cover letter logistics sample

Professional Logistics Cover Letter Example for 2024

Read for inspiration or use it as a base to improve your own Logistics cover letter. Just replace personal information, company application data and achievements with your own.

Cover Letter Guide

Professional logistics cover letter tips to help you stand out.

According to 83% of hiring managers, cover letters are an important part of every recruiter’s decision-making process.

What’s more, 72% of them will expect you to hand in a great cover letter, even if this part is listed as ‘optional’ on the job advert.

And if you ask our experts, cover letters are an amazing opportunity to tell a personal story and make the right first impression.

But what exactly is a cover letter and how to write a good one? Let’s see…

First off, you need to remember that a cover letter should build upon the information in your resume, rather than just repeat it.

Second, make sure that the tone of voice you use matches the company culture.

And last but not least, try to convey your enthusiasm for the position and the field. This will give your text a personal touch.

But how can you make your cover letter grab every hiring manager's attention? Let’s see…

Choose the right salutation and craft an introduction that gets you remembered

We advise you to address the cover letter directly to the person responsible for the recruitment process. If you don’t know their name, take some time to research it.

This will show that you’re attentive to detail and are willing to go the extra mile when necessary.

Here's a list of salutations you can never go wrong with. Note that some of them can be used even if you don’t know who the hiring manager is.

• Dear Mr. James
• Dear Human Resources Manager
• To the [team you're applying for] Department
• Dear [company name] Recruiter

The introduction of your Logistics cover letter is what will get you remembered. But how can you make sure that your opening line is good enough?

Rumor has it, many people out there have started using phrases like “I found your job advert on website X and decided to apply” ever more often. But more importantly – that recruiters are already getting tired of it.

So instead of saying what everyone else is saying, we advise you to go for a more honest approach. Begin your cover letter by explaining what excites you about the company and how this excitement will help you on your journey towards success.

Emphasize your logistics soft skills and mention your hard skills

While the resume is considered the best place to showcase your hard skills and achievements, the cover letter should tell a story and prove your enthusiasm for the field.

This is why we advise you to focus on soft skills and results. Think about all your soft skills and how they have helped you grow as a professional and crush your goals. Then turn this into your own very short success story.

Make sure to include some hard skills too, especially the ones listed as part of the requirements section of the job advert. This will guarantee that you pass applicant tracking systems (ATS) that screen applicant documents for keywords.

And remember – the cover letter should include new information without repeating your whole resume. It needs to offer additional value to the recruiter.

Show that you know the company and its problems well

Adding a line or two about the company can help you prove your excitement and readiness to become a valuable team member.

You might also choose to link your previous work-related tasks and achievements to current industry or even company issues and how you think they can be resolved.

End with a call to action

The last paragraph of your cover letter should briefly sum up the whole text. This is the time to express your motivation to get to the next step of the hiring process, but also your gratitude for the reader’s time and consideration.

You can be creative or use traditional closing lines here – it all depends on your preference and the company culture.

Cover letter examples by industry

AI cover letter writer, powered by ChatGPT

Enhancv harnesses the capabilities of ChatGPT to provide a streamlined interface designed specifically focused on composing a compelling cover letter without the hassle of thinking about formatting and wording.

• Content tailored to the job posting you're applying for
• ChatGPT model specifically trained by Enhancv
• Lightning-fast responses

How To Answer: “Do You Want To Tell Us Anything Else About You?”

Language skills on resume: how to explain proficiency & fluency, how to get a job in silicon valley: industry trends, secrets, and expert advice in 2024, how to get a job after being fired: 10 sure-fire steps to get you back in the game, how to create a resume skills section to impress recruiters (+10 examples you need to see), changing job title on resume.

• Create Resume
• Terms of Service
• Privacy Policy
• Cookie Preferences
• Resume Examples
• Resume Templates
• AI Resume Builder
• Resume Summary Generator
• Resume Formats
• Resume Checker
• Resume Skills
• How to Write a Resume
• Modern Resume Templates
• Simple Resume Templates
• Cover Letter Builder
• Cover Letter Examples
• Cover Letter Templates
• Cover Letter Formats
• How to Write a Cover Letter
• Resume Guides
• Cover Letter Guides
• Job Interview Guides
• Job Interview Questions
• Career Resources
• Meet our customers
• Career resources
• English (UK)
• French (FR)
• German (DE)
• Spanish (ES)
• Swedish (SE)

© 2024 . All rights reserved.

Made with love by people who care.

• Terms And Conditions
• Privacy Policy
• Editorial Policy

Home » 5+ Best Logistics Cover Letter Samples [Free]

5+ Best Logistics Cover Letter Samples [Free]

Logistics is an important aspect of any business. In order to keep things moving smoothly, it is essential to have a professional logistics cover letter in your arsenal. A well-crafted letter can set you apart from the competition and show that you are the perfect candidate for the job. Check out our samples to get started.

Table of Contents

How To Write Logistics Cover Letter

A logistics cover letter is an important first step in your job search. This document introduces you to potential employers and highlights your skills and experience in the logistics field. To stand out from the competition, follow these tips for writing a winning logistics cover letter.

Start by doing some research on the company and the specific job opening. This will help you customize your letter and show that you are a good fit for the position.

Next, take some time to outline your key qualifications and accomplishments. Be sure to include any relevant coursework or training that you have completed.

Finally, wrap up your letter with a strong conclusion that encourages the reader to contact you for an interview. By following these tips, you can maximize your chances of landing a rewarding job in the exciting field of logistics.

Related: How To Write a Cover Letter (And Get Hired in 2022!)

Logistics Cover Letter

Writing in regards to the open position for a Logistics Coordinator that you have posted. I believe that I have the skills and experience needed to excel in this role, and would like to be considered for the position.

Have a degree in Business Administration with a concentration in Logistics from XYZ University, and have been working in the logistics field for over 5 years. In my current role as a Logistics Specialist, I am responsible for coordinating and managing all aspects of the shipping process for my company. This has included developing efficient shipping routes, negotiating rates with vendors, and ensuring that all shipments are delivered on time and within budget.

I am confident that I can bring the same level of dedication and success to your company as a Logistics Coordinator. I would welcome the opportunity to discuss my qualifications and experience with you further, and look forward to hearing from you soon.

Thank you for your time and consideration.

Related: Product Manager Cover Letter: 05 Samples & Examples

Logistics cover letter no experience

I am writing to apply for the position of Logistics Officer with your company. I am a recent graduate of Business Administration with a concentration in Logistics and have a strong interest in working in this field.

While I do not have any previous experience working in logistics specifically, I have gained valuable experience through my coursework and internships in customer service and project management. Confident that I have the skills and abilities necessary to be a successful Logistics Officer with your company.

It is eager to utilize my skills and knowledge in a professional setting and would greatly appreciate the opportunity to do so as part of your team. I am available to start work immediately and can be reached at _ . Thank you for your time and consideration.

Related: Indeed Cover Letter: 07 Templates and Samples

Logistics coordinator cover letter

Dear hiring manager,

I am writing to apply for the logistics coordinator position at your company. As a highly organized and detail-oriented professional with experience managing all facets of logistics operations, I am confident that I would make a valuable contribution to your team.

In my current role as logistics coordinator at ABC Corporation, I am responsible for coordinating the company’s transportation activities, including scheduling shipments, negotiating rates with vendors, and ensuring that all shipments are delivered on time. I have successfully streamlined our logistics operations, resulting in significant cost savings for the company.

I am excited to bring my experience and expertise to your organization and would welcome the opportunity to discuss how I can be of benefit to your team. Thank you for your time and consideration.

Related: 5+ Best Event Coordinator Cover Letter Samples [Free]

Logistics manager cover letter

Dear Hiring Manager,

I am writing to apply for the position of Logistics Manager with your company. Based on my skills and experience, I believe that I am an ideal candidate for this role.

As a logistics manager, I have gained extensive experience in managing all aspects of the supply chain process. My responsibilities have included overseeing the procurement, transportation, and warehousing of goods. I have also been responsible for ensuring that all orders are fulfilled on time and within budget.

Through my work, I have developed strong project management and leadership skills. The confident in my ability to coordinate the efforts of a team in order to achieve objectives. It also an effective communicator, which has been essential in my role in coordinating with different departments within an organization.

The excited to bring my skills and experience to your company as a logistics manager. I am confident that I can make a positive contribution to your team. I look forward to discussing the position further with you in an interview.

Your name and signature here.

Your contact information here.

Related: Project Manager Cover Letter: 10 Samples & Template

Cover letter for logistics job

Dear _________ ,

I am interest in obtaining a position as a logistics coordinator with your company. I have experience working in the logistics field and have a strong understanding of the logistical process. My attention to detail and organizational skills make me an ideal candidate for this position. It also proficient in using various computer programs related to logistics.

The confident that I have the skills and qualifications that you are looking for in a logistics coordinator. I would appreciate the opportunity to discuss my qualifications with you further. Please do not hesitate to contact me at ____________ to arrange a time for an interview.

5 Things to Include in Logistics Cover Letter

As someone with experience in the logistics field, you know that attention to detail is crucial. The same is true when you’re writing a cover letter for a logistics position. Here are five things to be sure to include in your letter:

• A clear and concise explanation of why you’re the perfect candidate for the job. What skills and experience do you have that make you a good fit?
• A demonstration of your knowledge of the company. What do you know about their business and their specific needs?
• A professional yet personal tone. Your cover letter should be written in a way that shows you’re excited about the opportunity to work for the company, but it shouldn’t be overly familiar or casual.
• An error-free letter. Proofread your letter carefully before sending it off – mistakes can make you look unprofessional and could cost you the job.
• A call to action. Be sure to include a sentence or two asking for an interview or further correspondence. This shows that you’re interest in taking the next step in the process.

By following these tips, you can be sure that your logistics cover letter will make a strong impression and help you land the job you want.

Related: What is Cover Letter? Complete Guide To Get any Job.

I hope you found this blog helpful as you search for the perfect logistics cover letter samples. Remember, it is important to tailor each letter to the specific company and position you are applying for. By taking the time to personalize your cover letter, you show that you are serious about the opportunity and have done your research. Best of luck as you continue on your job search!

You may also like

Cover Letter for Ph.D. Application: 5 Template ideas

Customer Service Representative Cover Letter: 09...

Waitress Cover Letter: 07 Template Ideas

Computer Science Cover Letter: 05 Ready Template

9 Best Associate Cover Letter Samples [Free]

Creative Inspiring Cover Letters: 7+ Template

About the author.

Jessica William

Leave a comment x.

Save my name, email, and website in this browser for the next time I comment.

Privacy preference center

We care about your privacy

When you visit our website, we will use cookies to make sure you enjoy your stay. We respect your privacy and we’ll never share your resumes and cover letters with recruiters or job sites. On the other hand, we’re using several third party tools to help us run our website with all its functionality.

But what exactly are cookies? Cookies are small bits of information which get stored on your computer. This information usually isn’t enough to directly identify you, but it allows us to deliver a page tailored to your particular needs and preferences.

Because we really care about your right to privacy, we give you a lot of control over which cookies we use in your sessions. Click on the different category headings on the left to find out more, and change our default settings.

However, remember that blocking some types of cookies may impact your experience of our website. Finally, note that we’ll need to use a cookie to remember your cookie preferences.

Without these cookies our website wouldn’t function and they cannot be switched off. We need them to provide services that you’ve asked for.

Want an example? We use these cookies when you sign in to Kickresume. We also use them to remember things you’ve already done, like text you’ve entered into a registration form so it’ll be there when you go back to the page in the same session.

Thanks to these cookies, we can count visits and traffic sources to our pages. This allows us to measure and improve the performance of our website and provide you with content you’ll find interesting.

Performance cookies let us see which pages are the most and least popular, and how you and other visitors move around the site.

All information these cookies collect is aggregated (it’s a statistic) and therefore completely anonymous. If you don’t let us use these cookies, you’ll leave us in the dark a bit, as we won’t be able to give you the content you may like.

We use these cookies to uniquely identify your browser and internet device. Thanks to them, we and our partners can build a profile of your interests, and target you with discounts to our service and specialized content.

On the other hand, these cookies allow some companies target you with advertising on other sites. This is to provide you with advertising that you might find interesting, rather than with a series of irrelevant ads you don’t care about.

Logistics Job Cover Letter Example

Kick-start your career & learn how to improve your cover letter with our free, customizable Logistics Job cover letter example. Copy and paste this cover letter example at no cost or alter it with ease in our powerful cover letter builder.

