in response to the financial markets turmoil and the uncertainty created by the spread of COVID-19 and its corresponding negative impact on the global economy. As investors closely watch economic data, rising unemployment could come on the heels of higher interest rates, but so far this has yet to unravel. Use Ask Statista Research Service, finance and economics professors, analysts and managers, According to the source, the report is presenting required market risk premium (or equity premium) defined as: "incremental return of a diversified portfolio (the market) over the risk-free rate required by an investor. The US equity risk premium, the extra return investors can expect for buying US stocks instead of risk-free government bonds, has fallen to its lowest levels of the past decade by some. With easy access to capital, low interest rates, and a recovering global economy, deal makers around the world announced $5.1 trillion worth of M&A transactions in 2021, up from $3.8 trillion in 2020 and the highest level since 2015 1. Available: https://www.statista.com/statistics/664840/average-market-risk-premium-usa/, Average market risk premium in the United States from 2011 to 2022, Available to download in PNG, PDF, XLS format, Value of traded shares in the Middle East July 2020 by exchange, Value share of outstanding bonds by GCC country 2021, Users of various mobile payment apps in Saudi Arabia in 2020, with forecasts to 2025, Share of online financial services usage Saudi Arabia 2022, Distribution of bank liabilities in Saudi Arabia by type Q3 2022, Most popular in-store payment methods in Saudi Arabia 2020-2021, Annual number of credit card transactions in Saudi Arabia 2013-2021, per capita, Industry revenue of activities auxiliary to financial service & insurance activities in Saudi Arabia 2012-2024, Industry revenue of financial and insurance activities in Saudi Arabia 2012-2024, Industry revenue of financial service activities, except insurance & pension funding in Saudi Arabia 2012-2024, Value of outstanding bonds by GCC country 2021, Number of listed companies largest stock exchange operators globally 2022, Distribution of Islamic financial asset value worldwide in 2021, by country, Value of takaful assets worldwide 2012-2021, Distribution of global Islamic fund assets 2021, by domicile, Average market risk premium in New Zealand 2011-2016, Average market risk premium in Australia 2011-2016, Average market risk premium in Mexico 2011-2016, Median market risk premium in selected countries worldwide 2022, Average market risk premium in Russia 2011-2022, Average market risk premium in Brazil 2011-2016, Average market risk premium in Canada 2011-2022, Average market risk premium in Japan 2011-2016, Average market risk premium in Italy 2011-2018, Average market risk premium in the Netherlands 2011-2016, Average market risk premium in selected countries worldwide 2022, Average risk free investment rate in Belgium 2015-2022, Average risk free investment rate in the Netherlands 2015-2022, Average risk free rate in Italy 2015-2018, Average required return to equity in the Netherlands 2015-2022, Average required return to equity in Turkey 2015-2022, Average required return to equity in Greece 2015-2022, Value of M&A deals in Russia 2020, by type and industry, Climate bonds issuance Philippines 2020, by issuer, Find your information in our database containing over 20,000 reports. the equity market risk premium decreases to 5.75% as per 31 December 2022. As the most industrialized nation on the continent, unemployment is estimated to hit 35.6% in 2023. All rights reserved. 2 .Source: U.S. Bureau of Economic Analysis (BEA). Chart. In addition to access to the tool, we provide you with a personal advisor as your direct contact,who will conduct the cost of capital derivation for you according to your specifications. Even as the tech sector reports mass layoffs, unemployment claims in the U.S. fall below recent averages. Are you interested in testing our business solutions? endstream endobj startxref to incorporate the statistic into your presentation at any time. One method is to assume that all companies incorporated in a country have equal exposure to that countrys risk. In this case, it would include things like supply chain cost pressures and the effects of high energy prices slowly trickling down into numerous industries and trends in the labor market, such as the availability of jobs and rising wages. It documents the evolution of these factors from March 25, 2020 through November 30, 2020, and their corresponding impact on the ERP. The 5.5% ERP recommendation is to be used with a normalized risk-free rate of 2.5%, implying a base U.S. cost of equity capital estimate of 8.0% (2.5% + 5.5%). The equity risk premium is the additional return an investor expects for investing in the stock market to help compensate them for the extra risk it involves. }E Gs/FMRQvya|^yUzWn0jnBP9 to incorporate the statistic into your presentation at any time. The weighted-average equity risk premium is 14.41%. For example, the ERP inferred by the Duff & Phelps Recommended U.S. ERP (developed in conjunction with a normalized risk-free rate) against the spot 20-year yield of 1.5% as of December 9, 2020, is: Duff & Phelps last changed its U.S. ERP recommendation on March 25, 2020. Sorry, something went wrong. Please create an employee account to be able to mark statistics as favorites. Exhibit 1: Factors Considered in the U.S. ERP Recommendation: Relative Change from March to November 2020. The average market risk premium in the United States increased slightly to 5.6 percent in 2022. Our offer extends from quantitative analytics on derivative risk . At the same time, the labor market is absorbing workers who have lost employment. One of these key parameters is the equity market risk premium used to estimate the equity financing cost for discounted cash flow analysis. %PDF-1.7 % Jersey City, NJ. It has also altered job market conditions. The price of risk is what investors demand as a premium, an extra return over and above what they can make on a guaranteed investment (risk free), to invest in a risky asset . As investors look to diversify internationally, its critical to consider two factors: Equity risk premiums serve as a guide that can help investors compare country risk, and the additional return potential they should expect for tolerating that risk. Participants representing 89 registered investment company fund groups completed it. To guarantee full flexibility in setting parameters and calculations, users can access the data calculated by KPMG at any time or incorporate their own values into the cost of capital derivation. Register in seconds and access exclusive features. KPMG supports Whoppah in their growth strategy. This Markets in a Minute Chart is available as a poster. The confluence of macroeconomic factors currently at play is unlike what weve seen in a long time. KPMG Valuation Data Source aggregates all key cost of capital parameters - including beta factor and credit spread. 