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<!--XBRL Document Created with Wdesk from Workiva-->
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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding_cd83744e-0b27-4bd4-af0b-cda785075820_terseLabel_en-US" xlink:label="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial paper and credit facility draws outstanding</link:label>
    <link:label id="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding_label_en-US" xlink:label="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings, Commercial Paper and Credit Facility Draws, Outstanding</link:label>
    <link:label id="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding_documentation_en-US" xlink:label="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings, Commercial Paper and Credit Facility Draws, Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding" xlink:href="bam-20211231.xsd#bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding" xlink:to="lab_bam_BorrowingsCommercialPaperAndCreditFacilityDrawsOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldFinanceLLCMember_d36cfbef-35d2-4e34-b7ca-f721c45899c6_terseLabel_en-US" xlink:label="lab_bam_BrookfieldFinanceLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BFL</link:label>
    <link:label id="lab_bam_BrookfieldFinanceLLCMember_label_en-US" xlink:label="lab_bam_BrookfieldFinanceLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance LLC [Member]</link:label>
    <link:label id="lab_bam_BrookfieldFinanceLLCMember_documentation_en-US" xlink:label="lab_bam_BrookfieldFinanceLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance LLC [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldFinanceLLCMember" xlink:href="bam-20211231.xsd#bam_BrookfieldFinanceLLCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldFinanceLLCMember" xlink:to="lab_bam_BrookfieldFinanceLLCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_66265652-f8a9-4d0c-8b54-ce33f418785e_terseLabel_en-US" xlink:label="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cost of inventories recognised as expense during period</link:label>
    <link:label id="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_label_en-US" xlink:label="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cost of inventories recognised as expense during period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:to="lab_ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CategoryofAssetsDomain_6ebf0a29-f358-46ba-9eda-c4ac70b493f0_terseLabel_en-US" xlink:label="lab_bam_CategoryofAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Category of Assets [Domain]</link:label>
    <link:label id="lab_bam_CategoryofAssetsDomain_label_en-US" xlink:label="lab_bam_CategoryofAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Category of Assets [Domain]</link:label>
    <link:label id="lab_bam_CategoryofAssetsDomain_documentation_en-US" xlink:label="lab_bam_CategoryofAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Category of Assets [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CategoryofAssetsDomain" xlink:href="bam-20211231.xsd#bam_CategoryofAssetsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CategoryofAssetsDomain" xlink:to="lab_bam_CategoryofAssetsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ExecutivesMember_3b2914a4-4455-4331-be7b-075701b565d1_terseLabel_en-US" xlink:label="lab_bam_ExecutivesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Executives [Member]</link:label>
    <link:label id="lab_bam_ExecutivesMember_label_en-US" xlink:label="lab_bam_ExecutivesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Executives [Member]</link:label>
    <link:label id="lab_bam_ExecutivesMember_documentation_en-US" xlink:label="lab_bam_ExecutivesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Executives [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ExecutivesMember" xlink:href="bam-20211231.xsd#bam_ExecutivesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ExecutivesMember" xlink:to="lab_bam_ExecutivesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_8a817a94-080e-4f91-bdd7-270866d44905_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisaggregationofRevenueTable_6c46bc9e-fb80-4f55-9b73-3ac3a10e43d2_terseLabel_en-US" xlink:label="lab_bam_DisaggregationofRevenueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disaggregation of Revenue [Table]</link:label>
    <link:label id="lab_bam_DisaggregationofRevenueTable_label_en-US" xlink:label="lab_bam_DisaggregationofRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disaggregation of Revenue [Table]</link:label>
    <link:label id="lab_bam_DisaggregationofRevenueTable_documentation_en-US" xlink:label="lab_bam_DisaggregationofRevenueTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disaggregation of Revenue [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisaggregationofRevenueTable" xlink:href="bam-20211231.xsd#bam_DisaggregationofRevenueTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisaggregationofRevenueTable" xlink:to="lab_bam_DisaggregationofRevenueTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_0cdb5bea-83f9-4991-9fdf-40c6febbe577_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods_4cd7724d-a0c2-4313-9d22-9738596959bc_terseLabel_en-US" xlink:label="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized disposition gains related to prior periods</link:label>
    <link:label id="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods_label_en-US" xlink:label="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized Disposition Gain (Loss), Relating to Prior Periods</link:label>
    <link:label id="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods_documentation_en-US" xlink:label="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized Disposition Gain (Loss), Relating to Prior Periods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_RealizedDispositionGainLossRelatingtoPriorPeriods" xlink:href="bam-20211231.xsd#bam_RealizedDispositionGainLossRelatingtoPriorPeriods"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_RealizedDispositionGainLossRelatingtoPriorPeriods" xlink:to="lab_bam_RealizedDispositionGainLossRelatingtoPriorPeriods" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series17ClassAPreferredSharesMember_b909f8cf-c604-4253-9690-121df212059f_terseLabel_en-US" xlink:label="lab_bam_Series17ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 17 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series17ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series17ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 17 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series17ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series17ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 17 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series17ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series17ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series17ClassAPreferredSharesMember" xlink:to="lab_bam_Series17ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TerminalValuationPeriod_f78d25a0-4024-4d98-9af9-db69076b4c5a_terseLabel_en-US" xlink:label="lab_bam_TerminalValuationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Termination valuation date</link:label>
    <link:label id="lab_bam_TerminalValuationPeriod_label_en-US" xlink:label="lab_bam_TerminalValuationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Valuation Period</link:label>
    <link:label id="lab_bam_TerminalValuationPeriod_documentation_en-US" xlink:label="lab_bam_TerminalValuationPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Valuation Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TerminalValuationPeriod" xlink:href="bam-20211231.xsd#bam_TerminalValuationPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TerminalValuationPeriod" xlink:to="lab_bam_TerminalValuationPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Proportionofownershipinterestinassociateorjointventure_1a372666-0377-4ab8-803e-56e2f94ca6ab_terseLabel_en-US" xlink:label="lab_bam_Proportionofownershipinterestinassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of ownership interest in associate or joint venture</link:label>
    <link:label id="lab_bam_Proportionofownershipinterestinassociateorjointventure_label_en-US" xlink:label="lab_bam_Proportionofownershipinterestinassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of ownership interest in associate or joint venture</link:label>
    <link:label id="lab_bam_Proportionofownershipinterestinassociateorjointventure_documentation_en-US" xlink:label="lab_bam_Proportionofownershipinterestinassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of ownership interest in associate or joint venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Proportionofownershipinterestinassociateorjointventure" xlink:href="bam-20211231.xsd#bam_Proportionofownershipinterestinassociateorjointventure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Proportionofownershipinterestinassociateorjointventure" xlink:to="lab_bam_Proportionofownershipinterestinassociateorjointventure" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldInfrastructurePartnersL.P.Member_bee8425d-7537-436f-857d-f4eef187044c_terseLabel_en-US" xlink:label="lab_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Infrastructure Partners L.P. (&#8220;BIP&#8221;)4</link:label>
    <link:label id="lab_bam_BrookfieldInfrastructurePartnersL.P.Member_bd25b4a9-1261-49c4-8162-5297b96559a7_verboseLabel_en-US" xlink:label="lab_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BIP</link:label>
    <link:label id="lab_bam_BrookfieldInfrastructurePartnersL.P.Member_label_en-US" xlink:label="lab_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Infrastructure Partners L.P. [Member]</link:label>
    <link:label id="lab_bam_BrookfieldInfrastructurePartnersL.P.Member_documentation_en-US" xlink:label="lab_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Infrastructure Partners L.P. (&#8220;BIP&#8221;) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:href="bam-20211231.xsd#bam_BrookfieldInfrastructurePartnersL.P.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:to="lab_bam_BrookfieldInfrastructurePartnersL.P.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Revenueofacquiredentitiessinceacquisitiondate_964cb4d4-4ebb-41a5-953c-0b74564a829d_terseLabel_en-US" xlink:label="lab_bam_Revenueofacquiredentitiessinceacquisitiondate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of acquired entities since acquisition date</link:label>
    <link:label id="lab_bam_Revenueofacquiredentitiessinceacquisitiondate_label_en-US" xlink:label="lab_bam_Revenueofacquiredentitiessinceacquisitiondate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of acquired entities since acquisition date</link:label>
    <link:label id="lab_bam_Revenueofacquiredentitiessinceacquisitiondate_documentation_en-US" xlink:label="lab_bam_Revenueofacquiredentitiessinceacquisitiondate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of acquired entities since acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Revenueofacquiredentitiessinceacquisitiondate" xlink:href="bam-20211231.xsd#bam_Revenueofacquiredentitiessinceacquisitiondate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Revenueofacquiredentitiessinceacquisitiondate" xlink:to="lab_bam_Revenueofacquiredentitiessinceacquisitiondate" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_JointventuresandassociatesAxis_b03e0d5d-0916-484b-a323-c0e1ebd577d7_terseLabel_en-US" xlink:label="lab_bam_JointventuresandassociatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures and associates [Axis]</link:label>
    <link:label id="lab_bam_JointventuresandassociatesAxis_label_en-US" xlink:label="lab_bam_JointventuresandassociatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures and associates [Axis]</link:label>
    <link:label id="lab_bam_JointventuresandassociatesAxis_documentation_en-US" xlink:label="lab_bam_JointventuresandassociatesAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures and associates [Axis]</link:label>
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    <link:label id="lab_ifrs-full_Goodwill_57b8a03b-818e-463c-8d7e-8b723f864795_terseLabel_en-US" xlink:label="lab_ifrs-full_Goodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goodwill</link:label>
    <link:label id="lab_ifrs-full_Goodwill_999e84cf-75e4-4248-ad00-9166ca19635d_periodStartLabel_en-US" xlink:label="lab_ifrs-full_Goodwill" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_ifrs-full_Goodwill_0ffc8c69-b471-4653-9fb1-30a0a67c6b6e_periodEndLabel_en-US" xlink:label="lab_ifrs-full_Goodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_ifrs-full_Goodwill_label_en-US" xlink:label="lab_ifrs-full_Goodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Goodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Goodwill" xlink:to="lab_ifrs-full_Goodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCountry_ce781f3d-d368-4cb7-bc4d-9c4f4910a719_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Country</link:label>
    <link:label id="lab_dei_EntityAddressCountry_label_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Country</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCountry" xlink:to="lab_dei_EntityAddressCountry" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MaturityAxis_76d1f0e6-688c-47dd-9ec9-5f72ec250751_terseLabel_en-US" xlink:label="lab_ifrs-full_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maturity [axis]</link:label>
    <link:label id="lab_ifrs-full_MaturityAxis_label_en-US" xlink:label="lab_ifrs-full_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maturity [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MaturityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MaturityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaturityAxis" xlink:to="lab_ifrs-full_MaturityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_f8eed405-d8bc-4697-b22d-9633e4a331a7_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for leases [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for leases [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_f234d3d1-5ca7-4228-9685-e6ef507aadf6_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfHedgesMember_ddf1b38b-3dd8-4a76-ac08-1fe9a80a5209_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hedges [member]</link:label>
    <link:label id="lab_ifrs-full_TypesOfHedgesMember_label_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hedges [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfHedgesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfHedgesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesMember" xlink:to="lab_ifrs-full_TypesOfHedgesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_9cf1cc35-8ff0-4d14-b296-78c551951a23_terseLabel_en-US" xlink:label="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Short-term deposits, classified as cash equivalents</link:label>
    <link:label id="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Short-term deposits, classified as cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ForeignexchangeoptionsMember_936038a3-b082-48fd-b3f7-f7dc4e0b93fa_terseLabel_en-US" xlink:label="lab_bam_ForeignexchangeoptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign exchange options [Member]</link:label>
    <link:label id="lab_bam_ForeignexchangeoptionsMember_label_en-US" xlink:label="lab_bam_ForeignexchangeoptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign exchange options [Member]</link:label>
    <link:label id="lab_bam_ForeignexchangeoptionsMember_documentation_en-US" xlink:label="lab_bam_ForeignexchangeoptionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign exchange options [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ForeignexchangeoptionsMember" xlink:href="bam-20211231.xsd#bam_ForeignexchangeoptionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ForeignexchangeoptionsMember" xlink:to="lab_bam_ForeignexchangeoptionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems_4b4250a7-41b8-4d06-9558-4ceb10c40a1d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about investment property [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about investment property [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInvestmentPropertyLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:to="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_4bc5dc6a-8dfd-4613-a5d3-04f92c79c9c4_terseLabel_en-US" xlink:label="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_5126502b-46ff-4ac8-8e69-c6dc6cda7146_totalLabel_en-US" xlink:label="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable Assets Acquired Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable Assets Acquired Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:href="bam-20211231.xsd#bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:to="lab_bam_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract_4c43242f-bb34-4c5d-91bb-63ea4e5477f4_terseLabel_en-US" xlink:label="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subclassifications of assets, liabilities and equities [abstract]</link:label>
    <link:label id="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subclassifications of assets, liabilities and equities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:to="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember_cfd7352c-41ff-485e-88ed-b98493c00a03_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets and liabilities not classified as held for sale [member]</link:label>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember_label_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets and liabilities not classified as held for sale [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series48ClassAPreferredSharesMember_b47d276d-5aed-47cd-8250-b1e40f3cb811_terseLabel_en-US" xlink:label="lab_bam_Series48ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 48 Class A Preferred Shares</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_Series48ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series48ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series48ClassAPreferredSharesMember" xlink:to="lab_bam_Series48ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_GasstorageassetsMember_9e327dd3-7c87-486b-8dae-7167a0821ed4_terseLabel_en-US" xlink:label="lab_bam_GasstorageassetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gas storage assets [Member]</link:label>
