GAA Return Assumptions 2024: Long-Term Returns Likely To Be Lower Than In History

We update our long-term return assumptions for public and private assets. A global portfolio is likely to return only 4.4% a year over the next decade, compared to 6.9% in the past. Investors either need to lower their return expectations, or take more risk. On top of this annual update, we are also publishing a companion piece offering our analysis on the long-term return outlook for different asset classes.