2025年全球无形资产投资趋势报告_19页_560kb

World Intangible Investment Highlights 2025

Better Data for Better Policy

Key Trends and Insights

1. Growth Disparity: Global intangible investment has grown over three times faster than tangible investment since 2008 (CAGR: 4.1% vs 1.1%). Absolute growth rates have consistently favored intangibles, cushioning overall investment slowdowns amid economic headwinds. Measured intangible investment reached USD 7.6T (current) in 2024.

2. GDP Share Expansion: Intangible investment's share of GDP rose from ~10% to ~14% (aggregated countries) between 1995–2024, surpassing tangible's share and causing a growing divergence. By 2024, the US leads in aggregate level (USD 4.7T), while Sweden is most intensive (16% of GDP).

3. Stylized Trends:

• Trend 1: Intangible investment starkly outpaces tangible.
• Trend 2: Intangible investment cushions overall investment slowdown despite rate hikes and reduced tangible investment.
• Trend 3: Intangible's share of GDP is expanding consistently.
• Trend 4: US leads in aggregate intangible investment level.
• Trend 5: India recorded the fastest average growth (7%) among major economies 2011–2022.
• Trend 6: Software and data remain the fastest growing asset category.
• Trend 7: Organizational capital dominates in 2022 (30%), followed by R&D (22%) and software/databases (18%).

4. AI and Data Role: AI is reshaping investment patterns across two waves:

• Tangible: Infrastructure (AI-producing sectors) and sectoral deployment (AI-using industries).
• Intangible: Digitized information, innovative property (R&D, IP), and economic competencies (branding, skills/human capital).

5. Data Coverage & Measurement Gaps:

• Covers 27 high/middle-income economies (1995–2024) using national accounts framework by Corrado, Hulten & Sichel.
• Significant gap: >60% of global intangible investment remains unmeasured due to national accounting limitations.

6. Policy Importance: Data facilitates informed policymaking by quantifying the crucial role of intangible investment in economic growth and productivity.

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