What Counts as Money on Earth
Money on Earth includes physical cash, bank deposits, and certain liquid instruments that can be quickly converted into cash. The narrowest measure, M0, covers all physical banknotes and coins in circulation plus central bank reserves. Broader measures like M2 and M3 add savings deposits, money market funds, and large time deposits, capturing the vast majority of accessible money in the global financial system. The total value depends on which measure analysts use and how they define money. Forbes Advisor explains the different money supply measures.
Global M2 money supply reached roughly 100 trillion USD in 2024, while broader M3 estimates range from 100 trillion to over 120 trillion USD depending on the source. The United States alone holds a large share, with M2 exceeding 21 trillion USD in 2024, followed by China and the Eurozone. These figures include commercial bank deposits and retail money market holdings, but exclude most derivatives and off-balance-sheet instruments. Forbes reports the latest global money supply figures.
Physical Cash vs Digital Money
Physical Cash in Circulation
Physical cash in circulation includes all banknotes and coins issued by central banks worldwide. The US Federal Reserve reports that U.S. currency in circulation exceeded 2.3 trillion USD in 2024, a steady increase from previous years. The Eurosystem and the People's Bank of China also issue large volumes of physical notes, with the Chinese yuan and the euro ranking among the most circulated currencies globally. Cash remains a small fraction of total money supply, accounting for roughly 10 percent of M2 in major economies.
Digital Money and Bank Deposits
Digital money now dominates the global money supply, with commercial bank deposits making up the vast majority of M2 and M3. In the United States, demand deposits and other checkable accounts represent the largest component of M2, while savings deposits add trillions more. Central banks and commercial banks create money through lending, expanding the digital money supply each time a loan is issued. The SEC provides regulatory oversight on financial instruments and reporting.
Crypto, Gold, and Other Stores of Value
Cryptocurrency Market Size
The global cryptocurrency market capitalization surpassed 2 trillion USD in early 2024 before fluctuating significantly over the following months. Bitcoin alone held a market cap above 1 trillion USD at multiple points, with thousands of other tokens and stablecoins adding to the total. Stablecoins such as USDT and USDC are designed to mirror the value of the U.S. dollar, making them a hybrid between digital cash and traditional money. CoinDesk covers the milestone crypto market cap.
Gold and Other Tangible Assets
Above-ground gold stocks are estimated at around 200,000 metric tons, with a market value exceeding 15 trillion USD at recent prices. Central banks hold a significant share of global gold reserves, with the United States, Germany, and the International Monetary Fund among the largest holders. While gold is not classified as money in official monetary aggregates, it functions as a long-term store of value and a hedge against inflation.