Allianz Research

Powering ahead:
Global Wealth Report 2025

Behind the gate: The promises and perils of private markets democratization

Private markets are opening up to retail, and the product has to be rebuilt to fit. Global private markets have grown more than twentyfold since 2000 to over USD17trn, propelled by institutional adoption of the Yale endowment model that tilted long-duration capital aggressively into illiquid assets. 

Thinking fast, building slow: The energy cost of the US AI boom

Artificial intelligence is about to impose the largest sustained demand shock on US electricity infrastructure in decades. By 2030, data-center power consumption is expected to nearly double, lifting the sector’s share of total US electricity demand from roughly 5% to around 9%. 

US large banks: The peak of the cycle is not the time to be complacent

US large-cap banks posted record Q1 2026 earnings, and both earnings growth and asset quality sits well above trend. Yet, investors seem wary about how long the good times can last, for at least four reasons.