    <link:label id="lab_bam_GasstorageassetsMember_label_en-US" xlink:label="lab_bam_GasstorageassetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gas storage assets [Member]</link:label>
    <link:label id="lab_bam_GasstorageassetsMember_documentation_en-US" xlink:label="lab_bam_GasstorageassetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gas storage assets [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_GasstorageassetsMember" xlink:href="bam-20211231.xsd#bam_GasstorageassetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_GasstorageassetsMember" xlink:to="lab_bam_GasstorageassetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToAbstract_14d8e156-1c9c-4f4a-8be1-2988431879ee_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) attributable to:</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToAbstract_157c007a-6216-4cc8-af96-5686985ad31a_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) attributable to:</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToAbstract_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss), attributable to [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProfitLossAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToAbstract"/>
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    <link:label id="lab_bam_BrookfieldFinanceAustraliaMember_ab10422d-8b0d-4898-9aa6-5b778966d23c_terseLabel_en-US" xlink:label="lab_bam_BrookfieldFinanceAustraliaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance Australia [Member]</link:label>
    <link:label id="lab_bam_BrookfieldFinanceAustraliaMember_label_en-US" xlink:label="lab_bam_BrookfieldFinanceAustraliaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance Australia [Member]</link:label>
    <link:label id="lab_bam_BrookfieldFinanceAustraliaMember_documentation_en-US" xlink:label="lab_bam_BrookfieldFinanceAustraliaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance Australia</link:label>
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    <link:label id="lab_bam_UnsecuredNotesDue2031Member_f2ae3d6b-51cb-48e1-9183-51125ca13c31_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2031Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2031</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2031Member_label_en-US" xlink:label="lab_bam_UnsecuredNotesDue2031Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2031 [Member]</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2031Member_documentation_en-US" xlink:label="lab_bam_UnsecuredNotesDue2031Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2031</link:label>
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    <link:label id="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember_88d72f4c-4fc6-421d-b0c5-8ce79ce36cd2_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated depreciation</link:label>
    <link:label id="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember_343fbe14-797c-45c9-a4fb-569bda1bcda8_verboseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated depreciation and amortisation</link:label>
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    <link:label id="lab_bam_DisclosureOfReconciliationOfFFOFromEquityAccountedInvestmentsTableTextBlock_83743ba8-386e-4d65-95a1-fc55de5680b8_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfReconciliationOfFFOFromEquityAccountedInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of reconciliation of FFO from equity accounted investments</link:label>
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    <link:label id="lab_bam_DisclosureOfCurrentandNonCurrentBalancesOfInventoryTableTextBlock_6cfc044a-4390-45e8-bae4-36bfefbb812e_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfCurrentandNonCurrentBalancesOfInventoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of current and non-current balances of inventory</link:label>
    <link:label id="lab_bam_DisclosureOfCurrentandNonCurrentBalancesOfInventoryTableTextBlock_label_en-US" xlink:label="lab_bam_DisclosureOfCurrentandNonCurrentBalancesOfInventoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Current and Non-Current Balances Of Inventory [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_fe49606c-4d1f-4b3e-a379-0aab4563dd8f_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Through Profit or Loss</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities at fair value through profit or loss, category [member]</link:label>
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    <link:label id="lab_ifrs-full_DefinedBenefitObligationAtPresentValue_aedf105d-84ee-46f5-9988-32b99a906fb6_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined benefit pension plan</link:label>
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    <link:label id="lab_bam_Series36ClassAPreferredSharesMember_78f31866-a849-4f6d-a3ba-717654e5db8c_terseLabel_en-US" xlink:label="lab_bam_Series36ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 36 Class A Preferred Shares</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory_ce481f76-49d7-4869-aed6-25434bbab845_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">INVESTMENT PROPERTIES</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of investment property [text block]</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale_f5189543-edb6-4fb9-98f8-590e25c23c02_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets classified as held for sale</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfIssuedCapitalExplanatory_9d22b929-b17a-46b4-813e-a2b065af51e3_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIssuedCapitalExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">EQUITY</link:label>
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    <link:label id="lab_ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_f58a7f96-e189-4cc7-97e1-079e2b74a8ab_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets and other</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sales or maturity of financial instruments, classified as investing activities</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsMember_47554375-99a8-428f-a29b-ef4a5c16cfec_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative instruments [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="lab_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ChangesInEquityAbstract_7574ca93-a253-45f5-8319-8c5c42b06a67_terseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Changes in period:</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ChangesInEquityAbstract" xlink:to="lab_ifrs-full_ChangesInEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_BRL_a096ded6-ba10-4ecc-b4d8-02412e4ad286_verboseLabel_en-US" xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazil, Brazil Real</link:label>
    <link:label id="lab_currency_BRL_07a6b679-0a73-4bd5-8588-f7e37a494ec1_terseLabel_en-US" xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazilian reais</link:label>
    <link:label id="lab_currency_BRL_label_en-US" xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazil, Brazil Real</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_BRL" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_BRL"/>
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    <link:label id="lab_ifrs-full_LeaseholdImprovementsMember_2602819b-9f5e-4051-b39a-bf11acc235b2_terseLabel_en-US" xlink:label="lab_ifrs-full_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Leasehold improvements [member]</link:label>
    <link:label id="lab_ifrs-full_LeaseholdImprovementsMember_label_en-US" xlink:label="lab_ifrs-full_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Leasehold improvements [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LeaseholdImprovementsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseholdImprovementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseholdImprovementsMember" xlink:to="lab_ifrs-full_LeaseholdImprovementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherPayables_024d3b3c-8f64-46e4-8c94-b42640aeea01_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayables_cb4f483b-69c4-431c-a2af-a931db9f8703_negatedLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayables_d95b4d1b-47a7-46e6-95cd-cb50432ec800_totalLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade and other payables</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayables" xlink:to="lab_ifrs-full_TradeAndOtherPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_8bbb490e-bbeb-4f39-9c98-ab8dbc9118e1_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_a582a4f6-f5c6-438f-ab8e-73e629cd73e4_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SIGNIFICANT ACCOUNTING POLICIES</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of significant accounting policies [text block]</link:label>
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    <link:label id="lab_bam_FinancialContractMember_1b1ada09-dc8f-4548-91ce-c2f4510475b0_terseLabel_en-US" xlink:label="lab_bam_FinancialContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial contracts</link:label>
    <link:label id="lab_bam_FinancialContractMember_label_en-US" xlink:label="lab_bam_FinancialContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Contract [Member]</link:label>
    <link:label id="lab_bam_FinancialContractMember_documentation_en-US" xlink:label="lab_bam_FinancialContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Contract [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_FinancialContractMember" xlink:href="bam-20211231.xsd#bam_FinancialContractMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_FinancialContractMember" xlink:to="lab_bam_FinancialContractMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInWorkingCapital_e060f5c0-6506-485a-9b7a-a5b93776be6c_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net change in non-cash working capital balances</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInWorkingCapital_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) in working capital</link:label>
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    <link:label id="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dea40cab-e364-461b-8fef-29035d426c85_terseLabel_en-US" xlink:label="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful life measured as period of time, property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful life measured as period of time, property, plant and equipment</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfShareCapitalMember_61faf7c5-aa02-4fe1-a01d-00befe23b7db_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share capital [member]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfShareCapitalMember_label_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share capital [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfShareCapitalMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfShareCapitalMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_5da34dc8-508a-4df7-94a3-ce106664b829_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about financial instruments [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about financial instruments [text block]</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossOfCombinedEntity_1c083cc6-00b5-43e4-9c0a-066657467c3d_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossOfCombinedEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss) of combined entity as if combination occurred at beginning of period</link:label>
    <link:label id="lab_ifrs-full_ProfitLossOfCombinedEntity_label_en-US" xlink:label="lab_ifrs-full_ProfitLossOfCombinedEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss) of combined entity as if combination occurred at beginning of period</link:label>
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    <link:label id="lab_bam_USWindMember_0d3cb6d5-56b3-474c-8ec0-23374eca4d9d_terseLabel_en-US" xlink:label="lab_bam_USWindMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Wind [Member]</link:label>
    <link:label id="lab_bam_USWindMember_label_en-US" xlink:label="lab_bam_USWindMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Wind [Member]</link:label>
    <link:label id="lab_bam_USWindMember_documentation_en-US" xlink:label="lab_bam_USWindMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Wind</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_USWindMember" xlink:href="bam-20211231.xsd#bam_USWindMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_07ddf670-1cb6-42c2-9f8d-b7e77a5f0c45_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ORGANIZATION AND CAPITAL MANAGEMENT</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of notes and other explanatory information [text block]</link:label>
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    <link:label id="lab_bam_PercentageofAnnualReturnPayableinMonthlyDistributions_afc267c7-bf97-42a1-b1fe-7f4da425a840_terseLabel_en-US" xlink:label="lab_bam_PercentageofAnnualReturnPayableinMonthlyDistributions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of annual return payable in monthly distributions</link:label>
    <link:label id="lab_bam_PercentageofAnnualReturnPayableinMonthlyDistributions_label_en-US" xlink:label="lab_bam_PercentageofAnnualReturnPayableinMonthlyDistributions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of Annual Return Payable in Monthly Distributions</link:label>
    <link:label id="lab_bam_PercentageofAnnualReturnPayableinMonthlyDistributions_documentation_en-US" xlink:label="lab_bam_PercentageofAnnualReturnPayableinMonthlyDistributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of Annual Return Payable in Monthly Distributions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PercentageofAnnualReturnPayableinMonthlyDistributions" xlink:href="bam-20211231.xsd#bam_PercentageofAnnualReturnPayableinMonthlyDistributions"/>
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    <link:label id="lab_ifrs-full_CurrentLiabilities_962b8993-a746-456e-8ab5-2f285c6f6467_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CurrentLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLiabilities" xlink:to="lab_ifrs-full_CurrentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_7ba44ef8-5b64-4388-b81d-62be9121af10_terseLabel_en-US" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign exchange revaluation</link:label>
    <link:label id="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</link:label>
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    <link:label id="lab_ifrs-full_FinancialAssets_43cea943-a7e4-4149-abfa-9e8711a3d3a1_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets</link:label>
    <link:label id="lab_ifrs-full_FinancialAssets_0268ed3f-9fae-465b-97b5-4cb2afbc83e1_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, carrying value</link:label>
    <link:label id="lab_ifrs-full_FinancialAssets_label_en-US" xlink:label="lab_ifrs-full_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets</link:label>
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    <link:label id="lab_bam_PeruvianChileanandIndiantollroadsMember_fb9a35b6-0b40-4a1d-932f-06ff096d016d_terseLabel_en-US" xlink:label="lab_bam_PeruvianChileanandIndiantollroadsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Indian Toll Road [Member]</link:label>
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    <link:label id="lab_country_CO_label_en-US" xlink:label="lab_country_CO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">COLOMBIA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CO" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_CO"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CO" xlink:to="lab_country_CO" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock_56c74941-d602-4e30-884e-b6ceb885593a_terseLabel_en-US" xlink:label="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of related party balances included within the consolidated financial statements</link:label>
    <link:label id="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock_label_en-US" xlink:label="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of related party balances included within the consolidated financial statements [Table Text Block]</link:label>
    <link:label id="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock_documentation_en-US" xlink:label="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of related party balances included within the consolidated financial statements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock" xlink:href="bam-20211231.xsd#bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock" xlink:to="lab_bam_ScheduleOfRelatedPartyBalancesIncludedWithinTheConsolidatedFinancialStatementsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EquityInvestmentsMember_593d6b02-ba1c-4591-9520-ae4c2c3a29cd_verboseLabel_en-US" xlink:label="lab_ifrs-full_EquityInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common shares and warrants</link:label>
    <link:label id="lab_ifrs-full_EquityInvestmentsMember_d53d8379-23d5-4669-bd55-ba4af98f8106_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity investments [member]</link:label>
    <link:label id="lab_ifrs-full_EquityInvestmentsMember_label_en-US" xlink:label="lab_ifrs-full_EquityInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity investments [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityInvestmentsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityInvestmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityInvestmentsMember" xlink:to="lab_ifrs-full_EquityInvestmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OfficeDevelopmentMember_26229dda-f92d-49d6-8259-d0fbd245b78f_terseLabel_en-US" xlink:label="lab_bam_OfficeDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office development</link:label>
    <link:label id="lab_bam_OfficeDevelopmentMember_label_en-US" xlink:label="lab_bam_OfficeDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office development [Member]</link:label>
    <link:label id="lab_bam_OfficeDevelopmentMember_documentation_en-US" xlink:label="lab_bam_OfficeDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office development</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OfficeDevelopmentMember" xlink:href="bam-20211231.xsd#bam_OfficeDevelopmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OfficeDevelopmentMember" xlink:to="lab_bam_OfficeDevelopmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember_1d9d8d33-3e5f-4354-9ac9-9502b743afff_terseLabel_en-US" xlink:label="lab_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goods or services transferred at point in time [member]</link:label>