Related resume guides and samples

How to craft an appealing administration resume?

How to create a professional facilities manager resume

How to write an effective front desk receptionist resume?

How to build an effective office staff resume

How to build an effective personal assistant resume?

Logistics Job Cover Letter Example (Full Text Version)

Wakai Shoichi

Dear Hiring Managers,

I was pleased to discover that you are looking to fulfill the Logistics Associate position within Terma Group, Inc. as I am certain that I would execute the role successfully while coming to you with a pro-active approach and a strong determination to meet and exceed all your goals and objectives. Furthermore, I believe that it would be a great opportunity for me to grow both personally and professionally.

My name is Wakai Shoichi and I am a great team player with a strong performance-driven approach and the ability to function well both independently and in team environments. Having worked as a Logistics Associate at FCP Euro Group, Inc. for more than two years, I am skilled in all aspects of the role. There, I was given the responsibility for coordinating shipments, producing and reviewing logistics schedules, and resolving any logistics issues. On top of that, I communicated with suppliers, negotiated vendor prices, and assisted in the inventory management. Throughout the years, I have demonstrated numerous times that I am a dedicated individual with excellent time management and organizational skills.

Next, I am a Certified Logistics Professional and the University of St Andrews graduate with a bachelor's degree in Economics with Business Administration. At the university, I served as a Class Representative for one year and this experience has helped me to become an efficient leader and critical thinker. Finally, I am offering the ability to use all software programs necessary to the role, including Carego, Soloplan, and Softlink at an expert level. Please do not hesitate to contact me if you have any additional questions on my qualifications. I can be reached in confidentiality at 555-555-5555 or via email at [email protected]. Thank you for your time and consideration and I look forward to hearing back from you in the near future.

Kind regards,

Milan Šaržík, CPRW

Milan’s work-life has been centered around job search for the past three years. He is a Certified Professional Résumé Writer (CPRW™) as well as an active member of the Professional Association of Résumé Writers & Careers Coaches (PARWCC™). Milan holds a record for creating the most career document samples for our help center – until today, he has written more than 500 resumes and cover letters for positions across various industries. On top of that, Milan has completed studies at multiple well-known institutions, including Harvard University, University of Glasgow, and Frankfurt School of Finance and Management.

Edit this sample using our resume builder.

Don’t struggle with your cover letter. artificial intelligence can write it for you..

Similar job positions

Driver / Logistics Driver Office Staff Transportation Manager Personal Assistant Supply Chain Manager Traffic Technician Front Desk Receptionist Administration Facilities Manager Aviation Specialist Post Officer

Related administrative resume samples

Related administrative cover letter samples

Let your resume do the work.

Join 5,000,000 job seekers worldwide and get hired faster with your best resume yet.

Logistics Manager Cover Letter Example

Cover letter examples, cover letter guidelines, how to format an logistics manager cover letter, cover letter header, cover letter header examples for logistics manager, how to make your cover letter header stand out:, cover letter greeting, cover letter greeting examples for logistics manager, best cover letter greetings:, cover letter introduction, cover letter intro examples for logistics manager, how to make your cover letter intro stand out:, cover letter body, cover letter body examples for logistics manager, how to make your cover letter body stand out:, cover letter closing, cover letter closing paragraph examples for logistics manager, how to close your cover letter in a memorable way:, pair your cover letter with a foundational resume, key cover letter faqs for logistics manager.

You should start your Logistics Manager cover letter by addressing the hiring manager directly, if possible. Then, introduce yourself and briefly mention your current role or most relevant experience. For example, "Dear [Hiring Manager's Name], I am currently a Logistics Supervisor at XYZ Company, where I have successfully managed and optimized our supply chain for the past five years." This not only shows that you have experience in the field, but also that you have a track record of success. It's also important to express your interest in the role and the company, which shows that you've done your research and are enthusiastic about the opportunity.

The best way for Logistics Managers to end a cover letter is by summarizing their key skills and experiences that make them a strong fit for the role. They should express enthusiasm for the opportunity and indicate their eagerness to contribute to the company's success. It's also important to thank the hiring manager for their time and consideration. For example: "With my extensive experience in managing complex logistics operations and proven track record in reducing costs and improving efficiency, I am confident that I can contribute significantly to your team. I am excited about the opportunity to bring my unique skills to your esteemed company. Thank you for considering my application. I look forward to the possibility of discussing this opportunity further." This ending is assertive, shows appreciation, and opens the door for further communication.

In a cover letter, Logistics Managers should include the following: 1. Contact Information: At the top of the letter, include your name, address, phone number, and email address. If applicable, also include your LinkedIn profile or professional website. 2. Professional Greeting: Address the hiring manager by name if possible. If not, use a professional greeting such as "Dear Hiring Manager." 3. Introduction: Start with a compelling introduction that grabs the reader's attention. Briefly mention the position you're applying for and where you found the job listing. 4. Relevant Experience: Highlight your most relevant experience and achievements in logistics management. Use specific examples and quantify your accomplishments whenever possible. For instance, you might mention how you streamlined a process that resulted in a 20% reduction in delivery times. 5. Skills: Mention the key skills that make you a strong candidate for the role. These might include strategic planning, supply chain management, inventory control, or data analysis. Be sure to align these with the skills mentioned in the job description. 6. Knowledge of the Company: Show that you've done your research by mentioning something specific about the company and explaining why you're interested in working there. This could be something about their mission, values, or recent projects. 7. Closing Paragraph: In your closing paragraph, express your enthusiasm for the role and your interest in an interview. Also, thank the hiring manager for considering your application. 8. Professional Closing: End with a professional closing such as "Sincerely" or "Best regards," followed by your name and signature. Remember, your cover letter should complement your resume, not repeat it. It's your chance to tell a story about your experience and skills, and to show the hiring manager why you're the best candidate for the role.

Related Cover Letters for Logistics Manager

Logistics coordinator cover letter.

Logistics Operations Manager Cover Letter

Distribution Operations Manager Cover Letter

Warehouse Operations Manager Cover Letter

Supply Chain Manager Cover Letter

Operations Manager Cover Letter

Transportation Operations Manager Cover Letter

Amazon Operations Manager Cover Letter

Related Resumes for Logistics Manager

Logistics coordinator resume example.

Logistics Operations Manager Resume Example

Distribution Operations Manager Resume Example

Warehouse operations manager resume example, supply chain manager resume example.

Operations Manager Resume Example

Transportation operations manager resume example, amazon operations manager resume example, try our ai-powered resume builder.

• Resume Builder
• Resume Templates
• Resume Formats
• Resume Examples
• Cover Letter Builder
• Cover Letter Templates
• Cover Letter Formats
• Cover Letter Examples
• Career Advice
• Interview Questions
• Resume Skills
• Resume Objectives
• Job Description
• Job Responsibilities
• FAQ’s

Logistics Specialist Cover Letter Example

Writing a cover letter as a logistics specialist can be a tricky process. It is important to tailor your cover letter to the specific job you are applying for, while still highlighting your relevant experience and skills. A great cover letter can help you stand out from the competition and increase your chances of getting an interview. This guide provides helpful tips for writing an effective cover letter for a logistics specialist, as well as a sample cover letter for reference.

If you didn’t find what you were looking for, be sure to check out our complete library of cover letter examples .

Start building your dream career today! 

Create your professional cover letter in just 5 minutes with our easy-to-use cover letter builder!

Logistics Specialist Cover Letter Sample

Dear [Employer Name],

I am writing in response to your advertisement for a Logistics Specialist with [company name], and have included my resume for your review.

As a Logistics Specialist with over seven years of experience, I have developed a strong foundation in supply chain management and logistics operations. I am well versed in customs clearance, hazardous materials regulations, warehouse operations, and transportation processes. I possess excellent problem solving and communication skills, and I am adept at multitasking and working in a fast- paced environment.

I have an impressive track record of success in the logistics field. I have achieved significant cost savings through streamlining supply chain operations, improving inventory control, and implementing innovative technologies. In addition, I have developed and maintained positive relationships with suppliers and customers, helping to ensure the company’s product reaches its destination on time and in compliance with all applicable regulations. My current role requires me to develop and coordinate freight forwarding operations, ensuring that goods are delivered in compliance with customs regulations and cost- effectively.

I am confident that my qualifications and experience make me an excellent candidate for the Logistics Specialist position at [company name]. I would welcome the opportunity to discuss my candidacy in more detail and would be grateful for a time to meet with you.

Thank you for your time and consideration.

[Your Name]

Create My Cover Letter

Build a profession cover letter in just minutes for free.

Looking to improve your resume? Our resume examples with writing guide and tips offers extensive assistance.

What should a Logistics Specialist cover letter include?

A Logistics Specialist cover letter should include an introduction introducing yourself and giving a brief overview of your relevant experience and skills. It should also include an explanation of why you are a great fit for this particular role and why the company should consider you.

The body of the cover letter should include examples of relevant experience and accomplishments. Your cover letter should demonstrate your understanding of the logistics field and your ability to handle the tasks required of a Logistics Specialist. Knowledge of industry trends, vendor management, technology, and operational efficiency should be highlighted. Additionally, you should explain how you can contribute to the company’s bottom line, such as speeding up deliveries, minimizing costs, or improving customer service.

The conclusion of your cover letter should thank the recipient for their time and consideration, and express your enthusiasm for the opportunity to join the team. You should also provide your contact information and a call to action, such as requesting an interview or follow- up conversation.

Logistics Specialist Cover Letter Writing Tips

A logistics specialist cover letter is an important part of any job application. It can help set you apart from the competition and provide a great opportunity to showcase your achievements and experience. Here are some tips for writing the perfect logistics specialist cover letter:

• Highlight your knowledge of the industry: Be sure to emphasize your knowledge of the industry and any experience you have working in logistics. Focus on specific skills and experiences that are applicable to the position you are applying for.
• Showcase your problem- solving abilities: Logistics professionals must be able to think on their feet and solve problems quickly. Showcase your problem- solving abilities by including examples of times when you were able to take action and achieve successful outcomes.
• Provide relevant details: Include details about your experience such as the number of years you have worked in the industry, any certifications you have obtained, and any awards or accolades you have received.
• Keep it concise: A cover letter should be short and to the point. Avoid providing too much information and keep the focus on why you are the right candidate for the job.
• Proofread carefully: Errors in your cover letter can reflect poorly on you as a candidate. Take the time to read over your cover letter and ensure that there are no mistakes or typos.

By following these tips, you can ensure that your cover letter stands out from the competition and helps you get noticed by potential employers. A well- crafted logistics specialist cover letter can be the key to getting your foot in the door and making a great impression.

Common mistakes to avoid when writing Logistics Specialist Cover letter

Writing a cover letter for a Logistics Specialist position can be a challenge. It is important to make sure that the letter is well written and conveys your qualifications and why you are the best candidate for the job. Here are some common mistakes to avoid when writing a Logistics Specialist cover letter:

• Not tailoring your letter to the position: When writing a cover letter for any role, it is important to make sure that you are tailoring the letter to the specific company and position. This means that you should research the company’s needs and goals and tailor your letter to the particular position.
• Not using the right keywords: A Logistics Specialist cover letter should include industry- specific keywords that demonstrate your expertise in the field. Be sure to include words and phrases related to logistics such as “supply chain management” and “route optimization.”
• Not demonstrating your research: The cover letter should demonstrate that you have done research into the company, as well as the role you are applying for. Mention any specific projects or initiatives that you could contribute to if you were hired.
• Not providing examples: It is important to include examples of your work experience and accomplishments that demonstrate why you are the best candidate for the job. Examples could include successful projects you’ve completed or awards you have received in the logistics field.
• Not proofreading: The cover letter should be free of spelling and grammar mistakes. Make sure to proofread your cover letter before submitting it to ensure it is error- free.

Key takeaways

Writing an impressive logistics specialist cover letter can be quite tricky. It involves understanding the job requirements and highlighting your qualifications and experiences that make you the best candidate for the job. Here are some key takeaways that can help you create an outstanding cover letter:

• Research the position: Before writing your cover letter, it is important to research the company and position to get an understanding of the job requirements and company culture. This will help you tailor your cover letter to the specific job description.
• Highlight your key qualifications: Your cover letter should highlight your skills and qualifications that are most relevant to the job requirements. Be sure to include the specific job titles and company names that demonstrate your experience and success.
• Showcase your accomplishments: It is important to showcase your accomplishments and demonstrate how they can benefit the company. Include any awards, promotions, or achievements that demonstrate your track record of success.
• Personalize your cover letter: Make sure to customize your cover letter for each job you apply for. Recruiters want to see that you’re genuinely interested in the position, not just sending out generic cover letters.
• Use a professional format: Make sure your cover letter is formatted properly and that there are no spelling or grammatical errors. Also, avoid using overly complicated language, long sentences, and passive voice.
• Proofread: Before submitting your cover letter, read it over several times to ensure that it is error- free. Ask a friend or family member to review your cover letter as well to ensure you have included all the necessary information.

