Brand Finance estimates 83% of global intangible asset value is not disclosed on balance sheets
- Value of global intangible assets reaches all-time $97.6 trillion high in 2025, up 23% from previous year
- Pharma records largest decline in absolute terms, with total intangible value falling 8% to $6.5 trillion
- NVIDIA becomes company with highest intangible value globally at $4.3 trillion
LONDON, 5 November 2025 – In 2025, the value of intangible assets owned by the world’s largest companies has reached USD97.6 trillion, according to a new report from Brand Finance, the world’s leading brand valuation consultancy. This represents a 23% increase from 2024, now reaching its highest level since Brand Finance began tracking it in 1996.
The Brand Finance methodology relies on the enterprise value of firms to determine implied intangible asset value because most intangible asset value is not reported by the owner companies. This lack of reporting is why 83% of estimated total global intangible asset value is unaccounted for in company financial reports.
Every year, the Brand Finance Global Intangible Finance Tracker (GIFT™) report tracks the value of the world’s largest companies by intangible asset value. Intangible assets are identifiable, non-monetary assets without physical substance. Intangible assets can be grouped into three broad categories: rights (including leases, agreements, contracts), relationships (including a trained workforce), and intellectual property (including brands, patents, copyrights).
On a market level, the U.S. has overtaken Denmark to become the most intangible market in the world for the first time since 2021. The total intangible value of the U.S. market stands at 78%, while Denmark’s intangibility has dropped from 82% in 2024 to 67% in 2025. Data from Brand Finance reveals that NVIDIA has become the company with the highest intangible value globally, increasing 50% to USD4.3 trillion. Moreover, eight of the world’s top 10 companies with the highest intangible value are based in the U.S., with Microsoft, Apple, Amazon, Alphabet ranked second through fifth for intangible value and as key contributors to the country’s high intangible value.
Annie Brown, Valuation Director, Brand Finance commented:
“Record-high global intangible asset value in 2025 underscores the accelerating role of innovation, driving greater investment in intellectual property, data, and brands. That said, notable drops across several sectors like pharma and oil & gas highlight the volatility faced when investing in firms with high intangible exposure. This serves as a reminder that businesses should pay active attention to their intangible assets – among the most powerful drivers of commercial outcomes.”
Meanwhile, Denmark’s decline is largely driven by Danish pharmaceutical company Novo Nordisk, with intangible value contracting 67%, compounded by leadership changes and wider policy measures weighing on the overall sector. The Novo Nordisk case also highlights how high levels of undisclosed intangible value can leave companies or investors vulnerable to significant share value loss when key information, like patent- or brand-related factors, is unknown.
Investor perceptions around company competitiveness can be equally decisive, particularly where other companies capture market share quicker than expected. In Novo Nordisk’s case, the perceived brand “moat” around Ozempic, the dominant brand name in the weight-loss drug market, proved weaker than expected. Combined with patents and a development pipeline that fell short of earlier expectations, this erosion of competitive advantage contributed to the company’s decline in intangibility.
According to Brand Finance data, the pharma sector has recorded the largest decline in absolute terms, with intangible value falling 8% to USD6.5 trillion and six of the top 10 most intangible pharma companies recording declines in intangible value. Alongside Novo Nordisk, Eli Lilly also saw a 20% decrease in intangible value. The broader sector’s struggles were further impacted by policy pressures from the Trump administration, particularly its efforts to lower drug prices, which have weakened forecasts across the industry.
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