    <link:label id="lab_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember_label_en-US" xlink:label="lab_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goods or services transferred at point in time [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" xlink:to="lab_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series30ClassAPreferredSharesMember_6c5e81fa-d328-4797-b673-ee4d2ef7f4b9_terseLabel_en-US" xlink:label="lab_bam_Series30ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 30 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series30ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series30ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 30 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series30ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series30ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 30 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series30ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series30ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series30ClassAPreferredSharesMember" xlink:to="lab_bam_Series30ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnrealizedFVTOCILossMember_476fe59d-c053-41e3-b837-54b5a9964493_terseLabel_en-US" xlink:label="lab_bam_UnrealizedFVTOCILossMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized Available-for-Sale Loss</link:label>
    <link:label id="lab_bam_UnrealizedFVTOCILossMember_label_en-US" xlink:label="lab_bam_UnrealizedFVTOCILossMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized FVTOCI Loss [Member]</link:label>
    <link:label id="lab_bam_UnrealizedFVTOCILossMember_documentation_en-US" xlink:label="lab_bam_UnrealizedFVTOCILossMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized FVTOCI Loss [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnrealizedFVTOCILossMember" xlink:href="bam-20211231.xsd#bam_UnrealizedFVTOCILossMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnrealizedFVTOCILossMember" xlink:to="lab_bam_UnrealizedFVTOCILossMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_LiquidationPreferencePerUnit_0ce26704-5cdb-4357-9dd9-0467379f6bff_terseLabel_en-US" xlink:label="lab_bam_LiquidationPreferencePerUnit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liquidation preference per unit</link:label>
    <link:label id="lab_bam_LiquidationPreferencePerUnit_label_en-US" xlink:label="lab_bam_LiquidationPreferencePerUnit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liquidation preference per unit</link:label>
    <link:label id="lab_bam_LiquidationPreferencePerUnit_documentation_en-US" xlink:label="lab_bam_LiquidationPreferencePerUnit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liquidation preference per unit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_LiquidationPreferencePerUnit" xlink:href="bam-20211231.xsd#bam_LiquidationPreferencePerUnit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_LiquidationPreferencePerUnit" xlink:to="lab_bam_LiquidationPreferencePerUnit" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CapitalManagementAxis_19d3865f-2718-4d25-8318-887f9c022b89_terseLabel_en-US" xlink:label="lab_bam_CapitalManagementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Management [Axis]</link:label>
    <link:label id="lab_bam_CapitalManagementAxis_label_en-US" xlink:label="lab_bam_CapitalManagementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Management [Axis]</link:label>
    <link:label id="lab_bam_CapitalManagementAxis_documentation_en-US" xlink:label="lab_bam_CapitalManagementAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Management</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CapitalManagementAxis" xlink:href="bam-20211231.xsd#bam_CapitalManagementAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CapitalManagementAxis" xlink:to="lab_bam_CapitalManagementAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DistributionnetworksMember_89dba57d-f16d-4ada-a687-62eaf375c6b9_terseLabel_en-US" xlink:label="lab_bam_DistributionnetworksMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distribution networks [Member]</link:label>
    <link:label id="lab_bam_DistributionnetworksMember_label_en-US" xlink:label="lab_bam_DistributionnetworksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distribution networks [Member]</link:label>
    <link:label id="lab_bam_DistributionnetworksMember_documentation_en-US" xlink:label="lab_bam_DistributionnetworksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distribution networks [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DistributionnetworksMember" xlink:href="bam-20211231.xsd#bam_DistributionnetworksMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DistributionnetworksMember" xlink:to="lab_bam_DistributionnetworksMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InventoriesTotal_181e5513-6b8d-4ec5-b466-61a30e5e621a_terseLabel_en-US" xlink:label="lab_ifrs-full_InventoriesTotal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Inventory</link:label>
    <link:label id="lab_ifrs-full_InventoriesTotal_f70934b5-fc6e-47f8-8449-91abdea43487_totalLabel_en-US" xlink:label="lab_ifrs-full_InventoriesTotal" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_InventoriesTotal_label_en-US" xlink:label="lab_ifrs-full_InventoriesTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Inventories</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InventoriesTotal" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InventoriesTotal"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InventoriesTotal" xlink:to="lab_ifrs-full_InventoriesTotal" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsAxis_c1963a1f-0ba9-4bc2-8ba1-6ff404af72b3_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Categories of financial assets [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Categories of financial assets [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ExercisePriceOfOutstandingShareOptions2019_706a3067-7ec7-41da-98bc-05d571af37d1_terseLabel_en-US" xlink:label="lab_ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise price of outstanding share options</link:label>
    <link:label id="lab_ifrs-full_ExercisePriceOfOutstandingShareOptions2019_label_en-US" xlink:label="lab_ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise price of outstanding share options</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExercisePriceOfOutstandingShareOptions2019"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:to="lab_ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeReceivables_f28059be-5d22-43cd-bc8b-002f2f43ecbc_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable</link:label>
    <link:label id="lab_ifrs-full_TradeReceivables_label_en-US" xlink:label="lab_ifrs-full_TradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeReceivables" xlink:to="lab_ifrs-full_TradeReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement_dc843320-7249-4555-aead-5e74c21dd0af_terseLabel_en-US" xlink:label="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vested (in shares)</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement_label_en-US" xlink:label="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Vested In Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement_documentation_en-US" xlink:label="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Vested In Share-Based Payment Arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement" xlink:href="bam-20211231.xsd#bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement" xlink:to="lab_bam_NumberOfShareOptionsVestedInShareBasedPaymentArrangement" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_6d5fef29-d628-436f-88aa-330ad164b10c_terseLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable intangible assets recognised as of acquisition date</link:label>
    <link:label id="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_e7ff6c07-f39e-49e4-8e27-f53defb48b41_verboseLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets</link:label>
    <link:label id="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable intangible assets recognised as of acquisition date</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RealizedDispositionGainLossinFairValueChanges_939882d1-5955-4a9d-8db3-0f122eff2a52_terseLabel_en-US" xlink:label="lab_bam_RealizedDispositionGainLossinFairValueChanges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized Disposition Gain (Loss), in Fair Value Changes</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_RealizedDispositionGainLossinFairValueChanges" xlink:href="bam-20211231.xsd#bam_RealizedDispositionGainLossinFairValueChanges"/>
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    <link:label id="lab_bam_DeferredStockUnitsandRestrictedStockUnitsMember_3da60851-4391-4fcf-971e-be3a44ae24d6_terseLabel_en-US" xlink:label="lab_bam_DeferredStockUnitsandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Stock Units and Restricted Stock Units</link:label>
    <link:label id="lab_bam_DeferredStockUnitsandRestrictedStockUnitsMember_label_en-US" xlink:label="lab_bam_DeferredStockUnitsandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Stock Units and Restricted Stock Units [Member]</link:label>
    <link:label id="lab_bam_DeferredStockUnitsandRestrictedStockUnitsMember_documentation_en-US" xlink:label="lab_bam_DeferredStockUnitsandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Stock Units and Restricted Stock Units [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DeferredStockUnitsandRestrictedStockUnitsMember" xlink:href="bam-20211231.xsd#bam_DeferredStockUnitsandRestrictedStockUnitsMember"/>
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    <link:label id="lab_bam_USTermDebtMaturingOnApril152030Member_6795c0cb-3a0b-4ad3-bce8-398126a6bb8a_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril152030Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 15, 2030</link:label>
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    <link:label id="lab_country_BR_7114cebb-71a4-43d0-85ac-ddebb37375fd_terseLabel_en-US" xlink:label="lab_country_BR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazil</link:label>
    <link:label id="lab_country_BR_label_en-US" xlink:label="lab_country_BR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BRAZIL</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_BR" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_BR"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_BR" xlink:to="lab_country_BR" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationLineItems_2d814d23-a8cd-4634-8ba2-3c842e52d564_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:label id="lab_dei_DocumentInformationLineItems_label_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OtherCountriesMember_e3559a0c-e6ad-4b83-992a-6d19f27c43aa_terseLabel_en-US" xlink:label="lab_bam_OtherCountriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
    <link:label id="lab_bam_OtherCountriesMember_label_en-US" xlink:label="lab_bam_OtherCountriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Countries [Member]</link:label>
    <link:label id="lab_bam_OtherCountriesMember_documentation_en-US" xlink:label="lab_bam_OtherCountriesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Countries [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OtherCountriesMember" xlink:href="bam-20211231.xsd#bam_OtherCountriesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OtherCountriesMember" xlink:to="lab_bam_OtherCountriesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_MidstreamMember_c280fd0e-a010-4bd6-96a7-ba112628d6e5_terseLabel_en-US" xlink:label="lab_bam_MidstreamMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Midstream [Member]</link:label>
    <link:label id="lab_bam_MidstreamMember_label_en-US" xlink:label="lab_bam_MidstreamMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Midstream [Member]</link:label>
    <link:label id="lab_bam_MidstreamMember_documentation_en-US" xlink:label="lab_bam_MidstreamMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Midstream</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_MidstreamMember" xlink:href="bam-20211231.xsd#bam_MidstreamMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_MidstreamMember" xlink:to="lab_bam_MidstreamMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProceedsFromContributionsOfNoncontrollingInterests_1d1b0353-812b-4d7e-85d7-f67d7b77952c_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromContributionsOfNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital provided from non-controlling interests</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory_7f62ce33-9f5d-48fc-ab77-720689bba305_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DERIVATIVE FINANCIAL INSTRUMENTS</link:label>
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    <link:label id="lab_ifrs-full_GeographicalAreasAxis_48a97bd8-f9a2-4fb4-9e67-195b1d6601a4_terseLabel_en-US" xlink:label="lab_ifrs-full_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Geographical areas [axis]</link:label>
    <link:label id="lab_ifrs-full_GeographicalAreasAxis_label_en-US" xlink:label="lab_ifrs-full_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Geographical areas [axis]</link:label>
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    <link:label id="lab_country_CA_c63ec42a-5e88-44b8-8e0b-65453f05e869_terseLabel_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Canada</link:label>
    <link:label id="lab_country_CA_label_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CANADA</link:label>
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    <link:label id="lab_bam_EnergycommodityinstrumentMember_16c1caab-f48b-48ea-b11f-109724ace4e4_terseLabel_en-US" xlink:label="lab_bam_EnergycommodityinstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Energy commodity instrument [Member]</link:label>
    <link:label id="lab_bam_EnergycommodityinstrumentMember_label_en-US" xlink:label="lab_bam_EnergycommodityinstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Energy commodity instrument [Member]</link:label>
    <link:label id="lab_bam_EnergycommodityinstrumentMember_documentation_en-US" xlink:label="lab_bam_EnergycommodityinstrumentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Energy commodity instrument [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_EnergycommodityinstrumentMember" xlink:href="bam-20211231.xsd#bam_EnergycommodityinstrumentMember"/>
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    <link:label id="lab_bam_SubsidiariesWithImmaterialNoncontrollingInterestsMember_edc122de-e8ba-4314-a591-ec31f2935496_verboseLabel_en-US" xlink:label="lab_bam_SubsidiariesWithImmaterialNoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Individually immaterial subsidiaries with non-controlling interests</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SubsidiariesWithImmaterialNoncontrollingInterestsMember" xlink:to="lab_bam_SubsidiariesWithImmaterialNoncontrollingInterestsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_c1fa0ea3-cab6-411d-91c7-8020f77b4617_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense on lease liabilities</link:label>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense on lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities"/>
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    <link:label id="lab_bam_FinancialliabilitiesatfairvaluethroughothercomprehensiveincomeMember_2f511dec-918f-4f2b-a2e1-ea3e0bc44663_terseLabel_en-US" xlink:label="lab_bam_FinancialliabilitiesatfairvaluethroughothercomprehensiveincomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Through OCI</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_FinancialliabilitiesatfairvaluethroughothercomprehensiveincomeMember" xlink:href="bam-20211231.xsd#bam_FinancialliabilitiesatfairvaluethroughothercomprehensiveincomeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_FinancialliabilitiesatfairvaluethroughothercomprehensiveincomeMember" xlink:to="lab_bam_FinancialliabilitiesatfairvaluethroughothercomprehensiveincomeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities_c5cb9f65-a759-4827-ae83-d25a904f94d7_terseLabel_en-US" xlink:label="lab_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-recourse borrowings of managed entities</link:label>
    <link:label id="lab_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities_label_en-US" xlink:label="lab_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal repayments of non-recourse borrowings of managed entities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities" xlink:href="bam-20211231.xsd#bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities" xlink:to="lab_bam_Principalrepaymentsofnonrecourseborrowingsofmanagedentities" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UtilitiesMember_8f0db3c1-4c87-48c9-adfc-0d38e2217e55_terseLabel_en-US" xlink:label="lab_bam_UtilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Utilities [Member]</link:label>
    <link:label id="lab_bam_UtilitiesMember_label_en-US" xlink:label="lab_bam_UtilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Utilities [Member]</link:label>
    <link:label id="lab_bam_UtilitiesMember_documentation_en-US" xlink:label="lab_bam_UtilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Utilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UtilitiesMember" xlink:href="bam-20211231.xsd#bam_UtilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UtilitiesMember" xlink:to="lab_bam_UtilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfLiabilitiesAxis_52500051-560f-420d-a0f3-e788eef6f138_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfLiabilitiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GoodsOrServicesTransferredOverTimeMember_7a938ce4-ad1b-4aa8-beb3-801864c387db_terseLabel_en-US" xlink:label="lab_ifrs-full_GoodsOrServicesTransferredOverTimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goods or services transferred over time [member]</link:label>
