The Financial Services Sector Earns US$11T annually

Source: Investopedia, Mar 2015

The McKinsey Global Institute also suggested that retail banking, life insurance, and property and causality insurance make up approximately 60% of total financial services sector sales. It can be extrapolated from that estimate that the total revenue of the global financial services sector in 2011 was roughly $11 trillion.

To figure out what percentage of the global economy that $11 trillion represents, a total estimate of global GDP is required. The International Monetary Fund(IMF) estimated that the total global economy was worth $77.6 trillion in 2014. If global financial services kept up its 6% growth rate for the years between 2012-2014, then its 2014 figure would be $13.1 trillion.

Using these 2014 figures and calculations, the financial services sector comprises about 16.9% of the global economy, as measured in GDP. Further data from the IMF shows that the total service economy makes up about 60-65% of total global revenue. If the OECD‘s suggestion that financial services are between 20% and 30% of the total service market, then financial services would comprise between 12% and 19.5% of the total global economy.,

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