By keeping these key takeaways in mind, you can create an impressive cover letter that will help you stand out and land the job you want.

Frequently Asked Questions

1.how do i write a cover letter for an logistics specialist job with no experience.

When writing a cover letter for an Logistics Specialist job with no experience, it is important to emphasize the skills that make you an ideal candidate. Focus on the qualities and abilities that you can bring to the role that would make you successful. Showcase your organizational and problem- solving skills, strong attention to detail, and ability to multitask and manage multiple projects. Tailor your letter to the job position and research the company to gain a full understanding of their needs, and how you can help them. Highlight any related educational, extracurricular, or volunteer activities, and be sure to include any relevant knowledge or certifications you have.

2.How do I write a cover letter for an Logistics Specialist job experience?

When writing a cover letter for an Logistics Specialist job with experience, it is important to emphasize the skills and knowledge you have acquired throughout your career. Highlight the logistics- specific skills and accomplishments that have enabled you to excel in your previous roles. Demonstrate your understanding of the company’s mission and goals and give specific examples of your success in meeting those objectives. Make sure to include relevant experience and qualifications and tailor your letter to the job position.

3.How can I highlight my accomplishments in Logistics Specialist cover letter?

Highlighting your accomplishments in your Logistics Specialist cover letter is key. Showcase how your skills and experience have helped you to succeed in previous roles by providing concrete examples. Demonstrate your ability to manage multiple projects, meet tight deadlines, and solve complex problems. Include previous successes, such as improved operational efficiency, cost- savings, or other positive outcomes. Showcase any awards or recognition you have received, and be sure to emphasize the knowledge and certifications you have that make you an ideal candidate.

4.What is a good cover letter for an Logistics Specialist job?

A good cover letter for an Logistics Specialist job should demonstrate your knowledge of the logistics industry, your ability to manage multiple projects and tasks, and your problem- solving skills. Showcase your organizational skills, strong attention to detail, and any relevant certifications or awards you have received. Highlight any related educational, extracurricular, or volunteer activities, and make sure to research the company to tailor your cover letter to their needs. Include specific examples of your successes and demonstrate your understanding of the company’s mission and goals. Lastly, be sure to thank them for their time and consideration.

In addition to this, be sure to check out our cover letter templates , cover letter formats ,  cover letter examples ,  job description , and  career advice  pages for more helpful tips and advice.

Let us help you build your Cover Letter!

Make your cover letter more organized and attractive with our Cover Letter Builder

Logistics Officer Cover Letter Examples

A great logistics officer cover letter can help you stand out from the competition when applying for a job. Be sure to tailor your letter to the specific requirements listed in the job description, and highlight your most relevant or exceptional qualifications. The following logistics officer cover letter example can give you some ideas on how to write your own letter.

or download as PDF

Cover Letter Example (Text)

Chantia Bahn

(520) 945-4501

[email protected]

Dear Alfredia Hodgman,

I am writing to express my enthusiasm for the Logistics Officer position available at DHL Supply Chain, as advertised. With a robust background in logistics management, honed over five years of dedicated experience at FedEx Logistics, I am excited about the opportunity to bring my expertise to your esteemed company.

During my tenure at FedEx Logistics, I have developed a comprehensive skill set that encompasses the various facets of logistics management, including supply chain optimization, inventory control, and the implementation of efficient distribution strategies. My role required me to work closely with cross-functional teams to ensure seamless operations, and I am proud to have contributed to significant improvements in operational efficiency and cost reduction.

One of my key achievements at FedEx was the development and execution of a streamlined inventory management system that reduced waste by 20% and improved product turnover by 35%. This experience has equipped me with a deep understanding of how to effectively manage resources and leverage technology to achieve business objectives.

I am particularly drawn to the innovative culture at DHL Supply Chain, and I am eager to contribute to your team's success by applying my analytical skills and strategic thinking. I am confident that my proactive approach to problem-solving and my ability to adapt to rapidly changing environments will make me a valuable asset to your organization.

Furthermore, my hands-on experience in coordinating with international vendors and managing complex logistics networks aligns perfectly with the global reach and reputation of DHL. I am committed to continuing my professional growth and am excited about the prospect of taking on the challenges and opportunities that come with being part of your team.

Thank you for considering my application. I am looking forward to the possibility of discussing how my background, skills, and enthusiasms can be in line with the goals of DHL Supply Chain.

Warm regards,

Related Cover Letter Examples

• Logistics Management Specialist
• Logistics Team Leader
• Logistics Administrator
• Logistics Analyst
• Logistics Assistant
• Logistics Associate

Resume Worded   |  Career Strategy

5 logistics manager cover letters.

Approved by real hiring managers, these Logistics Manager cover letters have been proven to get people hired in 2024. A hiring manager explains why.

Table of contents

• Logistics Manager
• Senior Logistics Manager
• Supply Chain Analyst
• Alternative introductions for your cover letter
• Logistics Manager resume examples

Logistics Manager Cover Letter Example

Why this cover letter works in 2024, quantifiable accomplishments.

By highlighting specific numbers (20% reduction in shipping costs, 15% improvement in delivery times) and how they were achieved, this cover letter provides concrete examples of success in logistics management. You should always include quantifiable accomplishments to showcase your skills and value.

Relevant Skills and Experience

This sentence demonstrates the candidate's expertise in warehouse management systems and supply chain optimization. When writing your cover letter, be sure to mention specific skills and experiences that align with the job requirements and demonstrate your ability to excel in the role.

Showcasing Genuine Interest

By expressing excitement about working within Amazon's unique fulfillment center environment, the candidate shows genuine interest in the company and its operations. This helps them stand out from other applicants who may simply be looking for any logistics job.

Illustrate concrete achievements

In sharing that you led a team to overhaul an inventory management system, and listing clear, quantifiable results, you're giving a snapshot of your capabilities to do the same at Amazon. It's a great way to provide a tangible sense of your value and potential impact.

Show ambition to contribute

By stating your desire to optimize processes, reduce costs, and enhance customer satisfaction, you're putting your professional goals on display - goals that align perfectly with any logistics manager role. This shows you're not just looking to ride the wave, but actively contribute to Amazon's ongoing success.

Showing Experience Through Storytelling

Instead of just listing your past roles, talk about a specific project you led or contributed to and the impact it had. It paints a clearer picture of your capabilities and makes your experience more tangible. You did a great job of this by highlighting your strategic planning skills and how you used them to achieve a significant reduction in delivery times.

Highlighting Team Management Skills

Managing a team successfully indicates you can coordinate and motivate people, a much-needed leadership attribute. Talking about how your team managed to reduce overhead costs through negotiations and inventory optimization shows you've got the chops to lead a team effectively.

Aligning Personal Interest with Company Vision

When you show that the company's sustainability initiatives excite you, it tells me that your values align with ours. This is crucial because employees who share the company's vision tend to be more engaged and productive.

Senior Logistics Manager Cover Letter Example

Share impactful project experiences.

Describing your role in developing and implementing a new strategy that led to significant reductions in delivery times and fuel costs shows your hands-on approach and your capacity to make a difference. It's crucial to highlight these achievements because they showcase your ability to drive efficiency and cut costs - a key aspect of the role you're after.

Connect your skills to the company’s mission

Specifically mentioning your experience in route optimization and vendor management and expressing desire to contribute to FedEx's mission is a smart move. It not only shows your understanding of the company's objectives, but also how you can use your skills to help achieve them.

Does writing cover letters feel pointless? Use our AI

Dear Job Seeker, Writing a great cover letter is tough and time-consuming. But every employer asks for one. And if you don't submit one, you'll look like you didn't put enough effort into your application. But here's the good news: our new AI tool can generate a winning cover letter for you in seconds, tailored to each job you apply for. No more staring at a blank page, wondering what to write. Imagine being able to apply to dozens of jobs in the time it used to take you to write one cover letter. With our tool, that's a reality. And more applications mean more chances of landing your dream job. Write me a cover letter It's helped thousands of people speed up their job search. The best part? It's free to try - your first cover letter is on us. Sincerely, The Resume Worded Team

Want to see how the cover letter generator works? See this 30 second video.

Supply Chain Analyst Cover Letter Example

Illustrating skill application.

Describing how you applied your skills to achieve measurable results can be a powerful way to show your value. Your redesign of the supply chain metrics dashboard at RW Tech Company is a great example of this. It shows you're not just familiar with supply chain concepts, but you can also use that knowledge to improve operational efficiency.

Emphasizing Cross-Functional Collaboration

Mentioning your role in a cross-functional team not only shows your ability to collaborate but also your exposure to different aspects of the business. This suggests that you're adaptable and can work with diverse teams, qualities that are highly valued in today's complex business landscape.

Expressing Passion for the Employer's Innovations

I appreciate your admiration for Amazon's work in predictive analytics. It shows that you're not only aware of our achievements, but you're also passionate about contributing to these areas. This signals your enthusiasm for the role and suggests you'd be a motivated addition to our team.

Alternative Introductions

If you're struggling to start your cover letter, here are 6 different variations that have worked for others, along with why they worked. Use them as inspiration for your introductory paragraph.

Cover Letters For Jobs Similar To Logistics Manager Roles

• Logistics Analyst Cover Letter Guide
• Logistics and Supply Chain Manager Cover Letter Guide
• Logistics Coordinator Cover Letter Guide
• Logistics Engineer Cover Letter Guide
• Logistics Manager Cover Letter Guide
• Logistics Support Specialist Cover Letter Guide

Other Other Cover Letters

• Business Owner Cover Letter Guide
• Consultant Cover Letter Guide
• Correctional Officer Cover Letter Guide
• Demand Planning Manager Cover Letter Guide
• Executive Assistant Cover Letter Guide
• Operations Manager Cover Letter Guide
• Orientation Leader Cover Letter Guide
• Plant Manager Cover Letter Guide
• Production Planner Cover Letter Guide
• Recruiter Cover Letter Guide
• Recruiting Coordinator Cover Letter Guide
• Site Manager Cover Letter Guide
• Supply Chain Planner Cover Letter Guide
• Teacher Cover Letter Guide
• Vice President of Operations Cover Letter Guide

Thank you for the checklist! I realized I was making so many mistakes on my resume that I've now fixed. I'm much more confident in my resume now.

Clinical psychology

• Anxiety disorders
• Feeding and eating disorders
• Mood disorders
• Neuro-developmental disorders
• Personality disorders
• Affirmations
• Cover Letters
• Relationships
• Resignation & Leave letters

Psychotherapy

Personality.

Table of Contents

Cover letter for a logistics assistant(5 samples)

As a BetterHelp affiliate, we may receive compensation from BetterHelp if you purchase products or services through the links provided.

The Optimistminds editorial team is made up of psychologists, psychiatrists and mental health professionals. Each article is written by a team member with exposure to and experience in the subject matter.  The article then gets reviewed by a more senior editorial member. This is someone with extensive knowledge of the subject matter and highly cited published material.

This article will list samples of “cover letters for a logistics assistant.”

Examples of cover letters for a logistics assistant

When applying for a position as a logistics assistant, your cover letter is an opportunity for you to tell your story, without being stuck in the formatting constraints of the resume. The best format for writing a cover letter is as follows:

• Address the employer with a formal salutation. For example, “Dear/Hello (name of the recipient).” If you do not know the recipient’s name, you can refer to them as the hiring manager.
• The next step is to state the position you are applying for and how you found the opening. 
• Make a brief statement about why you’re interested in the position. Write a paragraph about why you are the perfect candidate for the job.
• State your skills and work experience. Ensure your skills and experiences are similar to the job position. When highlighting skills, provide the accomplishment you have achieved. 
• Conclude your letter with a forward-looking statement. For example, “I look forward to discussing the position further.”

“Jamya Patrick

City, State, Zip Code

Home: 000-000-0000

[email protected]

Felicity Weeks,

As a highly skilled Logistics Assistant, I read your posting for a new Logistics Assistant with interest. My experience aligns well with the qualifications you are seeking at CTS Shipping, in particular my role as a Logistics Assistant with HRS Logistics, and I am certain I would make a valuable addition to your organization.