    <link:label id="lab_ifrs-full_GoodsOrServicesTransferredOverTimeMember_label_en-US" xlink:label="lab_ifrs-full_GoodsOrServicesTransferredOverTimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goods or services transferred over time [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GoodsOrServicesTransferredOverTimeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodsOrServicesTransferredOverTimeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GoodsOrServicesTransferredOverTimeMember" xlink:to="lab_ifrs-full_GoodsOrServicesTransferredOverTimeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BuildingsMember_9d634a0e-c1cd-43cc-b5bd-8baf06d27168_terseLabel_en-US" xlink:label="lab_ifrs-full_BuildingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buildings [member]</link:label>
    <link:label id="lab_ifrs-full_BuildingsMember_label_en-US" xlink:label="lab_ifrs-full_BuildingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buildings [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BuildingsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BuildingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BuildingsMember" xlink:to="lab_ifrs-full_BuildingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities_fd1c4e35-9d30-4b3f-9634-e0adfcce8693_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets pledged as collateral for liabilities or contingent liabilities</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets pledged as collateral for liabilities or contingent liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:to="lab_ifrs-full_FinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DexkoMember_5dbea577-0609-43d4-85bb-86690216280b_terseLabel_en-US" xlink:label="lab_bam_DexkoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dexko [Member]</link:label>
    <link:label id="lab_bam_DexkoMember_label_en-US" xlink:label="lab_bam_DexkoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dexko [Member]</link:label>
    <link:label id="lab_bam_DexkoMember_documentation_en-US" xlink:label="lab_bam_DexkoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dexko</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DexkoMember" xlink:href="bam-20211231.xsd#bam_DexkoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DexkoMember" xlink:to="lab_bam_DexkoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnsecuredNotesDue2028Member_64f1de86-f7fe-4c2a-9ef9-80fc04103785_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2028Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2028</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2028Member_label_en-US" xlink:label="lab_bam_UnsecuredNotesDue2028Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2028 [Member]</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2028Member_documentation_en-US" xlink:label="lab_bam_UnsecuredNotesDue2028Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2028 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnsecuredNotesDue2028Member" xlink:href="bam-20211231.xsd#bam_UnsecuredNotesDue2028Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnsecuredNotesDue2028Member" xlink:to="lab_bam_UnsecuredNotesDue2028Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NetDeferredTaxLiabilities_24383b85-3c55-4bf1-8925-c4fb01fea6d2_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_NetDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total net deferred tax liabilities</link:label>
    <link:label id="lab_ifrs-full_NetDeferredTaxLiabilities_label_en-US" xlink:label="lab_ifrs-full_NetDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net deferred tax liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NetDeferredTaxLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDeferredTaxLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NetDeferredTaxLiabilities" xlink:to="lab_ifrs-full_NetDeferredTaxLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_87aaa807-5abb-48b2-88c2-008a86ee4091_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for trade and other receivables [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for trade and other receivables [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BorrowingsByNameMember_fc4613fc-c7f2-440c-8541-b76ea7dc4b1e_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings by name [member]</link:label>
    <link:label id="lab_ifrs-full_BorrowingsByNameMember_label_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings by name [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsByNameMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsByNameMember" xlink:to="lab_ifrs-full_BorrowingsByNameMember" xlink:type="arc" order="1"/>
    <link:label id="lab_country_AU_33587714-0afe-49fa-8ed6-6dd9cfdb7f49_terseLabel_en-US" xlink:label="lab_country_AU" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Australia</link:label>
    <link:label id="lab_country_AU_label_en-US" xlink:label="lab_country_AU" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">AUSTRALIA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_AU" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_AU"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_AU" xlink:to="lab_country_AU" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_5e553dbd-d984-47cd-ba3a-0c7b984199d7_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sales of property, plant and equipment, classified as investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_US4343US4521Member_183e5fd1-edfd-4c3b-98f6-9ffd2f4a103b_terseLabel_en-US" xlink:label="lab_bam_US4343US4521Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$43.43 - US$45.21 [Member]</link:label>
    <link:label id="lab_bam_US4343US4521Member_label_en-US" xlink:label="lab_bam_US4343US4521Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$43.43 - US$45.21 [Member]</link:label>
    <link:label id="lab_bam_US4343US4521Member_documentation_en-US" xlink:label="lab_bam_US4343US4521Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$43.43 - US$45.21</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_US4343US4521Member" xlink:href="bam-20211231.xsd#bam_US4343US4521Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_US4343US4521Member" xlink:to="lab_bam_US4343US4521Member" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted_789e6fdc-e2f2-437c-82cc-81647c8f699d_terseLabel_en-US" xlink:label="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of instruments granted in share-based payment arrangement, converted</link:label>
    <link:label id="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted_label_en-US" xlink:label="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of instruments granted in share-based payment arrangement, converted</link:label>
    <link:label id="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted_documentation_en-US" xlink:label="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of instruments granted in share-based payment arrangement, converted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted" xlink:href="bam-20211231.xsd#bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted" xlink:to="lab_bam_NumberOfInstrumentsGrantedInShareBasedPaymentArrangementConverted" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ResidentialDevelopmentMember_2d35f8a2-3402-4bd1-91df-5a724d4ad40e_terseLabel_en-US" xlink:label="lab_bam_ResidentialDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential Development</link:label>
    <link:label id="lab_bam_ResidentialDevelopmentMember_label_en-US" xlink:label="lab_bam_ResidentialDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential Development [Member]</link:label>
    <link:label id="lab_bam_ResidentialDevelopmentMember_documentation_en-US" xlink:label="lab_bam_ResidentialDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential Development [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ResidentialDevelopmentMember" xlink:href="bam-20211231.xsd#bam_ResidentialDevelopmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ResidentialDevelopmentMember" xlink:to="lab_bam_ResidentialDevelopmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RatioOfSharesElectableToReceive_8063043a-266d-4b7c-abe1-043d9dfa1d3b_terseLabel_en-US" xlink:label="lab_bam_RatioOfSharesElectableToReceive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ratio of shares electable to receive</link:label>
    <link:label id="lab_bam_RatioOfSharesElectableToReceive_label_en-US" xlink:label="lab_bam_RatioOfSharesElectableToReceive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ratio of shares electable to receive</link:label>
    <link:label id="lab_bam_RatioOfSharesElectableToReceive_documentation_en-US" xlink:label="lab_bam_RatioOfSharesElectableToReceive" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ratio of shares electable to receive</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_RatioOfSharesElectableToReceive" xlink:href="bam-20211231.xsd#bam_RatioOfSharesElectableToReceive"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_RatioOfSharesElectableToReceive" xlink:to="lab_bam_RatioOfSharesElectableToReceive" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PurchaseOfInvestmentProperty_48c9345b-ae7d-4e31-b5b2-cc3fb4569727_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PurchaseOfInvestmentProperty" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment properties</link:label>
    <link:label id="lab_ifrs-full_PurchaseOfInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_PurchaseOfInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchase of investment property</link:label>
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    <link:label id="lab_bam_EquitySettledEscrowedStockPlanMember_4baa1d1a-57ec-43c8-bcff-ed30148eaa66_terseLabel_en-US" xlink:label="lab_bam_EquitySettledEscrowedStockPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Escrowed Stock Plan</link:label>
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    <link:label id="lab_bam_Profitlossofacquiredentitiessinceacquisitiondate_3df4d20b-6af6-4836-9740-c1eb8bf6f8fc_terseLabel_en-US" xlink:label="lab_bam_Profitlossofacquiredentitiessinceacquisitiondate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss) of acquired entities since acquisition date</link:label>
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    <link:label id="lab_bam_Deferredfinancingcosts_documentation_en-US" xlink:label="lab_bam_Deferredfinancingcosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred financing costs</link:label>
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    <link:label id="lab_bam_PreferredEquityUnitsDividendRatePercentage_dea3df3f-2506-4d7b-8d0c-4b4bece8c133_terseLabel_en-US" xlink:label="lab_bam_PreferredEquityUnitsDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Dividend Rate</link:label>
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    <link:label id="lab_bam_Dilutiveeffectofmandatorilyredeemablepreferredsharesissuedinaconsolidatedsubsidiary_cf26f1d4-7b6f-42fa-8ff6-3896018006df_negatedTerseLabel_en-US" xlink:label="lab_bam_Dilutiveeffectofmandatorilyredeemablepreferredsharesissuedinaconsolidatedsubsidiary" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dilutive effect of mandatorily redeemable preferred shares issued in a consolidated subsidiary</link:label>
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    <link:label id="lab_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_e50c06bc-945f-4545-9a83-4a671aae1bb8_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate borrowings arranged</link:label>
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    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensation_1cc420b0-9786-4b9e-8af5-357d49d78423_totalLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_ifrs-full_WagesAndSalaries_456683ca-70bf-4fdd-bd90-14cdd4df6a3f_terseLabel_en-US" xlink:label="lab_ifrs-full_WagesAndSalaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Compensation</link:label>
    <link:label id="lab_ifrs-full_WagesAndSalaries_label_en-US" xlink:label="lab_ifrs-full_WagesAndSalaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wages and salaries</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_583a269f-3643-4854-b56e-28777c253b16_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average remaining contractual life of outstanding share options</link:label>
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    <link:label id="lab_bam_AccountsReceivableandOtherRecognizedasofAcquisitionDate_c937538c-ba16-4479-b33d-b8e690396435_terseLabel_en-US" xlink:label="lab_bam_AccountsReceivableandOtherRecognizedasofAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other</link:label>
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    <link:label id="lab_bam_NoncapitallossesMember_b68f70c4-9f37-40e3-b0d4-d5bf76856b10_terseLabel_en-US" xlink:label="lab_bam_NoncapitallossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-capital losses [Member]</link:label>
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    <link:label id="lab_bam_NoncapitallossesMember_documentation_en-US" xlink:label="lab_bam_NoncapitallossesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-capital losses [Member]</link:label>
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    <link:label id="lab_bam_ShareBasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesPurchased_c24b88e3-f322-4b90-a979-ffdbd002ed7a_terseLabel_en-US" xlink:label="lab_bam_ShareBasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesPurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of shares purchased (in shares)</link:label>
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    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_9a4f5b1e-a4f5-4df8-b7e4-f53294cd8ff4_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income taxes</link:label>
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    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParentMember_e193ecf4-f750-4f8a-a77b-7d793298e318_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common equity</link:label>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParentMember_8cce54a6-3b03-430e-b810-548b77ae99a2_verboseLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity attributable to Brookfield</link:label>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParentMember_label_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity attributable to owners of parent [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale_70eec5b6-d880-45b6-a1d1-83017c707984_terseLabel_en-US" xlink:label="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net change in cash classified within assets held for sale</link:label>
    <link:label id="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale_label_en-US" xlink:label="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net change in cash classified within assets held for sale</link:label>
    <link:label id="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale_documentation_en-US" xlink:label="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net change in cash classified within assets held for sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Netchangeincashclassifiedwithinassetsheldforsale" xlink:href="bam-20211231.xsd#bam_Netchangeincashclassifiedwithinassetsheldforsale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Netchangeincashclassifiedwithinassetsheldforsale" xlink:to="lab_bam_Netchangeincashclassifiedwithinassetsheldforsale" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TitleOfIndividual1Domain_0443d1e7-2781-4166-a5d4-950c11a2a4b1_terseLabel_en-US" xlink:label="lab_bam_TitleOfIndividual1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title Of Individual1 [Domain]</link:label>
    <link:label id="lab_bam_TitleOfIndividual1Domain_label_en-US" xlink:label="lab_bam_TitleOfIndividual1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title Of Individual1 [Domain]</link:label>
    <link:label id="lab_bam_TitleOfIndividual1Domain_documentation_en-US" xlink:label="lab_bam_TitleOfIndividual1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title Of Individual1 [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TitleOfIndividual1Domain" xlink:href="bam-20211231.xsd#bam_TitleOfIndividual1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TitleOfIndividual1Domain" xlink:to="lab_bam_TitleOfIndividual1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment_c2fa8d73-09ad-4efe-8d56-36589eb5cb06_terseLabel_en-US" xlink:label="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted-average remaining duration, property, plant, and equipment</link:label>
    <link:label id="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment_label_en-US" xlink:label="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted-average remaining duration, property, plant, and equipment</link:label>
    <link:label id="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment_documentation_en-US" xlink:label="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted-average remaining duration, property, plant, and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Weightedaverageremainingdurationpropertyplantandequipment" xlink:href="bam-20211231.xsd#bam_Weightedaverageremainingdurationpropertyplantandequipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Weightedaverageremainingdurationpropertyplantandequipment" xlink:to="lab_bam_Weightedaverageremainingdurationpropertyplantandequipment" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NumberinBarrelsofCommodityDerivatives_75990b54-1546-4790-b354-52891df02e94_terseLabel_en-US" xlink:label="lab_bam_NumberinBarrelsofCommodityDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number in Barrels of Commodity Derivatives</link:label>
    <link:label id="lab_bam_NumberinBarrelsofCommodityDerivatives_label_en-US" xlink:label="lab_bam_NumberinBarrelsofCommodityDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number in Barrels of Commodity Derivatives</link:label>
    <link:label id="lab_bam_NumberinBarrelsofCommodityDerivatives_documentation_en-US" xlink:label="lab_bam_NumberinBarrelsofCommodityDerivatives" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number in Barrels of Commodity Derivatives</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberinBarrelsofCommodityDerivatives" xlink:href="bam-20211231.xsd#bam_NumberinBarrelsofCommodityDerivatives"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NumberinBarrelsofCommodityDerivatives" xlink:to="lab_bam_NumberinBarrelsofCommodityDerivatives" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty_8b546286-9300-4cd2-8a05-90d1981d18de_terseLabel_en-US" xlink:label="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount Rate</link:label>
