The $393 trillion market: how real estate remains world’s ultimate store of wealth

Global real estate continues to hold its place as the world’s largest store of wealth, according to a report by Savills. Valued at $393.3 trillion and covering residential, commercial, and agricultural property, it is roughly four times the size of global GDP. For ultra-high-net-worth investors, real estate remains a cornerstone of stable wealth in 2025.

Savills’ report reveals real estate exceeds the combined value of equities, debt and gold. To put this into perspective, all the gold ever mined, estimated at $20.2 trillion, accounts for just over 5% of global property value. Prime real estate offers exposure to an asset class far larger and more tangible than any other. The total value of global real estate has also kept pace with global GDP growth since 2019.

Despite the glowing numbers, global real estate saw a slight annual decline of 0.5% in 2024, driven by a fall in residential property values. While most countries experienced rising prices and new developments, falling values in China pulled down the global average. For investors, this serves as a reminder that even in the world’s largest asset class, regional risks matter and careful market selection remains key.

Commercial property – supported by new developments and stabilising markets – performed stronger, rising 4.1% to $58.5 trillion. The United States benefited from increased investment in manufacturing as companies onshore production. Agricultural land also saw solid growth, helped by constrained supply, population growth, and higher per capita food consumption. These trends suggest where investors might find not only growth but resilient assets that can withstand broader market fluctuations.

Paul Tostevin, head of Savills World Research, said: ‘While the pace of growth may vary across sectors and geographies, real estate’s long-term fundamentals remain strong. It is a store of wealth, a driver of economic growth and its ability to reflect global economic shifts ensures continued relevance in an evolving landscape. Long-term real estate’s position as the world’s most valuable asset class looks set to remain.’

China is the world’s largest real estate market, representing 23.5% of global value, followed by the United States at 20.7%. Together with Japan, Germany, the UK, France, Canada, Australia, South Korea, and Italy, the top ten markets account for 71% of global real estate value, highlighting where the majority of property wealth is concentrated.

Across residential, commercial and agricultural sectors, property continues to provide security and growth potential in a complex global economy.

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