Value of global intangible assets reaches all-time $79.4 trillion high

For more than 25 years, Brand Finance has focused on providing business leaders with the tools and insights to drive growth, bridging the gap between marketing and finance.

Intangible assets are the valuable capabilities and tools owned by firms which cannot be touched, including a strong brand, an exhaustive customer database, innovative new software, and artistic rights such as films and music.

When Brand Finance began the GIFT™ study, global intangible assets were worth an estimated USD8 trillion, a number that has rapidly grown over the past two decades. Software has increased in value as technology has become a regular part of personal and work lives.

Innovations such as AI have continued to boost the value of software, marketing, and customer relationships both as standalone assets and also through synergies; due to software advancements, marketing can be tailored to different customers, who are increasingly connected with tech organisations due to technology advancements such as FinTech and HealthTech.

The GIFT™ study examines the value of these intangible assets among publicly traded firms worldwide. In 2024, global intangible value has more than recovered from its 2022 decline, surpassing its previous peak of USD76.0 trillion in 2021 to reach a record high of USD79.4 trillion. This represents a substantial 28% increase from 2023, when global intangible value was USD61.9 trillion. During the same period, the value of global tangible net assets has also increased to USD68.8 trillion.

Intangible asset value previously peaked at USD76 trillion in 2021, driven by a surge in tech stocks during the pandemic. This was followed by a significant decline in global intangible asset value in 2022, coinciding with the global stock market downturn. However, by 2023, the market rebounded with a strong recovery, achieving a growth rate of 8%. In 2024, global intangible asset value has surged to its highest level since Brand Finance began tracking it in 1996, marking a growth of 28%.

Our methodology relies on the enterprise value of firms to determine implied intangible asset value because most intangible asset value is not reported by the companies that own it. This is why 79% of estimated total global intangible asset value is unaccounted for in company financial reports.

Moreover, factors such as news about company strategy and performance, wider industry trends, general investor sentiment, and wider economic conditions—whether positive or negative – impact share price. This, in turn, affects enterprise value and impacts our estimation of the value of intangible assets, as cited throughout this analysis.

This year’s record high in intangible asset value reinforces the positive trend observed since 2012, highlighting the increasing significance of intangible assets in today’s global economy. As companies continue to invest in digital transformation, research and development, intangible assets have become a critical driver of long-term growth and competitive advantage.

International and local accounting standards restrict firms from disclosing most of the value of the intangible assets they create. Instead, intangible assets are typically disclosed when acquired as part of a merger or acquisition.

Disclosed intangible assets and goodwill have continued to grow steadily in 2024, following a similar trajectory to the past two years.

Further analysis of intangible asset class reveals that the value of disclosed intangibles has shifted away from goodwill to specific intangible assets such as brand, technology, and relationships.

The scale of this disclosure gap is significant, particularly among top valuable and innovative firms. When looking solely at the S&P 500, 72% of the total value is intangible, of which 76% of this is undisclosed.

Annie Brown, Valuation Director at Brand Finance, commented, 

"Global intangible value is the highest it has ever been, according to Brand Finance’s GIFT™ 2024 study. Our latest data highlights the transformative impact of technology, innovation, and artificial intelligence in driving this growth, for instance, the surging intangible value of semiconductor companies, particularly US-based giant NVIDIA. Looking ahead, the focus is on how companies will leverage their intangible assets, including intellectual property and data, to drive growth and favourably position themselves in an increasingly tech-driven market."

Sector Trends 

In 2024, Internet & Software has reclaimed its position as the sector with the highest intangible value in absolute terms. The sector has seen a 34% increase in intangible asset value to reach USD7.7 trillion.

Internet & Software surpasses last year’s most intangible sector Pharma, which currently has an intangible asset value of USD7.1 trillion. This recovery is driven by tech giant Microsoft, second only to Apple in terms of intangible value. Oracle, Salesforce, and Adobe are also major contributors to the Internet & Software sector’s high intangible value.

For the first time in the GIFT™ study, Brand Finance has split Asset & Investment Management businesses (as defined by third-party CIQ) and Banking businesses into two separate sectors. Asset & Investment Management enters the sector ranking in 17th position with 57% intangibility, and 43% of this is undisclosed.

Country Trends

The 2024 data shows that, like in 2023, the US market is predominantly intangible. 77% of US assets are intangible, compared to a global average of 54%. The sector composition in the US boosts the nation’s level of intangibility, particularly given that it is home to Silicon Valley, a hub for software and technology giants.

In contrast, China remains largely tangible, with only 16% of its assets estimated to be intangible. This is because China's economy is dominated by mining and manufacturing, sectors which heavily rely on physical, tangible assets.

The largest changes by country show that the US’ growth in intangible assets is primarily driven by the Semiconductor sector, with NVIDIA playing a pivotal role. NVIDIA saw its stock price increase by 247% in just one year, reaching a value of $143.71 in mid-October 2024.

Ranking (Top 100 most intangible)

In the 2024 ranking, Apple retains its position as the company with the highest intangible value globally, increasing by 21% to USD3.3 billion. Apple opened its first two retail stores in India in 2023, marking a significant milestone in its expansion into the Indian market, aligned with India’s rapid economic growth, as the country becomes a crucial market for global tech firms.

Microsoft maintains its position as the company with the second highest intangible value globally, rising by 28% to USD3 billion. Meta also holds onto the seventh rank, with a 67% increase in intangible asset value relative to its total enterprise value.

The company with the most significant growth is NVIDIA, which now has the third highest intangible value globally, at USD2.9 trillion. In 2024, NVIDIA achieved record revenues driven by surging global demand for AI chips, particularly in generative AI and data centres. The company’s dominance in graphics processing unit (GPU) technology has cemented its role as the dominant player in the growing AI economy, significantly enhancing its intangible value.