With more than 13 years’ experience as a Logistics Assistant, I am adept in team leadership, scheduling, and procurement. Moreover, while my on-the-job experience has afforded me a well-rounded skill set, including first-rate planning and problem solving abilities, I excel at:

• Managing training, safety, and compliance programs.
• Overseeing inventory counts and resolving discrepancies.
• Responding to employee concerns and coordinating with departments to resolve each.
• Assisting with development of department goals and annual business plans.

In addition to my experience and personal qualities, I have a solid educational foundation with a degree in progress and a passion for logistics. I am extremely enthusiastic about CTS Shipping’s focus on cost control and efficiency and would welcome the opportunity to contribute to your ongoing success.

Please review my attached resume for additional details regarding my expertise and career achievements. I will follow up to request an appointment to discuss how my experience and background meet your needs.

Thank you for your time and consideration.

Jamya Patrick”

“Dear Mr. Willman:

With the enclosed resume, I would like to express my sincere interest in the Logistics Assistant position you have available. As a skilled and self-motivated professional with key experience coordinating procurement, materials and equipment, and operations, I possess a variety of knowledge and abilities that will enable me to contribute toward the success of your company.

My background includes performing comprehensive logistical tasks within busy warehouse environments. From coordinating material distribution and orchestrating transportation to managing inventories and preparing shipments, I excel at supporting a range of logistics functions to maximize productivity, efficiency, and overall performance. Through my experience, I have become adept in ensuring adherence to organizational goals and requirements while facilitating streamlined logistical operations.

The following achievements demonstrate my qualification for this position:

Performing all aspects of logistical coordination, including equipment tracking, material acquisition, schedules, forecasts, and overall operational logistics while demonstrating superior organization, time management, and leadership skills.

Assisting in negotiating new rates with truck/air freight carriers across all phases of purchasing and shipping; processing all freight bills and maintaining detailed records.

Communicating daily with all carriers to expedite and track shipments for domestic and international materials.

Introducing bar code scanners to warehouses, eliminating the need for annual inventory counts and elevating inventory accuracy to >98%.

Training new hires on forklift operation, inventory control processes, and packaging/shipping protocol.

Assisting management in motivating and leading warehouse personnel to stimulate top-flight team performance and ensure strict compliance with regulations and guidelines.

My proven ability to optimize the efficiency of logistical operations, along with my superior problem solving and prioritization talents, will contribute immensely to the success of your company. Thank you for your consideration, and I look forward to speaking with you soon.

Raymond G. Lutz”

I am excited to be applying for the Logistics Assistant position at Topdown Shipping. I have more than five years of experience in the shipping and receiving industry and I am confident that I have the skills and experience to be a valuable member of your team.

I pride myself on my ability to stay calm under pressure and to think on my feet. In my previous role at ABC Warehouse, I was often responsible for handling escalated customer service inquiries. I have a proven track record of being able to think quickly and find solutions that meet the customer’s needs.

In addition to my customer service skills, I also have experience in shipping and receiving. I am familiar with the process of shipping and receiving goods, and I am comfortable working in a fast-paced environment. I am also familiar with the use of shipping software and I am comfortable using computers to input data.

I am confident that I have the skills and experience to be a valuable member of your team. I look forward to hearing from you soon with more information about the Logistics Assistant position. I am eager to learn more about your company and to discuss how my skills and experience can contribute to your success.”

“Dear Mr./Mrs.,

This is in response to your job offer for the position of Logistics Assistant at [XXX Company]. I have a Bachelors’s in Supply Chain Management as well as two-year experience working as a Logistics Assistant at [YYY Company]. I have a proven track record of being highly organized and diligent at work and this I believe will be of value to your organization.

Your company enjoys a global presence and is especially reputed for having one of the best Logistics teams in this business. In your 23 years in this business, you have not compromised on the quality of your service. Working alongside professionals at your company would significantly boost my experience and knowledge in the field.

I have been working as a Logistics Assistant at [YYY Company] for two years now. The following are some of the tasks I perform there:

• Generating documents necessary for shipping orders.
• Identifies and reports irregularities in supplier performance with regard to delivery challenges, inventory levels, etc.
• Responsible for report generation, database management, etc.
• Assist with a range of order management functions order data entry, routing orders, addressing customer inquiries, etc.
• Review freight invoices.

I am confident of my strong administrative and technical skills. With my educational qualifications and my relevant work in this field, I believe I would be an ideal candidate for this profile. I am a fast learner who comfortably adapts to any new work, irrespective of the degree of difficulty.

I would appreciate an opportunity to discuss this further in person. Thank you for your time.

[Your Name]”

I am writing to apply for the Logistics Assistant position that was recently advertised on the company website. I am confident that I have the skills and experience that would make me the perfect candidate for the job.

I have been working in the logistics industry for the past three years and have gained a wealth of experience in the field. I am an expert in all aspects of logistics and have a proven track record of success in this area. I am able to handle all aspects of the logistics process, from planning and organizing to executing and monitoring.

I am also an excellent problem solver and have a knack for finding creative solutions to difficult challenges. I am confident that I would be able to handle any situation that comes up in the course of my work.

I am a hard-working and motivated individual who is always looking for new challenges and opportunities to learn. I am confident that I would be a valuable asset to your team and would be proud to be a part of your company.

Thank you for your time and consideration, and I look forward to hearing from you soon.”

Frequently Asked Questions:

What are 5 things that should be in your cover letter.

Key Elements of a Cover Letter

• Salutation.
• Opening Paragraph.
• Middle Paragraph.
• Second Middle Paragraph.
• Contact Information and Closing.

What should be avoided in a cover letter?

Things You Shouldn’t Include

• Spelling or Grammar Errors. 
• The Wrong Company Name or Adress
• False information
• Long paragraphs
• Salary Requirements or Expectations.

If you like this blog post, please leave your comments and questions below.

https://www.jobhero.com/cover-letter/examples/production/logistics-assistant

https://www.livecareer.com/cover-letter/examples/logistics/logistics-assistant Logistics Assistant Cover Letter Examples & Writing Tips

Logistics Assistant Cover Letter Examples & Writing Tips

Create your Europass Cover Letter

Europass helps you to develop a structured, consistent and professional cover letter guiding you through each step. You can create new cover letters or edit existing ones using the Europass tool to create and edit cover letters.

How does Europass help?

Europass will guide you step by step through the process to help you create a good cover letter with all the essential information. You can create, store and share cover letters in 31 languages , choose from different templates to customise your application and share them easily from your Europass Library . 

Create your Europass

How to write a good cover letter

A cover letter should highlight your motivation to apply for a specific job or opportunity, and demonstrate why you consider yourself to be the best candidate. Your cover letter should refer to particular examples in your CV and describe why these are relevant for the job vacancy you are applying for.

Read carefully

Read the vacancy notice carefully and highlight the skills that relate to the requirements of the position in your cover letter.

Use keywords

Use the keywords when you list your soft skills as mentioned on the vacancy notice (punctual, organised, team-player and so on).

Have short and clear paragraphs that show different aspects clearly.

Get to know the employer

Take time to research the employer to gain valuable insights into the culture of their organisation and make references in your cover letter to one or two key points.

Keep it short

You cover letter should not be longer than one page.

• First paragraph - why you are motivated to apply for the position,
• Second paragraph - how you are the most suitable candidate for the position, and
• Third Paragraph - why the company is a good match for you.

Use formal tone

Use a formal, polite tone and make sure there are no spelling mistakes.

Use simple fonts

Use simple non-decorative font styles, normal font-sizes (11-12) and optimal spacing (1 or 1.5).

Helpful EU services

Eures - the european job mobility portal.

Find jobs from all over Europe

Working abroad in other EU countries

Information, help and advice on EU rights related to work

Education and training in other EU countries

Information, help and advice on EU rights related to learning

You may be interested to read

Create your Europass CV

Europass and data privacy

Plan your career with Europass

Share this page.

• Manage communications
• Mutual Fund & 529 accounts

I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

Larry Fink’s 2024 Annual Chairman’s Letter to Investors

Time to rethink retirement.

When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances.

Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught English at the local state college (Cal Northridge), and my dad owned a shoe store.

I don’t know exactly how much they made every year, but in today’s dollars, it was probably not more than $150,000 as a couple. So, my brother and I were surprised when we saw the size of our parents' retirement savings. It was an order of magnitude bigger than you’d expect for a couple making their income. And when we finished going over their estate, we learned why: My parents' investments.

My dad had always been an enthusiastic investor. He encouraged me to buy my first stock (the DuPont chemical company) as a teenager. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. And he was right.

I went back and did the math. If my parents had $1,000 to invest in 1960, and they put that money in the S&P 500, then by the time they’d reached retirement age in 1990, the $1,000 would be worth nearly $20,000. 1 That’s more than double what they would have earned if they’d just put the money in a bank account. My dad passed away a few months after my mom, in his late 80s. But both my parents could have lived beyond 100 and comfortably afforded it.

Why am I writing about my parents? Because going over their finances showed me something about my own career in finance. I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

Obviously, we were ambitious entrepreneurs, and we wanted to build a big, successful company. But we also wanted to help people retire like my parents did. That’s why we started an asset manager — a company that helps people invest in the capital markets — because we believed participating in those markets was going to be crucial for people who wanted to retire comfortably and financially secure.

We also believed the capital markets would become a bigger and bigger part of the global economy. If more people could invest in the capital markets, it would create a virtuous economic cycle, fueling growth for companies and countries, which would, in turn, generate wealth for millions more people.

My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time.  Indeed, I think the growth- and prosperity-generating power of the   capital markets will remain a dominant economic trend through the rest of the 21 st  Century.

This letter attempts to explain why.

I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

A brief (and admittedly incomplete) history of U.S. capital markets

In finance, there are two basic ways to get or grow money.

One is the bank, which is what most people historically relied on. They deposited their savings to earn interest or took out loans to buy a home or expand their business. But over time a second avenue for financing arose, particularly in the U.S., with the growth of the capital markets: Publicly traded stocks, bonds, and other securities.

I saw this firsthand in the late 1970s and early 1980s when I played a role in the creation of the securitization market for mortgages.

Before the 1970s, most people secured financing for their homes the same way they did in the Christmas classic It’s a Wonderful Life — through the Building & Loan (B&L). Customers deposited their savings into the B&L, which was essentially a bank. Then that bank would turn around and lend out those savings in the form of mortgages.

In the movie — and in real life — everything works fine until people start lining up at the bank’s front door asking for their deposits back. As Jimmy Stewart explained in the film, the bank didn’t have their money. It was tied up in somebody else’s house.

After the Great Depression, B&Ls morphed into savings & loans (S&Ls), which had their own crisis in the 1980s. Approximately half of the outstanding home mortgages in the U.S. were held by S&Ls in 1980, and poor risk management and loose lending practices led to a raft of failures costing U.S. taxpayers more than $100 billion dollars. 2

But the S&L crisis didn’t cause the American economy lasting damage. Why? Because at the same time the S&Ls were collapsing another method of financing was getting stronger. The capital markets were providing an avenue to channel capital back to challenged real estate markets.

This was mortgage securitization.

Securitization allowed banks not just to make mortgages but to sell them. By selling mortgages, banks could better manage risk on their balance sheets and have capital to lend to home buyers, which is why the S&L crisis didn’t severely impact American homeownership. 

Eventually, the excesses of mortgage securitization contributed to the crash in 2008, and unlike the S&L crisis, the Great Recession did harm home ownership in the U.S. The country still hasn’t fully recovered in that respect. But the broader underlying trend — the expansion of the capital markets — was still very helpful for the American economy.

In fact, it’s worth considering: Why did the U.S. rebound from 2008 faster than almost any other developed nation? 3

A big part of the answer is the country’s capital markets .

In Europe, where most assets were kept in banks, economies froze as banks were forced to shrink their balance sheets. Of course, U.S. banks had to tighten capital standards and pull back from lending as well. But because the U.S. had a more robust secondary pool of money – the capital markets — the nation was able to recover much more quickly.

Today public equities and bonds provide over 70% of financing for non-financial corporations in the U.S. – more than any other country in the world. In China, for example, the bank-to-capital market ratio is almost flipped. Chinese companies rely on bank loans for 65% of their financing. 4

In my opinion, this is the most important lesson in recent economic history:  Countries aiming for prosperity don’t just need strong banking systems — they also need strong capital markets.

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets.

