What Has Changed In The U.S. Financial System

The visualization "What Has Changed in the U.S. Financial System" provides a comprehensive overview of key financial trends in the U.S. financial system from 2007 to 2024, shifts in debt, equity markets, and corporate structures.

The first section, "U.S. Debt and Equity Markets Nearly Tripled in 17 Years," compares the growth of the total U.S. debt and equity market and global GDP. In 2007, the U.S. debt and equity market was valued at $54.3 trillion, rising to $154.9 trillion by 2024—a 185.27% increase. Meanwhile, global GDP grew from $58.6 trillion to $110.1 trillion, an 87.88% rise, showing that U.S. financial markets outpaced global economic growth significantly.

The second section, "The Rise of U.S. Treasuries, Bank Loans, and Nonbank Mortgage Origination Dominance," highlights growth in specific financial instruments. U.S. treasuries outstanding surged from $9.2 trillion in 2007 to $36.2 trillion in 2024, a 293.48% increase. U.S. bank loans doubled from $6.5 trillion to $12.7 trillion (95.38% growth), while loans held by nonbanks grew modestly from $15.3 trillion to $21.9 trillion (43.14%). A dramatic shift is seen in mortgage originations, with the nonbank share rising from 12% to 75% by 2024, reflecting a 525% increase in nonbank dominance.

The final section, "Private Equity-Backed Firms Are Surging While Public Companies Decline," contrasts trends in corporate structures. U.S. private equity-backed companies increased from 4.9 thousand in 2007 to 11.8 thousand in 2024 (140.82% growth). Conversely, U.S. publicly listed companies declined from 7.3 thousand in 1996 to 4.6 thousand in 2007, and further to 4.0 thousand in 2024—a 45.21% drop over the period.