We analyse the evolution and resilience of market liquidity across key asset classes – stocks, foreign exchange (FX) and government bonds – in major developed markets (United States, Europe and Japan) over the past 25 years. We do not focus simply on the first moment (mean) but include the higher moments (standard deviation, skewness and kurtosis) of the bid-ask spread. By looking at the distribution, we gain insights into the complex dynamics and resilience of liquidity in these markets. We also explore the potential drivers behind observed changes in the distribution of liquidity and their implications for traders and markets.