As of 2022, the financial services industry accounted for 7.4 percent of the country’s gross domestic product, translating to a whopping $3.59 trillion. This sector’s leadership position in the US economy results in significant economic activity and direct and indirect job creation across the country. In 2019, the financial services and insurance sector played a crucial role in supporting the export of U.S. manufactured goods and agricultural products. According to the data, the United States exported financial services and insurance worth $151.9 billion and achieved a significant trade surplus of $60 billion in this sector.

According to the latest available data, the total foreign direct investment in the U.S. industry amounted to $1.01 trillion in 2021. The financial services and insurance sectors, which employed over 7.6 million individuals by the end of 2022, were major beneficiaries of this investment. In 2020, FDI supported approximately 412,000 jobs across these sectors. In 2018, at least 28 financial services firms from Fortune’s Global 500 list opted to establish their headquarters in the United States. This decision was made to leverage the benefits of the country’s innovative, competitive, and all-inclusive financial services industry.

The industry provides an extensive range of financial tools and products to assist consumers in managing risks, generating wealth, and fulfilling financial requirements.

Industry sub-sectors:

• Banking
• Asset Management
• Insurance
• Venture Capital
• Private Equity.