More and more countries recognize the power of American capital markets and want to build their own.

Of course, many countries do have capital markets already. There are something like 80 stock exchanges around the world, everywhere from Kuala Lumpur to Johannesburg. 5  But most of these are rather small, with little investment. They’re not as robust as the markets in the U.S., and that’s what other nations are increasingly looking for.

In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly the bank. In India, it’s often in gold.

When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold. The commodity has underperformed the Indian stock market, proving a subpar investment for individual investors. Nor has investing in gold helped the country’s economy.

Compare investing in gold with, let’s say, investing in a new house. When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house. Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage. But gold? It just sits in a safe. It can be a good store of value, but gold doesn’t generate economic growth.

This is a small illustration — but a good one — of what countries want to accomplish with robust capital markets. (Or rather, of what they  can’t accomplish without them.)

Despite the anti-capitalist strain in our modern politics, most world leaders still see the obvious: No other force can lift more people from poverty or improve quality of life quite like capitalism. No other economic model can help us achieve our highest hopes for financial freedom — whether we want it for ourselves or our country.

That’s why the capital markets will be key to addressing two of the mid-21 st Century’s biggest economic challenges.

• The first is providing people what my parents built over time — a secure, well-earned retirement. This is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now . People are living longer lives. They’ll need more money. The capital markets can provide it — so long as governments and companies help people invest.
• A second challenge is infrastructure. How are we going to build the massive amount the world needs? As countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure. And that’s because many countries have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security. The capital markets can help countries meet their energy goals, including decarbonization, in an affordable way.

[Retirement] is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now .

Asking the old age question: How do we afford longer lives?

Last year, Japan passed a demographic milestone. The country’s population has been aging since the early 1990s as the pool of working-age people has shrunk and the number of elderly has risen. But 2023 was the first time that 10% of their people exceeded 80 years old, 6 making Japan the “oldest country in the world” according to the United Nations. 7

This is part of the reason the Japanese government is making a push for retirement investment.

Most Japanese keep the bulk of their retirement savings in banks, earning a low interest rate. It wasn’t such a bad strategy when Japan was suffering from deflation, but now the country’s economy has turned around, with the NIKKEI surging past 40,000 for the first time this month (March 2024). 8

Most aspiring retirees are missing out on the upswing. The country didn’t have anything resembling a 401(k) program until 2001, but even then, the amount of income people could contribute was quite low. So a decade ago, the government launched the Nippon Individual Savings Accounts (NISA) to encourage people to invest even more in retirement. Now they’re trying to double NISA’s enrollment. The goal is 34 million Japanese investors before the end of the decade. 9 It will require the Japanese government to expand their capital markets, which historically had very little retail participation.

Japan isn’t alone in helping more of its citizens invest for retirement. BlackRock has a joint venture — Jio BlackRock — with Jio Financial Services, an affiliate of India’s Reliance Industries. Over the past 10 years, India has built a huge digital public infrastructure network that connects nearly one billion Indians to everything from healthcare to government payments via their smartphones. Jio BlackRock’s goal is to use the same infrastructure to deliver retirement investing (and more).

After all, India is aging, too. The whole world is, albeit at different speeds. Brazil will start seeing more people leave its workforce than enter it by 2035; Mexico will reach peak workforce by 2040; India sometime around 2050.

As populations age, building retirement savings has never been more urgent

Source: Working-age population (ages 15-64): UN “medium trend 10

By the mid-century mark, one-in-six people globally will be over the age of 65, up from one-in-11 in 2019. 11 To support them, governments are going to have to prioritize building out robust capital markets like the U.S. has.

But this isn’t to say the U.S. retirement system is perfect. I’m not sure anybody believes that. The retirement system in America needs modernizing, at the very least.

Rethinking retirement in the United States

This was particularly clear last year as the biotech industry pumped out a rush of new, life-extending drugs. Obesity, for example, can take more than 10 years off someone’s life expectancy, which is why some researchers think that new pharmaceuticals like Ozempic and Wegovy can be life-extending drugs, not just weight-loss drugs. 12 In fact, a recent study shows that semaglutide, the generic name for Ozempic, can give people with cardiovascular disease an extra two years of life where they don’t suffer a major condition like a heart attack. 13

We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

These drugs are breakthroughs. But they underscore a frustrating irony: As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

It wasn’t always this way. One reason my parents had a financially secure retirement was CalPERS, California’s state pension system. As a public university employee, my mom could enroll. But pension enrollment has been declining across the country since the 1980s. 14 Meanwhile the federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire.

It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

Today in America, the retirement message that the government and companies tell their workers is effectively: “You’re on your own.” And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.

Maybe once a decade, the U.S. faces a problem so big and urgent that government and corporate leaders stop business as usual. They step out of their silos and sit around the same table to find a solution. I participated in something like this after 2008, when the government needed to find a way to unwind the toxic assets from the mortgage crisis. More recently, tech CEOs and the federal government came together to address the fragility of America’s semiconductor supply chain. We need to do something similar for the retirement crisis. America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.

What should that national effort do? I don’t have all the answers. But what I do have is some data and the beginnings of a few ideas from BlackRock’s work. Because our core business is retirement.

More than half the assets BlackRock manages are for retirement. 15 We help about 35 million Americans invest for life after work, 16 which amounts to about a quarter of the country’s workers. 17 Many are educators like my mom was. BlackRock helps manage pension assets for roughly half of U.S. public school teachers. 18 And this work — and our similar work around the globe — has given us some insight into how a national initiative to modernize retirement might begin.

We think the conversation starts by looking at the challenge through three different lenses. 

• What’s the issue from the perspective of a current worker , someone who’s still trying to save for retirement?
• What about someone who has already retired? We have to look at the problem from the retiree’s point of view­­­­­­­­­­ — an individual who has already saved enough to stop working but is worried the money will run out.
• But first it’s important to look at retirement in America like you’d look at a map of America — a high-level picture of the problem, the kind a national policymaker might look at. What’s the issue for the population as a whole? (It’s demographics.)

[Young people] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

The demographics don’t lie

There’s a popular saying in economics: “You just can’t fight demographics.” And yet, when it comes to retirement, the U.S. is trying anyway.

In wealthy countries, most retirement systems have three pillars. One is what people invest personally (my dad putting his money in the stock market). Another is the plans provided by employers (my mom’s CalPERS pension). A third component is what we hear politicians mostly talking about – the government safety net. In the U.S., this is Social Security.

You’re probably familiar with the economics behind Social Security. During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these “old-age insurance” programs gradually became popular over the 20 th Century largely because the demographics made sense.

Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.

But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away .

This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. 19

Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.

It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length. Today, if you’re married and both you and your spouse are over the age of 65, there’s a 50/50 chance at least one of you will be receiving a Social Security check until you’re 90. 20

All this is putting the U.S. retirement system under immense strain. The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. 21

What’s the solution here? No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.

Humanity has changed over the past 120 years. So must our conception of retirement.

One nation that’s rethought retirement is the Netherlands. In order to keep their state pension affordable, the Dutch decided more than 10 years ago to gradually raise the retirement age. It will now automatically adjust as the country’s life expectancy changes. 22

Obviously, implementing this policy elsewhere would be a massive political undertaking. But my point is that we should start having the conversation . When people are regularly living past 90, what should the average retirement age be?

Or rather than pushing back when people receive retirement benefits, perhaps there’s a more politically palatable idea: How do we encourage more people who wish to work longer with carrots rather than sticks? What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?

One way Japan has managed its aging economy is by doing exactly this. They’ve found new ways to boost the labor force participation rate, a metric that has been declining in the U.S. since the early 2000s. 23 It’s worth asking: How can America stop (or at least, slow) that trend?

Again, I’m not pretending to have the answers. Despite BlackRock’s success helping millions retire, these questions are going to have to be posed to a broader range of investors, retirees, policymakers, and others. Over the next few months, BlackRock will be announcing a series of partnerships and initiatives to do just that, and I invite you to join us.

For workers, make investing (almost) automatic

When the U.S. Census Bureau released its regular survey of consumer finances in 2022, nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. 24 Nothing in a pension. Zero in an IRA or 401(k).

Why? Well, the first barrier to retirement investing is affordability.

Four-in-10 Americans don’t have $400 to spare to cover an emergency like a car repair or hospital visit. 25 Who is going to invest money for a retirement 30 years away if they don’t have cash for today? No one. That’s why BlackRock’s foundation has worked with a group of nonprofits to set up an Emergency Savings Initiative. The program has helped mostly low-income Americans put away a total of $2 billion in new liquid savings. 26

Studies show that when people have emergency savings, they’re 70% more likely to invest for retirement. 27 But this is where workers run into another barrier: Investing is complex even if you can afford it.

No one is born a natural investor. It’s important to say that because sometimes in the financial services industry we imply the opposite. We make it seem like saving for retirement can be a simple task, something anyone can do with a bit of practice, like driving your car to work. Just grab your keys and hop in the driver’s seat. But financing retirement isn’t so intuitive. The better analogy is if someone dropped a bunch of engine and auto parts in your driveway and said, “Figure it out.”

At BlackRock, we’ve tried to make the investing process more intuitive by inventing simpler products like target date funds. They only require people to make one decision: What year do they expect to retire? Once people choose their “target date,” the fund automatically adjusts their portfolio, shifting from higher-return equities to less risky bonds as retirement approaches. 28

In 2023, BlackRock expanded the types of target date ETFs we offer so people can more easily buy them even if they don’t work for employers offering a retirement plan. There are 57 million people like this in America — farmers, gig workers, restaurant employees, independent contractors — who don’t have access to a defined contribution plan. 29 And while better investment products can help, there are limits to what something like a target date fund can do. Indeed, for most people, the data shows that the hardest part of retirement investing is just getting started.

Other nations make things simpler for their part-time and contract workers. In Australia, employers must contribute a portion of income for every worker between the ages of 18 and 70 into a retirement account, which then belongs to the employee. The Superannuation Guarantee was introduced in 1992 when the country seemed like it was on the path to a retirement crisis. Thirty-two years later, Australians likely have more retirement savings per capita than any other country. The nation has the world’s 54 th largest population, 30 but the 4 th largest retirement system. 31

Of course, every country is different, so every retirement system should be different. But Australia’s experience with Supers could be a good model for American policymakers to study and build on. Some already are. There are about 20 U.S. states — like Colorado and Virginia — that have instituted retirement systems to cover all workers like Australia does, even if they’re gig or part-time. 32

It’s a good thing that legislators are proposing different bills and states are becoming “laboratories of retirement.” More should consider it. The benefits could be enormous for individual retirees. These new programs could also help the U.S. ensure the long-term solvency of Social Security. That’s what Australia found — their Superannuation Guarantee relieved the financial tension in their country’s public pension program. 33

But what about workers who do have access to an employer retirement plan? They need support too.

Even among employees who have access to employer plans, 17% don’t enroll in them, and the hypothesis among retirement experts is this is not a conscious choice. People are just busy.

It sounds trivial, but even the hour or so it takes someone to look through their work email inbox for the correct link to their company’s retirement system, and then select the percentage of their income they want to contribute can be the unclearable hurdle. That’s why companies should make a conscious effort to look at what their default option is. Are people automatically enrolled in a plan or not? And how much are they auto-enrolled to contribute? Is it a minimum percentage of their income? Or the maximum?

In 2017, the University of Chicago economist Richard Thaler won the Nobel Prize, in part, for his pioneering work around “nudges” — small changes in policy that can have enormous impact in people’s financial lives. Auto-enrollment is one of them. Studies show that the simple step of making enrollment automatic increases retirement plan participation by nearly 50%. 34

As a nation, we should do everything we can to make retirement investing more automatic for workers. And there are already bright spots. Next year, a new federal law will kick in, requiring employers that set up new 401(k) plans to auto-enroll their new workers. Plus, there are hundreds of major companies (including BlackRock) that have already taken this step voluntarily.

But firms can do even more to improve their employee’s financial lives, such as providing some level of matching funds for retirement plans and offering more financial education on the tremendous long-term difference between contributing a small percentage of your income to retirement versus the maximum. I also think we should make it easier for workers to transfer their 401(k) savings when they switch jobs. There is a menu of options here, and we need to explore all of them.

For retirees, help them spend what they saved

In 2018, BlackRock commissioned a study of 1,150 American retirees. When we dug into the data, we found something unexpected — even paradoxical.

