Global dividends hit a record $1.56trn in 2022, after rising 8.4% compared to the year before.
Janus Henderson's Global Dividend Index found that underlying growth in dividends reached 13.9%, after exchange-rate fluctuations and other factors were considered.
Looking ahead, Janus Henderson forecast that dividend growth would slow throughout the coming year to 2.3%, taking the expected global total to $1.6trn, due to uncertain economic growth and inflation.
Jane Shoemake, client portfolio manager for global equity income at Janus Henderson, noted that next year energy dividends are "unlikely to repeat the sharp increases of 2022", though pointed to the reopening of China as a potential boon for dividends and economic growth.
She added that banks may also see further dividend growth next year due to interest rate hikes, but must be wary not to overextend as economic growth slows.
Regional
In the UK, dividends rose by 12.1% on an underlying basis, largely due to banking, oil and the restart of BT's dividend.
92% of UK companies raised dividends or held them steady, while 88% of companies globally did the same.
Overall, twelve countries saw records dividends, including China, the US and Brazil.
However, the US actually saw slower growth than the rest of the world, as it had lower exposure to fossil fuels and financials, the two sectors that accounted for about half of dividend growth throughout the year.
Janus Henderson also added that the slower growth may have been due to resilient dividends from US companies during the pandemic, meaning there had been a less dramatic recovery.
Brazil drove a third of the dividend growth in emerging markets, largely due to Petrobras, while Taiwan led the growth of Asia-Pacific ex Japan dividends, contributing 21.7%.
Despite a strong fourth quarter in 2021, Q4 growth in 2022 was still 7.8% higher. Janus Henderson added the Q4 data also indicated that firms may be beginning to cut dividend growth in response to higher interest rates, noting that growth in the fourth quarter slowed to 5.5%.
Shoemake added: "Global dividends have completely caught up after the pandemic, with payouts back to their historic trend. This is an amazing achievement given the extent of economic disruption caused by Covid-19.
"For the year ahead, there is more uncertainty over the prospects for dividends. Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon. Corporate cash flow will come under pressure both from lower levels of demand and from the higher cost of servicing loans, limiting the scope for dividend growth.
