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RESEARCH  |  EQUITY GILT STUDY 2026

Robots roll out, economies rewire

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Contributors: Themos Fiotakis, Christian Keller and Zornitsa Todorova

Just as machines reshaped factories and software changed office work, humanoid robots will alter work in sectors previously untouched by automation. In the 71st edition of Barclays’ Equity Gilt Study, our Research teams consider how humanoid robots may shape the future of work, with far-reaching consequences for economic fundamentals and wealth creation for society.

A humanoid robot welding with a welder's torch in an industrial setting
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Key takeaways

Humanoids forecast to become a $200bn market by 2035

As humanoid deployment spreads from logistics and warehouses to services and households, the total addressable market can grow exponentially to reach $200 billion by 2035, our analysts estimate.

Humanoids could make up 4% of China's workforce by 2035

Our analysts project that China, already a clear leader in robotics, may have up to 24 million humanoids in the workforce by 2035, adding new worker capacity equal to roughly 4% of the labour force and helping the aging nation cope with labour shortages.

Humanoids may alter growth, labour markets and inflation

By improving productivity in areas that previous waves of automation could not touch, humanoid robots can alter the trajectory of economic growth, labour markets and drivers of inflation.

Markets may be underestimating physical AI's wealth effects

By expanding the availability of output and reducing the cost of production, physical AI is likely to create enormous amounts of new income and wealth, probably underestimated by financial markets currently.

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CHAPTERS

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About the analysts

Themos Fiotakis

Themos Fiotakis

Global Head of FX and EM Macro Strategy

Themistoklis (Themos) Fiotakis is the Global Head of FX and EM Macro Strategy at Barclays. In this capacity, he is responsible for FX forecasts and strategy views across DM and EM currencies as well as local EM rates. Over the last 20 years, Themos has held senior positions in sell-side and buy-side institutions. Before Barclays, Themos was the Head of Research at Glen Point Capital, a macro fund with an EM tilt. Prior to that, Themos ran FX and Rates research at UBS Investment Bank and before that he was responsible for EM FX Research at Goldman Sachs. Themos studied Finance and Economics at London School of Economics and Political Science at the University of Piraeus in Greece.

Christian Keller

Christian Keller

Global Head of Economics Research

Christian Keller is Global Head of Economics Research at Barclays. He is based in London, leading a cross-regional team that covers both Developed and Emerging Markets. Prior to joining Barclays in 2007, Mr Keller was an economist at the International Monetary Fund (IMF) since 1999. Based at the IMF headquarters in Washington D.C., he worked on active IMF programmes in Europe, Latin America and Asia; from 2005-7, he served as IMF Deputy Resident Representative in Turkey. Mr Keller graduated with a PhD in Economics from University of Köln, Germany; he holds a joint MA in Economics and Finance from University of Köln and Hautes Etudes Commercials (HEC), Paris, and a Diploma in International Relations from the Johns Hopkins School of Advanced International Studies (SAIS), Bologna.

Zornitsa Todorova

Zornitsa Todorova

Head of Thematic FICC Research

Zornitsa Todorova leads the Thematic FICC Research team at Barclays, based in London. She covers topics such as market structure, financial market innovation, and emerging macroeconomic trends. Zornitsa and her team employ quantitative, academic-style methods to analyse the global impact of these themes across credit, rates, and macro products. Before joining Barclays in 2019, she taught risk management and investments at Bocconi University and the Berlin School of Business and Innovation. Her research has been featured in peer-reviewed journals such as The Journal of Financial Markets, Institutions and Instruments, The Journal of Corporate Ownership and Control, and The Review of Finance and Banking. Zornitsa holds a PhD with honors in Economics and Finance from Bocconi University in Italy.

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