In 2025, investment in intangible assets exceeded the $10,000 billion mark for the first time, growing more than three times faster than investment in tangible assets. The United States alone accounts for almost half of the total, whilst Italia currently lags behind in this crucial race for the development of global economies. This is according to the third edition of the World Intangible Investment Highlights report, produced by the World Intellectual Property Organisation (WIPO) and Luiss Business School.
Analysis of 29 advanced economies
The report analyses 29 high- and middle-income economies, which together account for around 57 per cent of global GDP. Growth in investment in software, data, research and development, as well as brands, organisational capital and other intellectual property-based assets, continued last year, whilst spending on machinery and buildings slowed, held back by tighter financing conditions and economic uncertainty.
Between 2020 and 2025, investment in intangible assets increased by an average of 5.5 per cent per year, compared with a 3.2 per cent increase in investment in tangible assets, such as machinery, semiconductors and components. Such investment now accounts, on average, for almost 13 per cent of GDP in the economies analysed, confirming a structural and lasting shift in the composition of investment. We are witnessing a ‘reallocation of capital’, observes Cecilia Jona-Lasinio, Full Professor of Applied Economics at Luiss Business School and project coordinator.
The restructuring of investments
One of the most interesting points to emerge from the report is that ‘investment in intangible assets – essentially investment in knowledge – is considered increasingly important for competing in global markets’, the lecturer suggests. ‘This shift is the result of the major transformations currently taking place, first and foremost the digital transformation, because to reap the benefits it is necessary to invest in intangible assets’.
However, Italia currently remains at the bottom of the ranking of the countries analysed, trailing far behind not only the United States but also its main European competitors. In the countries at the top of the ranking, the share of expenditure on intangible assets as a proportion of GDP stood at 16–17 per cent in 2025, whilst in Italia it stood at just 9 per cent. When comparing investment in intangible assets with that in physical capital, the Report highlights certain countries that are more advanced in the transition towards a knowledge-based economy. Italia lags behind, with a overwhelmingly high proportion of investment in capital goods and physical assets.
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