Last month BlackRock announced its total assets under management reached $A17.6 trillion, up from $A13.9 trillion the previous year. Comparing this to global GDP, only the U.S. and China have economies larger than BlackRock’s assets; its assets are 6.4 times the value of Australia’s economy.
The fact that capital is running the U.S. has real impact on Australia, 25.1 percent of foreign investment in Australia comes from the U.S., by contrast China, our largest trading partner, accounts for a paltry 1.9 percent of foreign investment in Australia.
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