The survey showed that after nearly two decades of retirement, the average person still had 80% of their pre-retirement money saved. We’re talking about people who were probably between the ages of 75 and 95. If they had invested for retirement, they were likely sitting on more than enough money for the rest of their lives. And yet the data also showed that they were anxious about their finances. Only 32% reported feeling comfortable about spending what they saved. 35

This retirement paradox has a simple explanation: Even people who know how to save for retirement still don’t know how to spend for it.

In the U.S., this problem’s roots stretch back more than four decades when employers began switching from defined benefit plans — pensions — to defined contribution plans like 401(k)s.

In a lot of ways, pensions were much simpler than the 401(k). You had a job somewhere for 20 or 30 years. Then when you retired, your pension paid you a set amount — a defined benefit — every month.

When I entered the workforce in the 1970s, 38% of Americans had one of these defined benefit plans, but by 2008 the percentage had been cut almost in half. 36 Meanwhile, the fraction of Americans with defined contribution plans almost quadrupled. 37

This should have been a good thing. Beginning with the Baby Boomers, fewer and fewer workers spent their entire careers in one place, meaning they needed a retirement option that would follow them from job to job. In theory, 401(k)s did that. But in practice? Not really.

Anyone who’s switched jobs knows how unintuitive it is to transfer your retirement savings. In fact, studies show that about 40% of employees cash out their 401(k)s when they switch jobs, putting themselves back at the starting line for retirement savings. 38

The real drawback of defined contribution was that it removed most of the retirement responsibility from employers and put it squarely on the shoulders of the employees themselves. With pensions, companies had a very clear obligation to their workers. Their retirement money was a financial liability on the corporate balance sheet. Companies knew they’d have to write a check every month to each one of their retirees. But defined contribution plans ended that, forcing retirees to trade a steady stream of income for an impossible math problem.

Because most defined contribution accounts don’t come with instructions for how much you can take out every month, individual savers first must build up a nest-egg, then spend down at a rate that will last them the rest of their lives. But who really knows how long that will be?

Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial un certainty .

That’s why around the same time we saw the data that retirees were nervous about spending their savings, we started wondering: Was there something we can do about it? Could we develop an investment strategy that provided the flexibility of a 401(k) investment but also the potential for a predictable, paycheck-like income stream, similar to a pension?

It turns out, we could. That strategy is called LifePath Paycheck™, which will go live in April. As I write this, 14 retirement plan sponsors are planning to make LifePath Paycheck™ available to 500,000 employees. I believe it will one day be the most used investment strategy in defined contribution plans.

We’re talking about a revolution in retirement. And while it may happen in the U.S. first, eventually other countries will benefit from the innovation as well. At least, that is my hope. Because while retirement is mainly a saving challenge, the data is clear: It’s a spending one too.

Fear vs. hope

Before I conclude this section on retirement, I want to share a few words about one of the largest barriers to investing for the future. In my view, it’s not just affordability or complexity or the fact that people are too busy to enroll in their employer’s plan.

Arguably the biggest barrier to investing for retirement — or for anything — is fear.

In finance, we sometimes think of “fear” as a fuzzy, emotional concept — not as a hard economic data point. But that’s what it is. Fear is as important and actionable a metric as GDP. After all, investment (or lack thereof) is just a measure of fear because no one lets their money sit in a stock or a bond for 30 or 40 years if they’re afraid the future is going to be worse than the present. That’s when they put their money in a bank. Or underneath the mattress.

This is what happens in many countries. In China, where new surveys show consumer confidence has dropped to its lowest level in decades, household savings have reached their highest level on record — nearly $20 trillion — according to the central bank. 39 China has a savings rate of about 30%. Nearly a third of all money earned is socked away in cash in case it’s needed for harder times ahead. The U.S., by comparison, has a savings rate in the single digits. 40

America has rarely been a fearful country. Hope has been the nation’s greatest economic asset. People put their money in American markets for the same reason they invest in their homes and businesses — because they believe this country will be better tomorrow than it is today.

This big, hopeful America has been the one I’ve known my whole life, but over the past few years, especially as I’ve had more grandchildren, I’ve started to ask myself: Will they know this version of America, too?

As I was finishing this letter, The Wall Street Journal published an article that caught my attention. It was titled “The Rough Years that Turned Gen Z into America’s Most Disillusioned Voters,” and it included some eye-catching — and really disheartening — data.

The article showed that from the mid-1990s through most of the early 21 st Century, most young people — around 60% of high school seniors, to be specific — believed they’d earn a professional degree, would land a good job, and go on to be wealthier than their parents. They were optimistic. But since the pandemic, that optimism has fallen precipitously.

Compared with 20 years ago, the current cohort of young Americans is 50% more likely to question whether life has a purpose. Four-in-10 say it’s “hard to have hope for the world.” 41

I’ve been working in finance for almost 50 years. I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one.

The lack of hope worries me as a CEO. It worries me as a grandfather. But most of all, it worries me as an American.

If future generations don’t feel hopeful about this country and their future in it, then the U.S. doesn’t only lose the force that makes people want to invest. America will lose what makes it America. Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.

How do we get our hope back?

Whether we’re trying to solve retirement or any other problem, that is the first question we have to ask, although I readily admit that I do not have the solution. I look at the state of America — and the world — and I am as answerless as everyone else. There’s so much anger and division, and I often struggle to wrap my head around it.

What I do know is that any answer has to start by bringing young people into the fold. The same surveys that show their lack of hope also show their lack of confidence — far less than any previous generation — in every pillar of society: In politics, government, the media, and in corporations. Leaders of these institutions (I am one) should be empathetic to their concerns.

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

Perhaps the best way to start building hope is by telling young people, “You may not feel very hopeful about your future. But we do. And we’re going to help you invest in it.”

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

The new infrastructure blueprint: Steel, concrete, and public-private partnership

I started traveling to London in the 1980s, and back then, if you had a choice between the city’s two major international airports — Heathrow or Gatwick — you probably chose Heathrow. Gatwick was farther from the city. It was also in a comparative state of disrepair.

But things changed in 2009 when Gatwick was purchased by Global Infrastructure Partners (GIP). They increased runway capacity and instituted commonsense changes, like oversized luggage trays that cut security screening times by more than half.

“The thing about infrastructure businesses... is a lot of them tend not to focus on customer service,” GIP’s CEO Bayo Ogunlesi told the Financial Times . GIP wanted to make Gatwick different. In the process, they also turned the airport into a prime example of how infrastructure will be built and run in the 21 st Century — with private capital. 42

In the U.S., people tend to think of infrastructure as a government endeavor, something built with taxpayer funds. But because of one very big reason that I’ll dive into momentarily, that won’t be the primary way infrastructure is built in the mid-21 st Century. Rather than only tapping government treasuries to build bridges, power grids, and airports, the world will do what Gatwick did.

The future of infrastructure is public-private partnership.

Debt matters

The $1 trillion infrastructure sector is one of the fastest growing segments of the private markets, and there are some undeniable macroeconomic trends driving this growth. In developing countries, people are getting richer, boosting demand for everything from energy to transportation while in wealthy countries, governments need to both build new infrastructure and repair the old.

Even in the U.S., where the Biden Administration has signed generational infrastructure investments into law, there’s still $2 trillion worth of deferred maintenance. 43

How will we pay for all this infrastructure? The reason I believe it’ll have to be some combination of public and private dollars is that funding probably cannot come from the government alone. The debt is just too high.

From Italy to South Africa, many nations are suffering the highest debt burdens in their history. Public debt has tripled since the mid-1970s, reaching 92% of global GDP in 2022. 44 And in America, the situation is more urgent than I can ever remember. Since the start of the pandemic, the U.S. has issued roughly $11.1 trillion of new debt, and the amount is only part of the issue. 45 There’s also the interest rate the Treasury needs to pay on it.

Three years ago, the rate on a 10-year Treasury bill was under 1%. But as I write this, it’s over 4%, and that 3-percentage-point increase is very dangerous. Should the current rates hold, it amounts to an extra trillion dollars in interest payments over the next decade. 46

Why is this debt a problem now? Because historically, America has paid for old debt by issuing new debt in the form of Treasury securities. It’s a workable strategy so long as people want to buy those securities — but going forward, the U.S. cannot take for granted that investors will want to buy them in such volume or at the premium they currently do.

Today, around 30% of U.S. Treasury securities are held by foreign governments or investors. That percentage will likely go down as more countries build their own capital markets and invest domestically. 47

More leaders should pay attention to America’s snowballing debt. There’s a bad scenario where the American economy starts looking like Japan’s in the late 1990s and early 2000s, when debt exceeded GDP and led to periods of austerity and stagnation. A high-debt America would also be one where it’s much harder to fight inflation since monetary policymakers could not raise rates without dramatically adding to an already unsustainable debt-servicing bill.

But is a debt crisis inevitable? No.

While fiscal discipline can help tame debt on the margins, it will be very difficult (both politically and mathematically) to raise taxes or cut spending at the level America would need to dramatically reduce the debt. But there is another way out beyond taxing or cutting, and that’s growth. If U.S. GDP grows at an average of 3% (in real, not nominal terms) over the next five years, that would keep the country’s debt-to-GDP ratio at 120% – high, but reasonable.

I should be clear: 3% growth is a very tall order, especially given the country’s aging workforce. It will require policymakers to shift their focus. We can’t see debt as a problem that can be solved only through taxing and spending cuts anymore. Instead, America’s debt efforts have to center around pro-growth policies , which include tapping the capital markets to build one of the best catalysts for growth: Infrastructure. Especially energy infrastructure.

Energy pragmatism

Roads. Bridges. Ports. Airports. Cell towers. The infrastructure sector contains multitudes, but the multitude where BlackRock sees arguably the greatest demand for new investment is energy infrastructure.

Why energy? Two things are happening in the sector at the same time.

The first is the “energy transition.” It’s a mega force, a major economic trend being driven by nations representing 90% of the world’s GDP. 48 With wind and solar power now cheaper in many places than fossil-fuel-generated electricity, these countries are increasingly installing renewables. 49 It’s also a major way to address climate change. This shift – or energy transition – has created a ripple effect in the markets, creating both risks and opportunities for investors, including BlackRock’s clients.

I started writing about the transition in 2020. Since then, the issue has become more contentious in the U.S. But outside the debate, much is still the same. People are still investing heavily in decarbonization. In Europe, for example, net-zero remains a top investment priority for most of BlackRock’s clients. 50 But now the demand for clean energy is being amplified by something else: A focus on energy security.

Governments have been pursuing energy security since the oil crisis of the 1970s, (and probably as far back as the early Industrial Revolution), so this is not a new trend. In fact, when I wrote my original 2020 letter about sustainability, I also wrote to our clients that countries would still need to produce oil and gas to meet their energy needs. 

To be energy secure, I wrote, most parts of the globe would need “to rely on hydrocarbons for a number of years.” 51

I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Then in 2022, Putin invaded Ukraine. The war lit a fresh spark under the idea of energy security. It disrupted the world’s supply of oil and gas causing massive energy inflation, particularly in Europe. The UK, Norway, and the 27 EU countries had to collectively spend 800 billion euros subsidizing energy bills. 52

This is part of the reason I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Last year, as I mentioned, I visited 17 countries, and I spent a lot of time talking to the people who are responsible for powering homes and businesses, everybody from prime ministers to energy grid operators. The message I heard was completely opposite to what you often hear from activists on the far left and right who say that countries have to choose between renewables and oil and gas. These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.

Germany is a good example of how energy pragmatism is still a path to decarbonization. It’s one of the countries most committed to fighting climate change and has made enormous investments in wind and solar power. But sometimes the wind doesn’t blow in Berlin, and the sun doesn’t shine in Munich. And during those windless, sunless periods, the country still needs to rely on natural gas for “dispatchable power.” Germany used to get that gas from Russia, but now it needs to look elsewhere. So, they’re building additional gas facilities to import from other producers around the world. 53

Or look at Texas. They face a similar energy challenge – not because of Russia but because of the economy. The state is one of the fastest growing in the U.S., 54 and the additional demand for power is stretching ERCOT, Texas’ energy grid, to the limit. 55

Today, Texas runs on 28% renewable energy 56 – 6% more than the U.S. as a whole. 57 But without an additional 10 gigawatts of dispatchable power, which might need to come partially from natural gas, the state could continue to suffer devastating brownouts. In February, BlackRock helped convene a summit of investors and policymakers in Houston to help find a solution.

Texas and Germany are great illustrations of what the energy transition looks like. As I wrote in 2020, the transition will only succeed if it’s “fair.” Nobody will support decarbonization if it means giving up heating their home in the winter or cooling it in the summer. Or if the cost of doing so is prohibitive.