    <link:label id="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty_label_en-US" xlink:label="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate applied to cash flow projections, investment property</link:label>
    <link:label id="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty_documentation_en-US" xlink:label="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate applied to cash flow projections, investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty" xlink:href="bam-20211231.xsd#bam_Discountrateappliedtocashflowprojectionsinvestmentproperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty" xlink:to="lab_bam_Discountrateappliedtocashflowprojectionsinvestmentproperty" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_3b50d1fb-f81f-4100-9158-164b965c56df_totalLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_b58c8d2e-b233-48b1-85da-5dab69cbc1ed_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income, attributable to owners of parent</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income, attributable to owners of parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod_1d909702-7899-4f96-82f0-09cd51281faf_terseLabel_en-US" xlink:label="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period</link:label>
    <link:label id="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod_label_en-US" xlink:label="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period</link:label>
    <link:label id="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod_documentation_en-US" xlink:label="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:href="bam-20211231.xsd#bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:to="lab_bam_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers_8bc2b49f-3855-43b9-9b91-00dd18e9c184_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:to="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_0af369a0-b93d-4553-a4be-cfcc9b0a6309_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SellingGeneralAndAdministrativeExpense_7f23ff18-cd34-4f46-9a2f-b6dbd3cc0c38_terseLabel_en-US" xlink:label="lab_ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Selling, general and administrative expenses</link:label>
    <link:label id="lab_ifrs-full_SellingGeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Selling, general and administrative expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="lab_ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_AcquisitionsAbstract_b997a5ee-a4c9-49ca-9582-27ae0bbe7bb7_terseLabel_en-US" xlink:label="lab_bam_AcquisitionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions</link:label>
    <link:label id="lab_bam_AcquisitionsAbstract_label_en-US" xlink:label="lab_bam_AcquisitionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions [Abstract]</link:label>
    <link:label id="lab_bam_AcquisitionsAbstract_documentation_en-US" xlink:label="lab_bam_AcquisitionsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_AcquisitionsAbstract" xlink:href="bam-20211231.xsd#bam_AcquisitionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_AcquisitionsAbstract" xlink:to="lab_bam_AcquisitionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IssueOfEquity_699d36be-db06-44b9-83de-476e444a682e_terseLabel_en-US" xlink:label="lab_ifrs-full_IssueOfEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Issue of equity</link:label>
    <link:label id="lab_ifrs-full_IssueOfEquity_label_en-US" xlink:label="lab_ifrs-full_IssueOfEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Issue of equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IssueOfEquity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssueOfEquity" xlink:to="lab_ifrs-full_IssueOfEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate_4d63f9ad-c256-4e5a-bdfc-b9fb0d35f765_terseLabel_en-US" xlink:label="lab_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contingent consideration recognised as of acquisition date</link:label>
    <link:label id="lab_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contingent consideration recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InvestmentPropertyMember_97bc3c57-cf1b-4707-9060-36fbd3c65d4a_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentPropertyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment property [member]</link:label>
    <link:label id="lab_ifrs-full_InvestmentPropertyMember_label_en-US" xlink:label="lab_ifrs-full_InvestmentPropertyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment property [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InvestmentPropertyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentPropertyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentPropertyMember" xlink:to="lab_ifrs-full_InvestmentPropertyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentMember_7f4cbf59-c650-4e61-a4ba-600a422a648f_verboseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentMember_858f0c8d-cfb0-433d-9f67-ce7fabf0f1d9_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment [member]</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentMember_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_USDistributedGenerationPortfolioMember_f4249d7b-ea1a-4420-8a70-b595ec334cbe_terseLabel_en-US" xlink:label="lab_bam_USDistributedGenerationPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US Distributed Generation Portfolio</link:label>
    <link:label id="lab_bam_USDistributedGenerationPortfolioMember_label_en-US" xlink:label="lab_bam_USDistributedGenerationPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US Distributed Generation Portfolio [Member]</link:label>
    <link:label id="lab_bam_USDistributedGenerationPortfolioMember_documentation_en-US" xlink:label="lab_bam_USDistributedGenerationPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US Distributed Generation Portfolio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_USDistributedGenerationPortfolioMember" xlink:href="bam-20211231.xsd#bam_USDistributedGenerationPortfolioMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_USDistributedGenerationPortfolioMember" xlink:to="lab_bam_USDistributedGenerationPortfolioMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldFinanceIUKPLCMember_12eae378-d2d4-4197-a995-5145afbeef72_terseLabel_en-US" xlink:label="lab_bam_BrookfieldFinanceIUKPLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance I (UK) PLC</link:label>
    <link:label id="lab_bam_BrookfieldFinanceIUKPLCMember_label_en-US" xlink:label="lab_bam_BrookfieldFinanceIUKPLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance I (UK) PLC [Member]</link:label>
    <link:label id="lab_bam_BrookfieldFinanceIUKPLCMember_documentation_en-US" xlink:label="lab_bam_BrookfieldFinanceIUKPLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance I (UK) PLC</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldFinanceIUKPLCMember" xlink:href="bam-20211231.xsd#bam_BrookfieldFinanceIUKPLCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldFinanceIUKPLCMember" xlink:to="lab_bam_BrookfieldFinanceIUKPLCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AverageForeignExchangeRate_2dae4c48-0738-499e-8097-1c6ae24e87ae_terseLabel_en-US" xlink:label="lab_ifrs-full_AverageForeignExchangeRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Average Exchange Rate</link:label>
    <link:label id="lab_ifrs-full_AverageForeignExchangeRate_label_en-US" xlink:label="lab_ifrs-full_AverageForeignExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Average foreign exchange rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AverageForeignExchangeRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageForeignExchangeRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AverageForeignExchangeRate" xlink:to="lab_ifrs-full_AverageForeignExchangeRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementExplanatory_5ac3d4be-a917-40c6-9635-c6f55bcc9dbe_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value changes</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureofInventoryPropertiesTable_77a9849b-5309-4f8f-a08a-7393ff98f48a_terseLabel_en-US" xlink:label="lab_bam_DisclosureofInventoryPropertiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Inventory Properties [Table]</link:label>
    <link:label id="lab_bam_DisclosureofInventoryPropertiesTable_label_en-US" xlink:label="lab_bam_DisclosureofInventoryPropertiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Inventory Properties [Table]</link:label>
    <link:label id="lab_bam_DisclosureofInventoryPropertiesTable_documentation_en-US" xlink:label="lab_bam_DisclosureofInventoryPropertiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Inventory Properties [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofInventoryPropertiesTable" xlink:href="bam-20211231.xsd#bam_DisclosureofInventoryPropertiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureofInventoryPropertiesTable" xlink:to="lab_bam_DisclosureofInventoryPropertiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Vesting1Domain_d410f770-b4c3-49a9-ad1a-f048821004f3_terseLabel_en-US" xlink:label="lab_bam_Vesting1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vesting1 [Domain]</link:label>
    <link:label id="lab_bam_Vesting1Domain_label_en-US" xlink:label="lab_bam_Vesting1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vesting1 [Domain]</link:label>
    <link:label id="lab_bam_Vesting1Domain_documentation_en-US" xlink:label="lab_bam_Vesting1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Vesting1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Vesting1Domain" xlink:href="bam-20211231.xsd#bam_Vesting1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Vesting1Domain" xlink:to="lab_bam_Vesting1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare_7a295417-3408-44ae-8ad5-945f33206acf_terseLabel_en-US" xlink:label="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Price on Date of Remeasurement in Canadian Dollars Per Share</link:label>
    <link:label id="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare_label_en-US" xlink:label="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Price on Date of Remeasurement in Canadian Dollars Per Share</link:label>
    <link:label id="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare_documentation_en-US" xlink:label="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Price on Date of Remeasurement in Canadian Dollars Per Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare" xlink:href="bam-20211231.xsd#bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare" xlink:to="lab_bam_SharePriceonDateofRemeasurementinCanadianDollarsPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherReceivables_ef8907b7-d61c-47c3-8d0e-c86b6b0ba4dc_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherReceivables_aee1ca86-8b90-4beb-b669-7aef287224df_totalLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherReceivables_f8a63d84-e55f-470f-affb-6887fbcac51d_verboseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherReceivables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade and other receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherReceivables" xlink:to="lab_ifrs-full_TradeAndOtherReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_a0aeae2e-f290-4c30-9365-c1ec39f473b1_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_EquitySettledShareBasedPaymentArrangementMember_fbe2dff3-dbb1-462e-89f7-cb3652fd7506_terseLabel_en-US" xlink:label="lab_bam_EquitySettledShareBasedPaymentArrangementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-Settled Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_EquitySettledShareBasedPaymentArrangementMember_label_en-US" xlink:label="lab_bam_EquitySettledShareBasedPaymentArrangementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-Settled Share-Based Payment Arrangement [Member]</link:label>
    <link:label id="lab_bam_EquitySettledShareBasedPaymentArrangementMember_documentation_en-US" xlink:label="lab_bam_EquitySettledShareBasedPaymentArrangementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-Settled Share-Based Payment Arrangement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_EquitySettledShareBasedPaymentArrangementMember" xlink:href="bam-20211231.xsd#bam_EquitySettledShareBasedPaymentArrangementMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_EquitySettledShareBasedPaymentArrangementMember" xlink:to="lab_bam_EquitySettledShareBasedPaymentArrangementMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SegmentsAxis_c14be3f8-995c-4af8-90c9-fb6eda21cfc9_terseLabel_en-US" xlink:label="lab_ifrs-full_SegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segments [axis]</link:label>
    <link:label id="lab_ifrs-full_SegmentsAxis_label_en-US" xlink:label="lab_ifrs-full_SegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segments [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SegmentsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SegmentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SegmentsAxis" xlink:to="lab_ifrs-full_SegmentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_d528f092-1063-4d34-84bd-f31666af22d3_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GoodwillMember_670c3ce1-ad0c-41a9-b9bd-1f54188be152_terseLabel_en-US" xlink:label="lab_ifrs-full_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goodwill</link:label>
    <link:label id="lab_ifrs-full_GoodwillMember_label_en-US" xlink:label="lab_ifrs-full_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goodwill [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GoodwillMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GoodwillMember" xlink:to="lab_ifrs-full_GoodwillMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ConstructionServicesMember_8db24892-0e35-4edb-841a-d2e8060dc207_terseLabel_en-US" xlink:label="lab_bam_ConstructionServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Construction Services [Member]</link:label>
    <link:label id="lab_bam_ConstructionServicesMember_label_en-US" xlink:label="lab_bam_ConstructionServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Construction Services [Member]</link:label>
    <link:label id="lab_bam_ConstructionServicesMember_documentation_en-US" xlink:label="lab_bam_ConstructionServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Construction Services [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ConstructionServicesMember" xlink:href="bam-20211231.xsd#bam_ConstructionServicesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ConstructionServicesMember" xlink:to="lab_bam_ConstructionServicesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets_ebba389b-f31e-402c-a4c6-96323f13915a_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, assets</link:label>
    <link:label id="lab_ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets_label_en-US" xlink:label="lab_ifrs-full_GainsLossesRecognisedInProfitOrLossFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, assets</link:label>
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    <link:label id="lab_bam_Series3Member_3bfb25f1-0165-43ea-bc55-846f1e19803b_terseLabel_en-US" xlink:label="lab_bam_Series3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 3</link:label>
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    <link:label id="lab_ifrs-full_TradeAndOtherCurrentReceivables_9bba1bdd-2521-4f7a-bb1d-1fd00f49e0e3_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentReceivables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade and other current receivables</link:label>
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    <link:label id="lab_bam_AuditInformationAbstract_label_en-US" xlink:label="lab_bam_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Audit Information [Abstract]</link:label>
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    <link:label id="lab_ifrs-full_BrandNamesMember_3de552d6-b407-4f22-95a2-5ea01ab5bef1_terseLabel_en-US" xlink:label="lab_ifrs-full_BrandNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brand names [member]</link:label>
    <link:label id="lab_ifrs-full_BrandNamesMember_label_en-US" xlink:label="lab_ifrs-full_BrandNamesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brand names [member]</link:label>
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    <link:label id="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_d0317ac0-8f09-4b1b-a63f-475aa2c48b9f_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in residential inventory</link:label>
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    <link:label id="lab_bam_ManagedInvestmentsMember_3f7b30c7-087d-4fea-b651-dbd6e652cde5_terseLabel_en-US" xlink:label="lab_bam_ManagedInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Managed Investments</link:label>
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    <link:label id="lab_bam_ManagedInvestmentsMember_documentation_en-US" xlink:label="lab_bam_ManagedInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Managed Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ManagedInvestmentsMember" xlink:href="bam-20211231.xsd#bam_ManagedInvestmentsMember"/>
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    <link:label id="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_8abf1f6c-3397-47c3-b708-b7b7413d7b05_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred income tax liabilities</link:label>
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    <link:label id="lab_bam_RealEstate1Member_8bcd8992-a3f3-4f52-82a5-e2018807f1e5_terseLabel_en-US" xlink:label="lab_bam_RealEstate1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate</link:label>
    <link:label id="lab_bam_RealEstate1Member_label_en-US" xlink:label="lab_bam_RealEstate1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate1 [Member]</link:label>
    <link:label id="lab_bam_RealEstate1Member_documentation_en-US" xlink:label="lab_bam_RealEstate1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Member]</link:label>
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    <link:label id="lab_bam_ReinsuranceMember_a8fdb863-ba6e-48b9-91c3-9478124d86cb_terseLabel_en-US" xlink:label="lab_bam_ReinsuranceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance</link:label>
