Cumulative research on cross-border capital, sovereign wealth, reserves, gold and institutional allocation.
Foreign demand for U.S. liquidity persisted as long-term flows weakened, gold fund holdings reached a record, and higher policy rates raised the financing hurdle for the capital-intensive AI and infrastructure cycle.
Read research →Capital remains concentrated in U.S. financial markets while incremental productive investment shifts toward energy security, AI infrastructure and mineral processing.
Read research →Global capital remains strongly allocated to U.S. assets, while governments diversify reserves and new investment increasingly targets energy, mineral processing and AI infrastructure.
Read research →Global financial wealth remains concentrated in U.S. markets, while sovereign investment and spending on mineral processing, chips, data centers and power systems reshape who receives future profits and financial income.
Read research →Where global wealth is concentrated, who controls the resources, infrastructure and critical capabilities that shape future production, and how capital, technology and economic power are shifting.
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