Since 2020, economists have popularized better language to describe what a fair transition actually means. One important concept is the “green premium.” It’s the surcharge people pay for “going green”: for example, switching from a car that runs on gas to an electric vehicle. The lower the green premium, the fairer decarbonization will be because it’ll be more affordable.

This is where the power of the capital markets can be unleashed to great effect. Private investment can help energy companies reduce the cost of their innovations and scale them around the world. Last year, BlackRock invested in over a dozen of these transition projects on behalf of our clients. We partnered with developers in Southeast Asia aiming to build over a gigawatt of solar capacity (enough to power a city) in both Thailand and the Philippines. 58 We also invested in Lake Turkana Wind Power, Africa’s largest windfarm. It’s located in Kenya and currently accounts for about 12% of the country’s power generation. 59

There are also earlier-stage technologies, like a giant “hot rock” battery being built by Antora Energy. The company heats up blocks of carbon with wind or solar power during parts of the day when renewable energy is cheap and abundant. These “thermal batteries” reach up to 2,400 degrees Celsius and glow brighter than the sun. 60 Then, that heat is used to power giant industrial facilities around-the-clock, even when the sun isn’t shining, or the wind isn’t blowing.

BlackRock invested in Antora through Decarbonization Partners, a partnership we have with the investment firm, Temasek. Our funding will help Antora scale up to deliver billions of dollars worth of zero-emission energy to industrial customers. 61 (One day, their thermal batteries might help solve the kind of dispatchable power problem that Texas and Germany are facing – but without carbon emissions.)

The final technology I’ll spotlight is carbon capture. Last year, one of BlackRock’s infrastructure funds invested $550 million in a project called STRATOS, which will be the world’s largest direct air capture facility when construction is completed in 2025. 62 Among the more interesting aspects of the project is who’s building the facility: Occidental Petroleum, the big Texas oil company.

The energy market isn’t divided the way some people think, with a hard split between oil & gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms. They’re pioneers of decarbonization, too.

Today, BlackRock has more than $300 billion invested in traditional energy firms on behalf of our clients. Of that $300 billion, more than half – $170 billion – is in the U.S. 63 We invest in these energy companies for one simple reason: It’s our clients’ money. If they want to invest in hydrocarbons, we give them every opportunity to do it – the same way we invest roughly $138 billion in energy transition strategies for our clients. That’s part of being an asset manager. We follow our clients’ mandates.

But when it comes to energy, I also understand why people have different preferences in the first place. Decarbonization and energy security are the two macroeconomic trends driving the demand for more energy infrastructure. Sometimes they’re competing trends. Other times, they’re complementary, like when the same advanced battery that decarbonizes your grid can also reduce your dependence on foreign power.

The point is: The energy transition is not proceeding in a straight line. As I’ve written many times before, it’s moving in different ways and at different paces in different parts of the world. At BlackRock, our job is to help our clients navigate the big shifts in the energy market no matter where they are.

BlackRock’s next transformation

One way we’re helping our clients navigate the booming infrastructure market is by transforming our company. I began this section by writing about the owners of Gatwick Airport, GIP. In January, BlackRock announced our plans to acquire them. 

Why GIP? BlackRock’s own infrastructure business had been growing rapidly over the past several years. But to meet demand, we realized we needed to grow even faster.

It’s not just debt-strapped governments that need to find alternate pools of financing for their infrastructure. Private sector firms do too. All over the world, there’s a vast infrastructure footprint that’s owned and operated entirely by private companies. Cell towers are a good example. So are pipelines that deliver the feedstocks for chemical companies. Increasingly, the owners of these assets prefer to have a financing partner, rather than carrying the full cost for the infrastructure on their balance sheet.

I had been thinking about this trend and called an old colleague, Bayo Ogunlesi.

Both Bayo and I started our careers in finance at the investment bank First Boston. But our paths diverged. I lost $100 million on a series of bad trades at First Boston and…well, nobody needs to hear that story again. But it led me (and my BlackRock partners) to pioneer better risk management for fixed income markets. Meanwhile, Bayo and his team were pioneering modern infrastructure investing in the private markets.

Now, we plan to join our forces again. I think the result will be better opportunities for our clients to invest in the infrastructure that keeps our lights on, planes flying, trains moving, and our cell service at the maximum number of bars.

More about BlackRock’s work in 2023

In this letter, I’ve shared my view that the capital markets are going to play an even bigger role in the global economy. They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.

The way BlackRock figures into that story is through our work with clients. We want to position them well to navigate these trends, which is why we’ve tried to stay more connected to our clients than ever.

Over the past five years, thousands of clients on behalf of millions of individuals have entrusted BlackRock with managing over $1.9 trillion in net new assets. Thousands also use our technology to better understand the risks in their portfolios and support the growth and commercial agility of their own businesses. Years of organic growth, alongside the long-term growth of the capital markets, underpin our $10 trillion of client assets, which grew by over $1.4 trillion in 2023.

In good times and bad, whether clients are focused on increasing or decreasing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion in net new assets during a period of rapid change and significant portfolio de-risking.

BlackRock’s differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We’ve grown regardless of the market backdrop and even as most of the industry experienced outflows.

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behavior among institutions and individuals. Many clients de-risked and moved to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products and technologies, and providing advice on portfolio design. Once clients were ready to step back into the markets more actively, they did it with BlackRock – leading to new records for client flows, and organic base fee growth at or above our target.

Flows and organic base fee growth accelerated into the end of 2023. We saw $96 billion of total net inflows in the fourth quarter and we entered 2024 with great momentum.

In 2024, I plan to do what I did in 2023 – spend a lot of time on the road visiting clients. I’ve already taken several trips in the U.S. and around the world, and it’s clearer than ever that companies and clients want to work with BlackRock.

For companies where we are investing on behalf of our clients, they appreciate that we typically provide long-term, consistent capital. We often invest early, and we stay invested through cycles whether it’s debt or equity, pre-IPO or post-IPO. Companies recognize BlackRock’s global relationships, brand, and expertise across markets and industries. This makes us a valuable partner, and in turn supports the sourcing and performance we can provide for clients.

Over the past 18 months, we’ve sourced and executed on a number of deals for clients. In addition to the STRATOS direct air capture project, our funds partnered with AT&T on the Gigapower JV to build out broadband in communities across the U.S. We also made investments globally, including in Brasol (Brazil), AirFirst (South Korea), Akaysha Energy (Australia), and the Lake Turkana Wind Farm (Kenya).

Our ability to source deals for clients is a primary driver of demand for BlackRock private markets strategies. These strategies saw $14 billion of net inflows in 2023, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers within alternatives in the coming years.

Our active investment insights, expertise and strong investment performance similarly differentiate BlackRock in the market. We saw nearly $60 billion of active net inflows in 2023, compared with industry outflows.

In ETFs, BlackRock generated an industry-leading $186 billion of net inflows in 2023. Our leadership in the ETF industry is another testament to our global platform and connectivity with clients.

What we have seen in market after market is that if we can make investing easier and more affordable, we can quickly attract new clients. We are leveraging digital wealth platforms in local markets to provide more investment access and accelerate organic growth for iShares ETFs.

In EMEA, BlackRock powers ETF savings plans for end investors, partnering with many banks and brokerage platforms, including Trade Republic, Scalable Capital, ING, Lloyds, and Nordnet. These partnerships will help millions of people access investments, invest for the long-term, and achieve financial well-being.

In 2023, we also announced our minority investment in Upvest, which will help drive innovation in how Europeans access markets and make it cheaper and simpler to start investing.

Then there is our work with Britain’s leading digital bank, Monzo, to offer its customers our products through its app, with minimum investments as low as £1. Through these relationships, we’re evolving our iShares ETF franchise to meaningfully increase access to global markets.

Let me also say a few words about Aladdin. It remains the language of portfolios, uniting all of BlackRock, and providing the technological foundation for how we serve clients across our platform. And Aladdin isn’t just the key technology that powers BlackRock; it also powers many of our clients. The need for integrated data and risk analytics as well as whole portfolio views across public and private markets is driving annual contract value (ACV) growth.

In 2023, we generated $1.5 billion in technology services revenue. Clients are looking to grow and expand with Aladdin, reflected in strong harvesting activity, with over 50% of Aladdin sales being multi-product.

As we look ahead, the re-risking of client portfolios will create tremendous prospects for both our public and private markets franchises. And integrated technology will be needed to help clients be nimble while operating at scale.

These are the times where investors are making broad changes to the way they build portfolios. BlackRock is helping investors build the “portfolio of the future” – one that integrates public and private markets and is digitally enabled. We view these changes as big catalysts. With the diversified investment and technology platform we’ve built, we’ve set ourselves up to be a structural grower in the years ahead.

Positioning our organization for the future

Just as we continually innovate and evolve our business to stay ahead of our clients, we also evolve our organization and our leadership team.

Earlier this year we announced changes to reimagine our business and transform our organization to better anticipate what clients need – and shape BlackRock so clients can continue to get the insights, solutions, and outcomes they expect from us.

For years, BlackRock has worked with clients across the whole portfolio, albeit with distinctions between product structures for ETFs, active mutual funds, and separate accounts.

Now the traditional lines between products are blurring. Clients are building portfolios that seamlessly combine both active and index strategies, including liquid and illiquid assets and spanning public and private markets, across ETF, mutual fund, and separate account structures.

BlackRock has been critical in expanding the market for ETFs by making them accessible to more investors and delivering new asset classes (like bonds) and investment strategies (like active). As a result of that success, the ETF is no longer just an indexing concept – it is becoming an efficient structure for a range of investment solutions.

We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index expertise across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

We’ll be nimbler and more closely aligned with clients through our new architecture with the aim of delivering a better experience, better performance, and better outcomes.

Voting choice

Healthy capital markets depend on a continuous feedback loop between companies and their investors. For more than a decade, BlackRock endeavored to improve that feedback loop for our clients.

We’ve done it by building an industry-leading stewardship program, one that’s focused on engaging investee companies on issues impacting our clients’ long-term economic interests. This requires understanding how companies are positioned to navigate the risks and opportunities they face – for example, how geopolitical fragmentation might rewire their supply chains or how higher borrowing cost might impact their capacity to deliver sustained earnings growth.

To do that, we built one of the largest stewardship teams to engage with companies, often alongside our investment teams, because we never believed in the industry’s reliance on the recommendations of a few proxy advisors. We knew our clients would expect us to make independent proxy voting decisions, informed by our ongoing dialogue with companies – a philosophy that continues to underpin our stewardship efforts today. For our clients who have entrusted us with this important responsibility, we remain steadfast in promoting sound corporate governance practices and financial resilience at investee companies on their behalf.

And for our clients who wish to take a more direct role in the proxy voting process, we continue to innovate to provide them with more choice. In 2022, BlackRock was the first in our industry to launch Voting Choice, a capability that enabled institutional investors to participate in the proxy voting process. Today, about half of our clients’ index equity assets under management can access Voting Choice. And in February, we launched a pilot in our largest core S&P 500 ETF, enabling Voting Choice for individual investors for the first time.

We welcome these additional voices to corporate governance and believe they can further strengthen shareholder democracy. I believe that more asset owners can participate in this important process effectively if they are well-informed. We are encouraged by their engagement and the continued transformation of the proxy voting ecosystem but continue to believe that the industry would benefit from additional proxy advisors.

Strategy for long-term growth

For 36 years, BlackRock has led by listening to our clients and evolving to help them achieve long-term outcomes. That commitment has been behind everything we’ve done as a firm, whether it’s unlocking new markets through iShares, pioneering whole portfolio advisory, launching Aladdin on the desktops of investors and so much more. Clients have been at the foundation of our mindset and our growth strategy, informing the investments we’ve made across our businesses.

The combination of technology and advisory, alongside ETFs, active and private markets capabilities, enables us to deliver a better client experience – leading to clients consolidating more of their portfolios with BlackRock or engaging us for outsourcing solutions. We believe this in turn will drive continued differentiated organic growth into the future.

As we do each year, our management team and Board spent time assessing our strategy for growth. We challenge ourselves to think: What opportunities will this economic environment create for BlackRock and our clients, what more can we do to meet and anticipate their needs? How can we evolve our organization, operating structure, investment capabilities, and service models and, in doing so, keep leading the industry?

We have strong conviction in our strategy and our ability to execute with scale and expense discipline. Our strategy remains centered on growing Aladdin, ETFs, and private markets, keeping alpha at the heart of BlackRock, leading in sustainable investing, and advising clients on their whole portfolio.