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    <link:label id="lab_bam_ReinsuranceMember_documentation_en-US" xlink:label="lab_bam_ReinsuranceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ReinsuranceMember" xlink:href="bam-20211231.xsd#bam_ReinsuranceMember"/>
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    <link:label id="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_523d5fc0-50ad-4e57-a1c8-dea0257ea2a7_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
    <link:label id="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_4071a7d7-c6f9-48df-b8b1-b3333d29baae_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later than four years and not later than five years [member]</link:label>
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    <link:label id="lab_bam_ContractedMember_0acbeef2-f15a-425d-a596-e13403309336_terseLabel_en-US" xlink:label="lab_bam_ContractedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contracted [Member]</link:label>
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    <link:label id="lab_bam_ContractedMember_documentation_en-US" xlink:label="lab_bam_ContractedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contracted [Member]</link:label>
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    <link:label id="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty_87ed5fc9-a48d-4dd9-bb41-b6b9ee3421d4_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment properties</link:label>
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    <link:label id="lab_bam_WindGeneratingUnitsMember_ee2c5f74-4fde-4218-b0dd-95a66c12690d_terseLabel_en-US" xlink:label="lab_bam_WindGeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wind Generating Units [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_WindGeneratingUnitsMember" xlink:href="bam-20211231.xsd#bam_WindGeneratingUnitsMember"/>
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    <link:label id="lab_bam_DisclosureOfChangeInBalanceOfTimberlandsAndOtherAgriculturalAssetsTableTextBlock_0e094fee-1020-4f76-9bd9-1dff351c1881_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfChangeInBalanceOfTimberlandsAndOtherAgriculturalAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of change in balance of timberlands and other agricultural assets</link:label>
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    <link:label id="lab_bam_RealizedDispositionGainLossinFairValueChangesorEquity_1f40187d-8ef8-494f-80d6-a7edeee10148_terseLabel_en-US" xlink:label="lab_bam_RealizedDispositionGainLossinFairValueChangesorEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized disposition gains in fair value changes or equity</link:label>
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    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_dc3b4929-ce47-4d85-afc4-570c6084e294_terseLabel_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment loss recognised in profit or loss, property, plant and equipment</link:label>
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    <link:label id="lab_bam_BrookfieldPropertySplitCorpBOPSplitSeniorPreferredSharesMember_8c9f7e03-90ec-4b19-bfd0-6698cfff13c2_terseLabel_en-US" xlink:label="lab_bam_BrookfieldPropertySplitCorpBOPSplitSeniorPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Property Split Corp. (&#8220;BOP Split&#8221;) senior preferred shares</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory_03a391e5-8e3c-482d-b955-1f1678d4103b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about business combinations</link:label>
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    <link:label id="lab_bam_PowerPricesFromLongTermPowerPurchaseAgreements_44e93bbb-acd4-4d80-a0fb-5c59956cd4da_terseLabel_en-US" xlink:label="lab_bam_PowerPricesFromLongTermPowerPurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Power Prices from Long-Term Power Purchase Agreements (weighted average)</link:label>
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    <link:label id="lab_bam_CapitallossesMember_4aa12983-b920-4938-ad3a-e3db062628b7_terseLabel_en-US" xlink:label="lab_bam_CapitallossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital losses [Member]</link:label>
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    <link:label id="lab_ifrs-full_EntitysTotalForAssociatesMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for associates [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EntitysTotalForAssociatesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForAssociatesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForAssociatesMember" xlink:to="lab_ifrs-full_EntitysTotalForAssociatesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_IcfrAuditorAttestationFlag_587ac48b-f294-41fd-b74d-b6d01a990462_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_IcfrAuditorAttestationFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRates_d166c5f5-f630-4e86-8321-71e44b553023_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial assumption of discount rates</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRates_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial assumption of discount rates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates"/>
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    <link:label id="lab_srt_OwnershipAxis_f3f6aa60-152e-4bf6-bf80-4424445014ee_terseLabel_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:label id="lab_srt_OwnershipAxis_label_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_OwnershipAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipAxis" xlink:to="lab_srt_OwnershipAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PrepaymentsandOtherAssets_ceb0f43f-cf2e-43f7-81d0-f5a87de2a2d3_terseLabel_en-US" xlink:label="lab_bam_PrepaymentsandOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid expenses and other assets</link:label>
    <link:label id="lab_bam_PrepaymentsandOtherAssets_label_en-US" xlink:label="lab_bam_PrepaymentsandOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepayments and Other Assets</link:label>
    <link:label id="lab_bam_PrepaymentsandOtherAssets_documentation_en-US" xlink:label="lab_bam_PrepaymentsandOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepayments and Other Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PrepaymentsandOtherAssets" xlink:href="bam-20211231.xsd#bam_PrepaymentsandOtherAssets"/>
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    <link:label id="lab_bam_ManagementCommentaryExplanatoryLineItems_c61d929d-2b5e-43c0-9f37-64c20b2b8d16_terseLabel_en-US" xlink:label="lab_bam_ManagementCommentaryExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Commentary Explanatory [Line Items]</link:label>
    <link:label id="lab_bam_ManagementCommentaryExplanatoryLineItems_label_en-US" xlink:label="lab_bam_ManagementCommentaryExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Commentary Explanatory [Line Items]</link:label>
    <link:label id="lab_bam_ManagementCommentaryExplanatoryLineItems_documentation_en-US" xlink:label="lab_bam_ManagementCommentaryExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Commentary Explanatory</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ManagementCommentaryExplanatoryLineItems" xlink:href="bam-20211231.xsd#bam_ManagementCommentaryExplanatoryLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ManagementCommentaryExplanatoryLineItems" xlink:to="lab_bam_ManagementCommentaryExplanatoryLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LegalEntityAxis_18d937a0-9477-4da9-8f86-4e76a2b06ac9_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LegalEntityAxis" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LegalEntityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BridgesRoadsAndEquipmentMember_b1cba127-d51a-4201-8039-571bddf6e68a_terseLabel_en-US" xlink:label="lab_bam_BridgesRoadsAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bridges, Roads and Equipment</link:label>
    <link:label id="lab_bam_BridgesRoadsAndEquipmentMember_label_en-US" xlink:label="lab_bam_BridgesRoadsAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bridges, Roads and Equipment [Member]</link:label>
    <link:label id="lab_bam_BridgesRoadsAndEquipmentMember_documentation_en-US" xlink:label="lab_bam_BridgesRoadsAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bridges, Roads and Equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BridgesRoadsAndEquipmentMember" xlink:href="bam-20211231.xsd#bam_BridgesRoadsAndEquipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BridgesRoadsAndEquipmentMember" xlink:to="lab_bam_BridgesRoadsAndEquipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityAbstract_a667390a-48f7-4d78-b2ef-dae6bbebddbc_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of changes in equity [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of changes in equity [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EarningsPerShareExplanatory_7cd9b4a1-7728-49da-b897-266369e8e271_terseLabel_en-US" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of basic and diluted earnings per share</link:label>
    <link:label id="lab_ifrs-full_EarningsPerShareExplanatory_label_en-US" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings per share [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EarningsPerShareExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EarningsPerShareExplanatory" xlink:to="lab_ifrs-full_EarningsPerShareExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1f97c66f-4a82-4f4f-89b3-0f2d7e0c4f9d_totalLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total deferred tax in other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to components of other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:to="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RestatedMember_645bff44-5a4c-45f2-86c9-26aa1226054b_terseLabel_en-US" xlink:label="lab_ifrs-full_RestatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Currently stated</link:label>
    <link:label id="lab_ifrs-full_RestatedMember_label_en-US" xlink:label="lab_ifrs-full_RestatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Currently stated [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RestatedMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RestatedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RestatedMember" xlink:to="lab_ifrs-full_RestatedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_GBP_a572ba03-cb5e-4a32-a970-4de86a78b691_terseLabel_en-US" xlink:label="lab_currency_GBP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">British pounds</link:label>
    <link:label id="lab_currency_GBP_label_en-US" xlink:label="lab_currency_GBP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">United Kingdom, Pounds</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_GBP" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_GBP"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_GBP" xlink:to="lab_currency_GBP" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains_f143a0a7-432d-4351-a2c8-d2a962323c86_terseLabel_en-US" xlink:label="lab_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other income and gains</link:label>
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    <link:label id="lab_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains_documentation_en-US" xlink:label="lab_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments For Decrease (Increase) In Other Income And Gains</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains" xlink:href="bam-20211231.xsd#bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains" xlink:to="lab_bam_AdjustmentsForDecreaseIncreaseInOtherIncomeAndGains" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ExercisePriceRangeTwoMember_25e095b3-078f-42f4-982a-cc71f53f2b5b_terseLabel_en-US" xlink:label="lab_bam_ExercisePriceRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Range two</link:label>
    <link:label id="lab_bam_ExercisePriceRangeTwoMember_label_en-US" xlink:label="lab_bam_ExercisePriceRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Two [Member]</link:label>
    <link:label id="lab_bam_ExercisePriceRangeTwoMember_documentation_en-US" xlink:label="lab_bam_ExercisePriceRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Two [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ExercisePriceRangeTwoMember" xlink:href="bam-20211231.xsd#bam_ExercisePriceRangeTwoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ExercisePriceRangeTwoMember" xlink:to="lab_bam_ExercisePriceRangeTwoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentAssets_b58da12c-d235-4518-8b9a-b66e15c94622_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current assets</link:label>
    <link:label id="lab_ifrs-full_CurrentAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAssets" xlink:to="lab_ifrs-full_CurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_INR_7176045a-704b-4d5c-9e2d-5ffdc7f49c84_terseLabel_en-US" xlink:label="lab_currency_INR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Indian rupees</link:label>
    <link:label id="lab_currency_INR_label_en-US" xlink:label="lab_currency_INR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">India, Rupees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_INR" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_INR"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_INR" xlink:to="lab_currency_INR" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Carryingvalueofpubliclytradedinvestmentsaccountedforusingequitymethod_2c04bce6-d2ad-4dec-a1c2-9aeb0c7ef239_terseLabel_en-US" xlink:label="lab_bam_Carryingvalueofpubliclytradedinvestmentsaccountedforusingequitymethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value of publicly traded investments accounted for using equity method</link:label>
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    <link:label id="lab_bam_Carryingvalueofpubliclytradedinvestmentsaccountedforusingequitymethod_documentation_en-US" xlink:label="lab_bam_Carryingvalueofpubliclytradedinvestmentsaccountedforusingequitymethod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value of publicly traded investments accounted for using equity method</link:label>
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    <link:label id="lab_bam_RevaluationIncreaseDecreaseSustainableResources_d87dc1de-78ba-44ae-9dcc-830dcb5c023f_terseLabel_en-US" xlink:label="lab_bam_RevaluationIncreaseDecreaseSustainableResources" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value adjustments</link:label>
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    <link:label id="lab_bam_RevaluationIncreaseDecreaseSustainableResources_documentation_en-US" xlink:label="lab_bam_RevaluationIncreaseDecreaseSustainableResources" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation Increase (Decrease), Sustainable Resources</link:label>
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    <link:label id="lab_bam_LaterThanOneYearAndNotLaterThanTenYearsMember_34b3b57b-b786-4ff0-b6bd-1e50a25eaec0_terseLabel_en-US" xlink:label="lab_bam_LaterThanOneYearAndNotLaterThanTenYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later Than One Year And Not Later Than Eleven Years</link:label>
    <link:label id="lab_bam_LaterThanOneYearAndNotLaterThanTenYearsMember_label_en-US" xlink:label="lab_bam_LaterThanOneYearAndNotLaterThanTenYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later Than One Year And Not Later Than Ten Years [Member]</link:label>
    <link:label id="lab_bam_LaterThanOneYearAndNotLaterThanTenYearsMember_documentation_en-US" xlink:label="lab_bam_LaterThanOneYearAndNotLaterThanTenYearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later Than One Year And Not Later Than Ten Years [Member]</link:label>
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    <link:label id="lab_bam_FixedIncomeSecuritiesandOtherMember_de03540b-47e2-4776-8478-10832c95e7ae_terseLabel_en-US" xlink:label="lab_bam_FixedIncomeSecuritiesandOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed income securities and other</link:label>
    <link:label id="lab_bam_FixedIncomeSecuritiesandOtherMember_label_en-US" xlink:label="lab_bam_FixedIncomeSecuritiesandOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Income Securities and Other [Member]</link:label>
    <link:label id="lab_bam_FixedIncomeSecuritiesandOtherMember_documentation_en-US" xlink:label="lab_bam_FixedIncomeSecuritiesandOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Income Securities and Other [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfRevenueExplanatory_3a650932-58a5-4cbb-ac26-4881b78be19f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue [text block]</link:label>
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    <link:label id="lab_currency_KRW_363bdc37-1ed7-4ee1-a798-0721fa92c585_terseLabel_en-US" xlink:label="lab_currency_KRW" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Korean won</link:label>
    <link:label id="lab_currency_KRW_label_en-US" xlink:label="lab_currency_KRW" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Korea (South), Won</link:label>
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    <link:label id="lab_ifrs-full_EntitysTotalForJointVenturesMember_fed35a89-f4f0-4d57-962f-2c4259b7107a_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for joint ventures [member]</link:label>
    <link:label id="lab_ifrs-full_EntitysTotalForJointVenturesMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for joint ventures [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EntitysTotalForJointVenturesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForJointVenturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForJointVenturesMember" xlink:to="lab_ifrs-full_EntitysTotalForJointVenturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory_8eb132f5-666c-40ea-b5f0-69de5a59116d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of financial information by segment</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [text block]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems_4491b19d-6b99-4b77-a8d3-a23f3e37d472_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about intangible assets [line items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NumberOfSharesOutstandingConverted_d35958f8-fbe6-4186-8f94-a00ef64a80ad_terseLabel_en-US" xlink:label="lab_bam_NumberOfSharesOutstandingConverted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of shares outstanding, converted</link:label>