17 min read. Instead, manufacturers are saying they are confident conditions will improve in the second half of the year. Register in seconds and access exclusive features. The Price of Risk. Please do not hesitate to contact me. You need at least a Starter Account to use this feature. startxref 0000002019 00000 n U.S. real GDP collapsed 5% and 31.4% in the first and second quarters of 2020, respectively, but it grew in real terms by an annualized 33.1% in the third quarter.1,2 In the fourth quarter, U.S. equity markets reached new all-time highs, spurred by optimism about the new COVID-19 vaccines, the expectation of continued low interest rates through at least 2023, the resolution of the U.S. presidential election, and improved business confidence. The market risk premium Frontier Economics 8. 2023KPMG N.V., a Dutch limited liability company and member of the worldwide KPMG organization of independent companies affiliated to KPMG International Limited, a UK limited by guarantee company. See: https://www.bea.gov/news/2021/gross-domestic-product-4th-quarter-and-year-2020-advance-estimate. Subscribe here to get every update, including when new charts or infographics go live: Visualizing the 200-Year History of U.S. Interest Rates, The Pyramid of Equity Returns: Almost 200 Years of U.S. Stock Performance, All S&P 500 Sectors and Industries, by Size, Visualizing the History of U.S. Inflation Over 100 Years, The Top Investment Quotes Every Investor Should Know, Visualizing the Hierarchy of Financial Needs, Asset Class Risk and Return Over the Last Decade (2010-2019), Mapped: The Growth in U.S. House Prices by State. While the latter mainly played out in China in 2022, the possible resurgence of new variants continues to threaten economic recovery worldwide, and the war persists in leaving a mark internationally. He was a Quantitative Trading & DevOps Intern at Bincentive, a crypto asset management firm in Taiwan. This statistic is not included in your account. You only have access to basic statistics. Additionally, the Nordic M&A activity is continuously high with the TMT sector outperforming other sectors based on deal count in Q1 2021. April 23, 2022 Bild von Sergei Tokmakov Terms.Lawauf Pixabay KPMG Netherland increased their recommended ERP as of 31 March 2022 by 50 bps to 5.5% compared to the fourth quarter of 2021. Exhibit 1 lists the primary factors that were considered when arriving at the Duff & Phelps Recommended U.S. ERP, effective December 9, 2020. Given email address is already subscribed, thank you! Accessed March 05, 2023. https://www.statista.com/statistics/664840/average-market-risk-premium-usa/, Social Science Research Network. The ideal entry-level account for individual users. Exhibit 2 shows the fluctuations in the base U.S. cost of equity since year-end 2019 to the present, using the Duff & Phelps Recommended U.S. ERP and accompanying risk-free rate. The average required return on equity used for the U.S. is 7.3%, according to "Market Risk Premium and Risk-Free Rate Used for 88 Countries in 2021," the latest research from Pablo Fernandez, Sofia Bauls, and Pablo Fernandez Acin. Show publisher information All rights reserved. Based on the analysis conducted, we recommend to use an equity market risk premium of 6.0% as per 30 June 2016. 1.As published in the Duff & Phelps Cost of Capital Navigator atdpcostofcapital.com. Available: https://www.statista.com/statistics/664734/average-market-risk-premium-selected-countries/, Average market risk premium in selected countries worldwide in 2022, Available to download in PNG, PDF, XLS format, Value of traded shares in the Middle East July 2020 by exchange, Value share of outstanding bonds by GCC country 2021, Users of various mobile payment apps in Saudi Arabia in 2020, with forecasts to 2025, Share of online financial services usage Saudi Arabia 2022, Distribution of bank liabilities in Saudi Arabia by type Q3 2022, Most popular in-store payment methods in Saudi Arabia 2020-2021, Annual number of credit card transactions in Saudi Arabia 2013-2021, per capita, Industry revenue of activities auxiliary to financial service & insurance activities in Saudi Arabia 2012-2024, Industry revenue of financial and insurance activities in Saudi Arabia 2012-2024, Industry revenue of financial service activities, except insurance & pension funding in Saudi Arabia 2012-2024, Value of outstanding bonds by GCC country 2021, Number of listed companies largest stock exchange operators globally 2022, Distribution of Islamic financial asset value worldwide in 2021, by country, Value of takaful assets worldwide 2012-2021, Distribution of global Islamic fund assets 2021, by domicile, Average market risk premium in Italy 2011-2018, Average market risk premium in the Netherlands 2011-2016, Average risk free investment rate in Belgium 2015-2022, Average risk free investment rate in the Netherlands 2015-2022, Average risk free rate in Italy 2015-2018, Average market risk premium in Mexico 2011-2016, Median market risk premium in selected countries worldwide 2022, Average market risk premium in Australia 2011-2016, Average required return to equity in Hungary 2015-2022, Average market risk premium in New Zealand 2011-2016, Average required return to equity in Turkey 2015-2022, Average required return to equity in Greece 2015-2022, Average market risk premium in Japan 2011-2016, Average required return to equity in the Netherlands 2015-2022, Average market risk premium in Canada 2011-2022, Average market risk premium in Brazil 2011-2016, Average market risk premium in the U.S. 2011-2022, Reasons for investment trust purchase in Japan 2022, Number of regulated open-end funds worldwide 2020-2022, by asset type, Find your information in our database containing over 20,000 reports.