Global broad money supply hits record $150 trillion in June 2026
In brief
- Global broad money hit record $150 trillion in June 2026, up $10.7 trillion year-over-year
- Annual growth rate of 7.7% reflects acceleration since April 2025, peaking at 11.9% in February
- China holds $52.6 trillion (35%), US $23.2 trillion (15.4%), EU $22.8 trillion (15.2%)
- Excess cash growth now outpaces nominal GDP in significant number of economies
- Global broad money stock was $26 trillion in 2000, a nearly sixfold increase
The Numbers Behind the Record
Global broad money supply encompasses physical cash, checking accounts, savings deposits, money market funds, and other near-liquid instruments—essentially the broadest lens through which economists measure money in circulation. The $150 trillion milestone represents a staggering shift from 2000, when the entire global broad money stock stood at just $26 trillion.
The pace of expansion has been accelerating since April 2025, peaking at 11.9% year-over-year in February 2026 before moderating to 7.7% by June. Part of the June slowdown in percentage terms reflects currency dynamics rather than an actual cooling in monetary creation.
Geographic Concentration and Imbalances
The distribution of global broad money reveals significant regional concentration. China holds $52.6 trillion, representing 35% of the worldwide total, making it the single largest contributor. The United States comes second with $23.2 trillion (15.4%), followed by the European Union at $22.8 trillion (15.2%). Japan accounts for $10.2 trillion (6.8%), and the UK holds $5.2 trillion (3.4%).
Advanced economies and emerging markets and developing economies each contribute roughly $75 trillion to the total, meaning the burden of monetary creation is split fairly evenly between developed and developing regions.
Long-Term Trajectory and Policy Implications
The compound annual growth rate of global broad money since 2000 sits at roughly 6.9%, suggesting the current expansion, while rapid, is not entirely unprecedented. Still, excess cash growth is now outpacing nominal GDP in a significant number of economies, raising concerns about inflationary pressures and asset price inflation.
For context, the narrower M2 measure—which most people are more familiar with—was running in the $98 trillion to $120 trillion range in mid-2026. The gap between M2 and broad money reflects the growing importance of near-liquid instruments in modern financial systems.
Frequently asked questions
What is broad money and how does it differ from M2?
Broad money is the widest practical measure of money in circulation, capturing physical cash, checking accounts, savings deposits, money market funds, and other near-liquid instruments. M2, which is narrower and more commonly cited, was running $98 trillion to $120 trillion in mid-2026, compared to the $150 trillion broad money figure.
Why is the growth rate moderating from its February peak?
The pace of global money supply expansion peaked at 11.9% year-over-year in February 2026 before moderating to 7.7% by June. Part of the June slowdown in the percentage figure reflects currency dynamics rather than an actual cooling in monetary creation.
Which countries hold the most broad money?
China is the single largest contributor with $52.6 trillion (35% of global total), followed by the US with $23.2 trillion (15.4%) and the EU with $22.8 trillion (15.2%). Together, these three regions account for roughly 66% of global broad money.
Is this level of money supply growth unusual historically?
The compound annual growth rate of global broad money since 2000 is roughly 6.9%, suggesting current expansion, while rapid, is not entirely unprecedented. However, excess cash growth is now outpacing nominal GDP in a significant number of economies, raising concerns about inflationary pressures.