    <link:label id="lab_bam_NumberOfSharesOutstandingConverted_label_en-US" xlink:label="lab_bam_NumberOfSharesOutstandingConverted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of shares outstanding, converted</link:label>
    <link:label id="lab_bam_NumberOfSharesOutstandingConverted_documentation_en-US" xlink:label="lab_bam_NumberOfSharesOutstandingConverted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of shares outstanding, converted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberOfSharesOutstandingConverted" xlink:href="bam-20211231.xsd#bam_NumberOfSharesOutstandingConverted"/>
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    <link:label id="lab_bam_ProportionofSubsidiaryOwnershipInterest_c81a13cf-7918-4d68-a764-55db3eb44bcb_terseLabel_en-US" xlink:label="lab_bam_ProportionofSubsidiaryOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of Subsidiary Ownership Interest</link:label>
    <link:label id="lab_bam_ProportionofSubsidiaryOwnershipInterest_label_en-US" xlink:label="lab_bam_ProportionofSubsidiaryOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of Subsidiary Ownership Interest</link:label>
    <link:label id="lab_bam_ProportionofSubsidiaryOwnershipInterest_documentation_en-US" xlink:label="lab_bam_ProportionofSubsidiaryOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of Subsidiary Ownership Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ProportionofSubsidiaryOwnershipInterest" xlink:href="bam-20211231.xsd#bam_ProportionofSubsidiaryOwnershipInterest"/>
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    <link:label id="lab_dei_EntityDomain_e9fca42b-b7c1-4894-97ac-6faf5fdbc433_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity [Domain]</link:label>
    <link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Basispointincreaseininterestrates_f0146bda-f2c7-4d7b-a15d-3d75a10586e2_terseLabel_en-US" xlink:label="lab_bam_Basispointincreaseininterestrates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basis point increase in interest rates</link:label>
    <link:label id="lab_bam_Basispointincreaseininterestrates_label_en-US" xlink:label="lab_bam_Basispointincreaseininterestrates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basis point increase in interest rates</link:label>
    <link:label id="lab_bam_Basispointincreaseininterestrates_documentation_en-US" xlink:label="lab_bam_Basispointincreaseininterestrates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basis point increase in interest rates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Basispointincreaseininterestrates" xlink:href="bam-20211231.xsd#bam_Basispointincreaseininterestrates"/>
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    <link:label id="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements_cc81d81e-7feb-4ee2-87b8-a3d410268e21_verboseLabel_en-US" xlink:label="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Common Shares Held by the Company</link:label>
    <link:label id="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements_label_en-US" xlink:label="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Class A Common Shares Held by the Company for Long-term Compensation Agreements</link:label>
    <link:label id="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements_documentation_en-US" xlink:label="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Class A Common Shares Held by the Company for Long-term Compensation Agreements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements" xlink:href="bam-20211231.xsd#bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements" xlink:to="lab_bam_NumberofClassACommonSharesHeldbytheCompanyforLongtermCompensationAgreements" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAttributableToNoncontrollingInterests_ab9d8fd8-5788-46f2-9522-65b5ea864713_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAttributableToNoncontrollingInterests_4194b613-bda7-41bb-b820-4bbf518a3acc_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAttributableToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, attributable to non-controlling interests</link:label>
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    <link:label id="lab_bam_U.S.TermDebtMaturingOnJanuary252028Member_f2ee1c2f-1587-4d2b-9376-97829fee07e7_terseLabel_en-US" xlink:label="lab_bam_U.S.TermDebtMaturingOnJanuary252028Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Canadian Term Debt Maturing On January 25, 2028</link:label>
    <link:label id="lab_bam_U.S.TermDebtMaturingOnJanuary252028Member_label_en-US" xlink:label="lab_bam_U.S.TermDebtMaturingOnJanuary252028Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On January 25, 2028 [Member]</link:label>
    <link:label id="lab_bam_U.S.TermDebtMaturingOnJanuary252028Member_documentation_en-US" xlink:label="lab_bam_U.S.TermDebtMaturingOnJanuary252028Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On January 25, 2028 [Member]</link:label>
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    <link:label id="lab_ifrs-full_CashFlowHedgesMember_d0d7d0e7-c1aa-4acc-b4b3-3c11b092f2cd_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flow hedges</link:label>
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    <link:label id="lab_bam_PropertySpecificBorrowingsMember_5183eab5-2c7a-4a69-9f68-4a7e6e539160_terseLabel_en-US" xlink:label="lab_bam_PropertySpecificBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property-specific borrowings</link:label>
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    <link:label id="lab_bam_PropertySpecificBorrowingsMember_documentation_en-US" xlink:label="lab_bam_PropertySpecificBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property-Specific Borrowings [Member]</link:label>
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    <link:label id="lab_ifrs-full_ProductsAndServicesMember_34e2ba78-21fb-44a2-a636-17c8b1cf2dee_terseLabel_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Products and services [member]</link:label>
    <link:label id="lab_ifrs-full_ProductsAndServicesMember_label_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Products and services [member]</link:label>
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    <link:label id="lab_bam_DisclosureofInventoryPropertiesLineItems_f33f4d78-1027-447a-83a6-67530e9f9442_terseLabel_en-US" xlink:label="lab_bam_DisclosureofInventoryPropertiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Inventory Properties [Line Items]</link:label>
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    <link:label id="lab_bam_DisclosureofInventoryPropertiesLineItems_documentation_en-US" xlink:label="lab_bam_DisclosureofInventoryPropertiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Line Items] for Disclosure of Inventory Properties [Table]</link:label>
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    <link:label id="lab_bam_SeniorNotesDue2032Member_documentation_en-US" xlink:label="lab_bam_SeniorNotesDue2032Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes Due 2032</link:label>
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    <link:label id="lab_bam_FinancialstatementcomponentsnotincludedinFFOAbstract_cbd44706-f142-4ffa-b5f2-fca79abe5f4a_terseLabel_en-US" xlink:label="lab_bam_FinancialstatementcomponentsnotincludedinFFOAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial statement components not included in FFO</link:label>
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    <link:label id="lab_dei_DocumentFiscalYearFocus_30d644ef-587b-4f6c-aa90-48a0264b7a87_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Year Focus</link:label>
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    <link:label id="lab_bam_EstimatesofFutureElectricityPrices_1ee893ba-f689-4628-98b1-e9a286a973a7_terseLabel_en-US" xlink:label="lab_bam_EstimatesofFutureElectricityPrices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Estimates of Future Electricity Prices (weighted average)</link:label>
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    <link:label id="lab_bam_EstimatesofFutureElectricityPrices_documentation_en-US" xlink:label="lab_bam_EstimatesofFutureElectricityPrices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Estimates of Future Electricity Prices</link:label>
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    <link:label id="lab_bam_DisclosureofSignificantAccountingPoliciesAbstract_611ba662-bee0-4998-a084-f54fd2d3fc8c_terseLabel_en-US" xlink:label="lab_bam_DisclosureofSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Significant Accounting Policies [Abstract]</link:label>
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    <link:label id="lab_bam_DisclosureofSignificantAccountingPoliciesAbstract_documentation_en-US" xlink:label="lab_bam_DisclosureofSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Significant Accounting Policies [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofSignificantAccountingPoliciesAbstract" xlink:href="bam-20211231.xsd#bam_DisclosureofSignificantAccountingPoliciesAbstract"/>
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    <link:label id="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_ad52dcc8-8a4f-44a5-9598-6b45b3e1b2c2_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expense from share-based payment transactions with employees</link:label>
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    <link:label id="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_866a723c-2ac0-4653-a3c6-19e2e0897828_terseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrecognized deferred tax assets</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_label_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unused tax losses for which no deferred tax asset recognised</link:label>
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    <link:label id="lab_ifrs-full_ForeignCountriesMember_c4903fa2-da28-4eee-9b8b-3f6e2c68570e_terseLabel_en-US" xlink:label="lab_ifrs-full_ForeignCountriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">International</link:label>
    <link:label id="lab_ifrs-full_ForeignCountriesMember_label_en-US" xlink:label="lab_ifrs-full_ForeignCountriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign countries [member]</link:label>
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    <link:label id="lab_bam_UnsecuredNotesDue2024Member_2f6e3bcb-50e4-4ee2-ac9b-89bb722fd5c7_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2024</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_UnsecuredNotesDue2024Member" xlink:href="bam-20211231.xsd#bam_UnsecuredNotesDue2024Member"/>
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    <link:label id="lab_bam_DisclosureOfInventoryTypesTableTextBlock_74496da7-669e-48b8-8dff-19262de74649_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfInventoryTypesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of inventory properties</link:label>
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    <link:label id="lab_bam_AccountsReceivableAndOtherMember_b39f1bfa-0c84-4a1c-9283-c43e56569439_terseLabel_en-US" xlink:label="lab_bam_AccountsReceivableAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_AccountsReceivableAndOtherMember" xlink:href="bam-20211231.xsd#bam_AccountsReceivableAndOtherMember"/>
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    <link:label id="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions_8c47ff44-56e9-4e30-ae78-1be60c901860_terseLabel_en-US" xlink:label="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfers under finance agreements from entity, related party transactions</link:label>
    <link:label id="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfers under finance agreements from entity, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:to="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EntitysTotalForBusinessCombinationsMember_3cac541b-6bba-423a-a25a-16092b5e4adb_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for business combinations [member]</link:label>
    <link:label id="lab_ifrs-full_EntitysTotalForBusinessCombinationsMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for business combinations [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="lab_ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_effdbbd8-1ac9-439b-aa5b-38b6de937fe7_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common shares repurchased</link:label>
    <link:label id="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_label_en-US" xlink:label="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments to acquire or redeem entity's shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:to="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldBusinessPartnersL.P.Member_7e575580-fcb4-42b1-ad9c-b311b32cb3b9_terseLabel_en-US" xlink:label="lab_bam_BrookfieldBusinessPartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Business Partners L.P. (&#8220;BBU&#8221;)</link:label>
    <link:label id="lab_bam_BrookfieldBusinessPartnersL.P.Member_3c74c8bb-d3ea-4780-978a-e1ec5b4df71f_verboseLabel_en-US" xlink:label="lab_bam_BrookfieldBusinessPartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BBU</link:label>
    <link:label id="lab_bam_BrookfieldBusinessPartnersL.P.Member_label_en-US" xlink:label="lab_bam_BrookfieldBusinessPartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Business Partners L.P. [Member]</link:label>
    <link:label id="lab_bam_BrookfieldBusinessPartnersL.P.Member_documentation_en-US" xlink:label="lab_bam_BrookfieldBusinessPartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Business Partners L.P. ("BBU")</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldBusinessPartnersL.P.Member" xlink:href="bam-20211231.xsd#bam_BrookfieldBusinessPartnersL.P.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldBusinessPartnersL.P.Member" xlink:to="lab_bam_BrookfieldBusinessPartnersL.P.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements_474313f8-27bd-4861-bb8e-a10fc9757b32_terseLabel_en-US" xlink:label="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage change in the common equity price</link:label>
    <link:label id="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements_label_en-US" xlink:label="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage Of Increase (Decrease) In Common Equity Price In Respect Of Compensation Agreements</link:label>
    <link:label id="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements_documentation_en-US" xlink:label="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage Of Increase (Decrease) In Common Equity Price In Respect Of Compensation Agreements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements" xlink:href="bam-20211231.xsd#bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements" xlink:to="lab_bam_PercentageOfIncreaseDecreaseInCommonEquityPriceInRespectOfCompensationAgreements" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ProceedsfromSubsidiaryEquityObligations_57779e6c-e83f-4be5-9e54-24eafc08748e_terseLabel_en-US" xlink:label="lab_bam_ProceedsfromSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary equity obligations issued</link:label>
    <link:label id="lab_bam_ProceedsfromSubsidiaryEquityObligations_label_en-US" xlink:label="lab_bam_ProceedsfromSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Subsidiary Equity Obligations</link:label>
    <link:label id="lab_bam_ProceedsfromSubsidiaryEquityObligations_documentation_en-US" xlink:label="lab_bam_ProceedsfromSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Subsidiary Equity Obligations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ProceedsfromSubsidiaryEquityObligations" xlink:href="bam-20211231.xsd#bam_ProceedsfromSubsidiaryEquityObligations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ProceedsfromSubsidiaryEquityObligations" xlink:to="lab_bam_ProceedsfromSubsidiaryEquityObligations" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends_b75f3516-52e0-4d4f-8aa2-cf7655e5ed05_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dilutive effect of conversion of subsidiary preferred shares</link:label>
    <link:label id="lab_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends_label_en-US" xlink:label="lab_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustment to profit (loss) for preference share dividends</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends" xlink:to="lab_ifrs-full_AdjustmentToProfitLossForPreferenceShareDividends" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_4c6f08f4-144a-4c62-8a95-c3a3b177a1ba_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of liabilities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of liabilities [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AuditedAnnualFinancialStatements_c274edef-375d-4eda-b271-08dee9528615_terseLabel_en-US" xlink:label="lab_dei_AuditedAnnualFinancialStatements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Audited Annual Financial Statements</link:label>
    <link:label id="lab_dei_AuditedAnnualFinancialStatements_label_en-US" xlink:label="lab_dei_AuditedAnnualFinancialStatements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Audited Annual Financial Statements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditedAnnualFinancialStatements" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditedAnnualFinancialStatements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditedAnnualFinancialStatements" xlink:to="lab_dei_AuditedAnnualFinancialStatements" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NaturalgascommodityinstrumentMember_dca98167-d1a5-4a09-b0d3-4998720e608f_terseLabel_en-US" xlink:label="lab_bam_NaturalgascommodityinstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Natural gas commodity instrument [Member]</link:label>
    <link:label id="lab_bam_NaturalgascommodityinstrumentMember_label_en-US" xlink:label="lab_bam_NaturalgascommodityinstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Natural gas commodity instrument [Member]</link:label>