We have continually made internal investments for organic growth and efficiency, investing ahead of client opportunities in private markets, ETFs, technology, and whole portfolio solutions.

In private markets, we are prepared to capitalize on structural growth trends. Whether it’s executing on demand for much-needed infrastructure, or the growing role of private credit as banks and public lenders move away from the middle market, private capital will be essential. BlackRock is poised to capture share through our scale, proprietary origination, and track record. And we believe our planned acquisition of GIP will meaningfully accelerate our ability to offer our private markets capabilities to our clients.

In ETFs, we will continue to lead by expanding investment access globally and through innovation. The ETF is an adaptable piece of financial technology, and over time we’ve been able to do more with it than just making investing more affordable. We’ve been able to bring better liquidity and price discovery to more opaque markets. One recent example is offering people exposure to Bitcoin through ETFs.

ETFs have been an incredible growth story in the U.S., with iShares leading the way. We believe global ETF adoption is set to accelerate as catalyst trends that we saw in the U.S. years ago like the growth of fee-based advisory and model portfolios are just beginning to take root. Nearly half of 2023 iShares net inflows were from our ETFs listed internationally in local markets, led by European iShares net inflows of $70 billion.

Active asset allocation, security selection and risk management have consistently been key elements in long-term returns. Our active teams across multi-asset, fixed income and equities are well-positioned to seize on broad opportunities arising out of this new interest rate and potentially more volatile regime. We are particularly excited about the opportunity in fixed income and how artificial intelligence is propelling performance in our systematic investing businesses.

Fixed income is going to be increasingly relevant in the construction of whole portfolios with higher yields and better return potential compared to the low-rate environment of the last 15 years. Now that the rate on 10-year U.S. Treasuries is near long-term averages, clients are reconsidering bond allocations.

BlackRock is well-positioned with a diversified fixed income platform. It’s not going to be just about index, where we manage nearly $1.7 trillion. Or just about active where we manage over $1 trillion. Some of the most interesting portfolio conversations are with allocators who are blending ETFs with active or using innovations like our active ETFs for professionally managed income solutions.

Across asset classes, the need for integrated data, technology and risk management will continue to drive demand for Aladdin. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly innovating and being improved. Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions are going to further augment the value of Aladdin.

We are honored that our clients entrusted us with $289 billion of net new assets in 2023. And over the past few months, we’ve seen a decidedly more positive sentiment and tone in markets and among clients that I'm very optimistic will carry into the rest of 2024.

Our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders.

Total return since BlackRock’s IPO through December 31, 2023

S&P Global. The performance graph is not necessarily indicative of future investment performance.

Our Board of Directors

BlackRock’s Board plays an integral role in our strategy, our growth and our success.

The diverse experiences and backgrounds of our Directors enable us to have rich discussions and debates. At each meeting, our Directors review components of our long-term strategy and foster constructive dialogue with our leadership team on strategic opportunities, priorities and risks facing BlackRock’s business. This dialogue ultimately pushes us to make the sometimes tactical and sometimes transformational moves to build a better BlackRock. This includes the two transformational moves we made in January: The strategic re-architecture of our organization and our agreement to acquire GIP.

These two transformational changes are the largest since our acquisition of Barclays Global Investors nearly 15 years ago.

Following the closing of the GIP transaction, we plan to have Bayo Ogunlesi join our Board of Directors. We will continue to evolve our Board over time to reflect the breadth of our global business and to guide us as we evolve ahead of our clients’ needs.

A final note

Over the past 36 years, BlackRock has grown from a company of eight people in a tiny Manhattan office into the largest asset manager in the world. But our growth is just a small part of a much larger success story.

It’s part of the same story that includes my parents retiring comfortably after 50 years of hard work. The same story where America was able to endure the 1980s S&L crisis and 2008 financial crisis – and rebound quickly and with growing strength.

And it’s the story that, hopefully, will include more people around the world. Nations that can outgrow their debt. Cities that can afford to power more homes and build more roads. Workers who can live out their golden years with dignity.

All of these stories are only possible because of the power of the capital markets and the people who are hopeful enough to invest in them.

Laurence Fink Chairman and Chief Executive Officer

Income solutions that empower your retirement

Map an easier route to retirement.

• Mutual funds
• iShares ETFs
• Closed-end funds
• Cash alternatives
• Commodity funds
• Stock funds
• Multi-asset funds
• Real estate funds
• Science and Technology Trust
• Resources & Commodities Strategy Trust
• Global Allocation Fund
• LifePath Index Retirement Fund
• Technology Opportunities Fund
• iShares Core S&P 500 ETF
• All funds All funds
• 529 College Savings Plan 529 College Savings Plan
• Alternatives
• Fixed Income
• Fundamental Equities
• Multi-Asset Strategies & Solutions
• Systematic Investing
• Cash management
• Factor-based investing
• Investing for retirement
• LifePath® target date funds
• All active investment strategies All active investment strategies
• Weekly commentary
• Global investment outlook
• BlackRock Investment Institute
• Investment stewardship
• Our approach to sustainability
• Portfolio management views
• Education center
• Retirement volatility strategies
• Planning for retirement
• What is a 401(K)?
• Document library
• Shareholder reports
• Regulatory documents
• Share classes and loads
• Tax information
• Forms & Applications
• LifePath spending tool
• LifePath selector tool
• iShares core builder
• College saving estimator
• All insights All insights
• The Bid podcast The Bid podcast
• About BlackRock
• BlackRock retirement
• Customer service

As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.

1 Based on a $1,000 investment from January 1960 to December 1990. Assumes reinvestment of all dividends. Past performance is not indicative of future results.

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

4 Securities Industry and Financial Markets Association , Capital DMarkets Fact Book (2023), p.6

5 World Federation of Exchanges , Market Statistics-February 2024, (2024)

6 World Economic Forum , Ageing and Longevity, (2023)

7 United Nations , World Population Ageing, (2017), p.8

8 The Wall Street Journal , Japan’s Nikkei Tops 40000 for First Time, Driven by AI Optimism, ( 2024)

9 Cabinet Secretariat of Japan , Doubling Asset-based Income Plan, ( 2022), p.2

10 Note: 1. Format adapted from Adele M. Hayutin, New Landscapes of Population Change: A Demographic World Tour (Hoover Press, 2022). Data from United Nations Population Division, World Population Prospects. (latest refresh 2022), Medium Fertility Projection. 2. Peak year is defined as the year in which working age population reaches its maximum for a country. Sources: United Nations Population Statistics (as of 2022). OECD (as of 06/2023). World Bank (as of 2022).

11 United Nations , UN DESA releases new report on ageing , (2019)

12 The New York Times Magazine , Can We Live to 200? ( 2021)

13 National Library of Medicine , Estimated Life-Years Gained Free of New or Recurrent Major Cardiovascular Events With the Addition of Semaglutide to Standard of Care in People With Type 2 Diabetes and High Cardiovascular Risk, ( 2022)

14 Source 1: Bureau of Labor Statistics , Employee Benefits in the United States , (2023), p.1; Source 2: Bureau of Labor Statistics , Employee Benefits in Industry , (1980), p. 6

15 BLK Estimates based on AUM as of December 31 st , 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.

16 BlackRock as of Dec. 31, 2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution and Defined Benefit plan clients. The Defined Contribution number is estimated based on data from FERS as well as ISS Market Intelligence BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock.

17 U.S. Bureau of Labor Statistics , Labor Force Statistics from the Current Population Survey, (Feb. 2023)

18 Represents the total number of active public schoolteachers enrolled in defined benefit plans with assets managed by BlackRock. Excludes Virginia, Alaska and Pennsylvania pension clients, as the states’ DB plan is not the default plan for its participants. Public school teachers count from the National Center for Education Statistics, projection for 2022 school year. Pensions participation rate based on data from the U.S. Bureau of Labor Statistics: 89% as of March 2022.

19 Social Security , Life Tables for the United States Social Security Area 1900-2100, Figure 3a

20 Social Security , When to Start Receiving Retirement Benefits, (2023), p.2

21 Social Security , Summary: Actuarial Status of the Social Security Trust Funds, (2023)

22 Dutch Government , Why is the state pension age increasing? (translated from Dutch)

23 U.S. Bureau of Labor Statistics , Civilian labor force participation rate, (2000-2024)

24 U.S. Census Bureau , Survey of Income and Program Participation (SIPP) , (2022)

25 Federal Reserve , Economic Well-Being of U.S. Households in 2022, (2023), p.2

26 BlackRock , Emergency Saving Initiative: Impact and Learnings Report, (2019-2022), p.2

27 BlackRock, Emergency Savings Initiative: Impact and Learnings Report, ( 2019-2022), p.12

28 BlackRock , What are target date funds?

29 AARP, New AARP Research: Nearly Half of Americans Do Not Have Access to Retirement Plans at Work, (2022)

30 CIA: The World Factbook , Country Comparisons: Population (2023 est.)

31 OECD , Pensions at a Glance 2023 , (2023), 222

32 Georgetown University Center for Retirement Initiatives , State-Facilitated Retirement Savings Programs: A Snapshot of Program Design Features, (2023)

33 Parliament of Australia , Superannuation and retirement incomes

34 Human Interest , The power of 401(k) automatic enrollment, (2024)

35 BlackRock , To spend or not to spend? (2023), p. 2-5

36 Source 1: The Wall Street Journal, The Champions of the 401(k) Lament the Revolution They Started, (2017); Source 2: Social Security Office of Retirement and Disability Policy, The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers , (2009)

37 U.S. Chamber of Commerce , Statement of the U.S. Chamber of Commerce, (2012), p. 3

38 Harvard Business Review , Too Many Employees Cash Out Their 401(k)s When Leaving a Job, ( 2023)

39 The Wall Street Journal , Why China’s Middle Class Is Losing Its Confidence, (2024)

40   The Wall Street Journal , Covid-Era Savings are Crucial to China’s Economic Recovery , (2023)

41 The Wall Street Journal , The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters , (2024)

42 Financial Times , How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up , (2024)

43 American Society of Civil Engineers (ASCE ), 2021 Report Card For America’s Infrastructure, (2021), p. 5

44 International Monetary Fund , Global Debt Is Returning to its Rising Trend, (2023)

45 Fiscal Data: U.S. Treasury , Debt to the Penny, ( Debt was $23.4T in March 2020 and $34.5T in March 2024)

46 The Wall Street Journal , A $1 Trillion Conundrum: The U.S. Government’s Mounting Debt Bill, ( 2024)

47 US Department of Treasury , Table 5: Major Foreign Holders of Treasury Securities

48 As of March 2024. Net Zero Tracker, https://zerotracker.net (last visited March 18 th , 2024)

49 Associated Press News , The year in clean energy: Wind, solar and batteries grow despite economic challenges, (2023)

50 BlackRock iResearch Services global survey, sample size n=200, May-June 2023. Survey covered institutional investors’ attitudes, approaches, barriers, and opportunities regarding transition investing. 83% of EMEA respondents surveyed have net zero by 2050 or other date as a transition objective across their portfolio. https://www.blackrock.com/corporate/literature/brochure/global-transition-investing-survey.pdf

51 BlackRock’s 2020 Letter to Clients , Sustainability as BlackRock’s New Standard for Investing, (2020)

52 Reuters , Europe’s spend on energy crisis nears 800 billion euros, (2023)

53 The New York Times , Germany Announces New L.N.G. Facility, Calling It a Green Move from Russian Energy, (2022)

54 Texas Fall 2023 Economic Forecast

55 Federal Reserve Bank of Dallas, Texas electrical grid remains vulnerable to extreme weather events, (2023)

56 U.S. Energy Information Administration : Electricity Data Browser

57 U.S. Energy Information Administration , Solar and wind to lead growth of U.S. power generation for the next two years, (2024)

58 BlackRock Alternatives, CFP, 2023

59 Kenya Power , Annual Report & Financial Statements, (2022)

60 Reuters , BlackRock, Temasek-led group invest $150 mln in thermal battery maker Antora, (2024)

61 Business Wire , Antora Energy Raises $150 Million to Slash Industrial Emissions and Spur U.S. Manufacturing, ( 2024)

62 Oxy, Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World’s Largest Direct Air Capture Plant, (2023)

63 As of June 30, 2022. “Energy companies” refers to corporations classified as belonging to the GICS-1 Energy Sector.

MKTGH0324U/M-3470283