The predominant role of intangible assets in the modern economy

In a globalised and constantly evolving economic landscape, the very nature of value has undergone a radical transformation, marking the definitive transition from an industrial economy to an economy of intelligence. Today, the wealth of nations and companies no longer primarily lies in the ownership of physical infrastructure, but in their ability to generate and protect intangible assets. These non-physical resources, which encompass both human capital and technological advances, now constitute the beating heart of growth and global competitiveness.

The evolution of value structure over the past fifty years perfectly illustrates this historic shift. In 1975, tangible assets such as factories, equipment and inventories represented 83% of the market value of S&P 500 companies. According to data from Ocean Tomo’s anniversary study published on 12 February 2026, this balance of power has been completely reversed, reaching an almost total economic inversion. Intangible assets now account for approximately 92% of the market capitalisation of the S&P 500, leaving only a residual share of 8% to physical assets. This massive migration of value towards the intangible reflects a world in which economic power is measured by the density of ideas rather than by the quantity of steel or concrete.

This supremacy of the intangible is widely documented by leading consulting and research institutions. As early as June 2021, in its report entitled “Getting tangible about intangibles: The future of growth and productivity”, McKinsey demonstrated that companies mastering the deployment of intangible investments are systematically better positioned to outperform their competitors in terms of growth and productivity. In France, this reality has been confirmed by a major study conducted by Bpifrance and presented to the Ministry of Industry. Carried out by Rodolphe Durand, professor at HEC Paris, and Romain Boulongne, professor at IESE Business School, this research proved that French companies investing heavily in intangibles are not only more innovative, but also create more jobs and show greater resilience in times of crisis.

Within this ecosystem, intellectual property plays a pivotal strategic role, acting as the driving force behind the protection and valorisation of innovation. Patents, first and foremost, constitute a fundamental lever of technical protection. They grant a temporary monopoly that allows companies to amortise their investments in research and development while ensuring an exclusive competitive advantage in the market. In cutting-edge sectors such as artificial intelligence or biotechnology, a patent is not merely a legal title, but a genuine financial asset capable of attracting investors and influencing market valuation.

At the same time, trademarks and designs act as essential vectors of differentiation and reputation. A trademark goes beyond its simple function as a distinctive sign to become a repository of consumer trust and loyalty, whose financial value can sometimes exceed that of all the physical assets of a multinational company. As for designs, they protect the aesthetic appearance of products, an increasingly crucial factor in an economy where design and user experience are key decision criteria. These industrial property rights transform abstract concepts into tradable assets, thereby enabling the monetisation of innovation through licensing or strategic partnerships.

However, this predominance of the intangible requires a profound revision of evaluation and management methods. The gap between the economic reality highlighted by Ocean Tomo and traditional accounting standards is becoming increasingly significant. The latter struggle to faithfully reflect the invisible wealth of companies, making it necessary to use sophisticated financial models based on future revenues or discounted cash flows. Mastery of these valuation tools has become a priority for finance departments seeking to provide an accurate view of their intangible capital, as value now lies in algorithms, brand strength and human ingenuity.

The accumulation of intangible assets has thus become the main driver of long-term productivity. With the acceleration of digital transformation and the massive integration of artificial intelligence, the 2026 study confirms that future success will depend entirely on organisations’ ability to cultivate and protect their intellectual capital. Companies that are able to transform their innovations into robust property rights, relying on the academic recommendations of HEC and IESE, will be the only ones capable of maintaining their leadership in this new era of the intangible.