    <link:label id="lab_bam_NaturalgascommodityinstrumentMember_documentation_en-US" xlink:label="lab_bam_NaturalgascommodityinstrumentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Natural gas commodity instrument [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NaturalgascommodityinstrumentMember" xlink:href="bam-20211231.xsd#bam_NaturalgascommodityinstrumentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NaturalgascommodityinstrumentMember" xlink:to="lab_bam_NaturalgascommodityinstrumentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RenewablepowerandotherMember_f6545681-cb01-4a9f-8ee5-ea173185e5cd_terseLabel_en-US" xlink:label="lab_bam_RenewablepowerandotherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable Power and Other</link:label>
    <link:label id="lab_bam_RenewablepowerandotherMember_b097f2ee-bbfe-414e-8c08-569ed98c6360_verboseLabel_en-US" xlink:label="lab_bam_RenewablepowerandotherMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable Power and Transition and other</link:label>
    <link:label id="lab_bam_RenewablepowerandotherMember_label_en-US" xlink:label="lab_bam_RenewablepowerandotherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable power and other [Member]</link:label>
    <link:label id="lab_bam_RenewablepowerandotherMember_documentation_en-US" xlink:label="lab_bam_RenewablepowerandotherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable power and other [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_RenewablepowerandotherMember" xlink:href="bam-20211231.xsd#bam_RenewablepowerandotherMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_RenewablepowerandotherMember" xlink:to="lab_bam_RenewablepowerandotherMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RepaymentsofSubsidiaryEquityObligations_8ef4db26-1c99-4d3c-a8bf-845a341bf216_negatedTerseLabel_en-US" xlink:label="lab_bam_RepaymentsofSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary equity obligations redeemed</link:label>
    <link:label id="lab_bam_RepaymentsofSubsidiaryEquityObligations_label_en-US" xlink:label="lab_bam_RepaymentsofSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of Subsidiary Equity Obligations</link:label>
    <link:label id="lab_bam_RepaymentsofSubsidiaryEquityObligations_documentation_en-US" xlink:label="lab_bam_RepaymentsofSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of Subsidiary Equity Obligations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_RepaymentsofSubsidiaryEquityObligations" xlink:href="bam-20211231.xsd#bam_RepaymentsofSubsidiaryEquityObligations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_RepaymentsofSubsidiaryEquityObligations" xlink:to="lab_bam_RepaymentsofSubsidiaryEquityObligations" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AddressTypeDomain_bc5ef96a-a66a-4dc2-8901-36466518a769_terseLabel_en-US" xlink:label="lab_dei_AddressTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Address Type [Domain]</link:label>
    <link:label id="lab_dei_AddressTypeDomain_label_en-US" xlink:label="lab_dei_AddressTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Address Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AddressTypeDomain" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AddressTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AddressTypeDomain" xlink:to="lab_dei_AddressTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock_a398d4ab-624a-44cc-8325-48901003c235_terseLabel_en-US" xlink:label="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summarized financial information of subsidiaries [Table Text Block]</link:label>
    <link:label id="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock_label_en-US" xlink:label="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summarized financial information of subsidiaries [Table Text Block]</link:label>
    <link:label id="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock_documentation_en-US" xlink:label="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summarized financial information of subsidiaries [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock" xlink:href="bam-20211231.xsd#bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock" xlink:to="lab_bam_SummarizedfinancialinformationofsubsidiariesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldClassASharesMember_b610fafd-0222-4758-a4e5-0f57b2269727_terseLabel_en-US" xlink:label="lab_bam_BrookfieldClassASharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Class A Shares [Member]</link:label>
    <link:label id="lab_bam_BrookfieldClassASharesMember_label_en-US" xlink:label="lab_bam_BrookfieldClassASharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Class A Shares [Member]</link:label>
    <link:label id="lab_bam_BrookfieldClassASharesMember_documentation_en-US" xlink:label="lab_bam_BrookfieldClassASharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Class A Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldClassASharesMember" xlink:href="bam-20211231.xsd#bam_BrookfieldClassASharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldClassASharesMember" xlink:to="lab_bam_BrookfieldClassASharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_d40c7646-56c8-4675-80aa-d416795cf778_netLabel_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity accounted income (loss)</link:label>
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    <link:label id="lab_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_label_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share of profit (loss) of associates and joint ventures accounted for using equity method</link:label>
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    <link:label id="lab_bam_Rightofuseassetsfairvaluechanges_c229fb94-8985-4484-837a-50592313e97b_negatedTerseLabel_en-US" xlink:label="lab_bam_Rightofuseassetsfairvaluechanges" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right of use assets, fair value changes</link:label>
    <link:label id="lab_bam_Rightofuseassetsfairvaluechanges_label_en-US" xlink:label="lab_bam_Rightofuseassetsfairvaluechanges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right of use assets, fair value changes</link:label>
    <link:label id="lab_bam_Rightofuseassetsfairvaluechanges_documentation_en-US" xlink:label="lab_bam_Rightofuseassetsfairvaluechanges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right of use assets, fair value changes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Rightofuseassetsfairvaluechanges" xlink:href="bam-20211231.xsd#bam_Rightofuseassetsfairvaluechanges"/>
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    <link:label id="lab_ifrs-full_IncomeTaxesPaidRefund_73c3ca5f-2794-47c9-9023-5b8bc07c6d8f_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefund" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Incomes Taxes Paid Classified As Supplemental Cash Flow Disclosure</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxesPaidRefund_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefund" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income taxes paid (refund)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxesPaidRefund" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxesPaidRefund"/>
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    <link:label id="lab_bam_USTermDebtMaturingOnApril152050Member_6ccbac1f-21c2-4365-8827-61899016d30b_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril152050Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 15, 2050</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnApril152050Member_label_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril152050Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 15, 2050 [Member]</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnApril152050Member_documentation_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril152050Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 15, 2050</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_USTermDebtMaturingOnApril152050Member" xlink:to="lab_bam_USTermDebtMaturingOnApril152050Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_a5392e60-81cc-4627-8e02-39dc3aa454ad_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Through OCI</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_ec505a69-bd85-47b3-81be-9f630a5ddbd3_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Elected for hedge accounting</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember_3fb75d4b-e4e8-4e23-bed0-137cdb419e4c_terseLabel_en-US" xlink:label="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flow hedges and hedges of net investment in foreign operations [Member]</link:label>
    <link:label id="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember_label_en-US" xlink:label="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flow hedges and hedges of net investment in foreign operations [Member]</link:label>
    <link:label id="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember_documentation_en-US" xlink:label="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flow hedges and hedges of net investment in foreign operations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember" xlink:href="bam-20211231.xsd#bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember" xlink:to="lab_bam_CashflowhedgesandhedgesofnetinvestmentinforeignoperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_sic_Z7948_fc117561-4662-4149-b526-024c521f4f45_terseLabel_en-US" xlink:label="lab_sic_Z7948" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">7948 Services, Racing, Including Track Operation</link:label>
    <link:label id="lab_sic_Z7948_label_en-US" xlink:label="lab_sic_Z7948" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">7948 Services, Racing, Including Track Operation [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_sic_Z7948" xlink:href="https://xbrl.sec.gov/sic/2021/sic-2021.xsd#sic_Z7948"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_sic_Z7948" xlink:to="lab_sic_Z7948" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty_957a8ffa-d027-44c9-ab59-52059cf067ae_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value changes</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) on fair value adjustment, investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty" xlink:to="lab_ifrs-full_GainsLossesOnFairValueAdjustmentInvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentAbstract_e666a59e-3bf9-47db-8aa0-8ea3365527de_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment [abstract]</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentAbstract_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember_38e78602-0107-42eb-8e3e-9774c6255dc3_terseLabel_en-US" xlink:label="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield class A shares with liquidity option</link:label>
    <link:label id="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember_label_en-US" xlink:label="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield class A shares with liquidity option [Member]</link:label>
    <link:label id="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember_documentation_en-US" xlink:label="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield class A shares with liquidity option</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldClassASharesWithLiquidityOptionMember" xlink:href="bam-20211231.xsd#bam_BrookfieldClassASharesWithLiquidityOptionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldClassASharesWithLiquidityOptionMember" xlink:to="lab_bam_BrookfieldClassASharesWithLiquidityOptionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ServiceConcessionRightsMember_f3c70bb5-6a66-423f-9060-2461e7e65bfd_terseLabel_en-US" xlink:label="lab_ifrs-full_ServiceConcessionRightsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Service concession rights [member]</link:label>
    <link:label id="lab_ifrs-full_ServiceConcessionRightsMember_label_en-US" xlink:label="lab_ifrs-full_ServiceConcessionRightsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Service concession rights [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ServiceConcessionRightsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServiceConcessionRightsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ServiceConcessionRightsMember" xlink:to="lab_ifrs-full_ServiceConcessionRightsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract_ee2a5433-8895-4550-b172-a97283c15c60_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [abstract]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:to="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract_dfeb157c-d20f-43fa-a4b4-7fc5892f0862_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [abstract]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ClassBLimitedVotingSharesMember_7e2b89e9-5a54-43fb-9983-6ad1fe0ec927_terseLabel_en-US" xlink:label="lab_bam_ClassBLimitedVotingSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class B Limited Voting Shares</link:label>
    <link:label id="lab_bam_ClassBLimitedVotingSharesMember_label_en-US" xlink:label="lab_bam_ClassBLimitedVotingSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class B Limited Voting Shares [Member]</link:label>
    <link:label id="lab_bam_ClassBLimitedVotingSharesMember_documentation_en-US" xlink:label="lab_bam_ClassBLimitedVotingSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class B Limited Voting Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ClassBLimitedVotingSharesMember" xlink:href="bam-20211231.xsd#bam_ClassBLimitedVotingSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ClassBLimitedVotingSharesMember" xlink:to="lab_bam_ClassBLimitedVotingSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Othercomprehensiveincomemarketablesecuritieswillnotbereclassedtonetincome_2ee61af3-f6be-4b4c-b1e5-2e998a34066d_terseLabel_en-US" xlink:label="lab_bam_Othercomprehensiveincomemarketablesecuritieswillnotbereclassedtonetincome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable securities</link:label>
    <link:label id="lab_bam_Othercomprehensiveincomemarketablesecuritieswillnotbereclassedtonetincome_label_en-US" xlink:label="lab_bam_Othercomprehensiveincomemarketablesecuritieswillnotbereclassedtonetincome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, marketable securities, will not be reclassed to net income</link:label>
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    <link:label id="lab_dei_CityAreaCode_e7e9030a-8c49-4c0e-a481-a8558f57e371_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode"/>
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    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals_f5891491-c38c-42c2-a202-ad53a9e92eca_terseLabel_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions, net of disposals1</link:label>
    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals_1acf0086-4910-455a-b42c-690554343822_verboseLabel_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Additions, Net Of Disposals</link:label>
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    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals_documentation_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Additions, Net Of Disposals</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals" xlink:href="bam-20211231.xsd#bam_InvestmentAccountedForUsingEquityMethodAdditionsNetOfDisposals"/>
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    <link:label id="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference_4b1e354c-d5f2-4750-bef1-24792d520cc7_terseLabel_en-US" xlink:label="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price on date of acquisition, liquidation preference</link:label>
    <link:label id="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference_label_en-US" xlink:label="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price on date of acquisition, liquidation preference</link:label>
    <link:label id="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference_documentation_en-US" xlink:label="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price on date of acquisition, liquidation preference</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SharePriceOnDateOfAcquisitionLiquidationPreference" xlink:to="lab_bam_SharePriceOnDateOfAcquisitionLiquidationPreference" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalentsAbstract_8b016855-d3cd-440b-a2ff-2d7aa7037c46_terseLabel_en-US" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalentsAbstract_label_en-US" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents [abstract]</link:label>
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    <link:label id="lab_ifrs-full_ImpairmentLoss_7f633594-384a-4873-809a-a71672ee10a1_terseLabel_en-US" xlink:label="lab_ifrs-full_ImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment loss</link:label>
    <link:label id="lab_ifrs-full_ImpairmentLoss_label_en-US" xlink:label="lab_ifrs-full_ImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ImpairmentLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ImpairmentLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLoss" xlink:to="lab_ifrs-full_ImpairmentLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TypeofInventoryAxis_6abadedc-9b55-4eee-9ebe-3c44a5527cc7_terseLabel_en-US" xlink:label="lab_bam_TypeofInventoryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Inventory [Axis]</link:label>
    <link:label id="lab_bam_TypeofInventoryAxis_label_en-US" xlink:label="lab_bam_TypeofInventoryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Inventory [Axis]</link:label>
    <link:label id="lab_bam_TypeofInventoryAxis_documentation_en-US" xlink:label="lab_bam_TypeofInventoryAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Inventory</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TypeofInventoryAxis" xlink:href="bam-20211231.xsd#bam_TypeofInventoryAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TypeofInventoryAxis" xlink:to="lab_bam_TypeofInventoryAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare_6ecd9f36-0625-4ad0-afee-a4766b81ad1a_terseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid, ordinary shares per share</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid, ordinary shares per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:to="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidOtherShares_0e3bd15f-ad02-4f17-bc27-06fa8ec46f6d_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidOtherShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidOtherShares_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidOtherShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid, other shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidOtherShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidOtherShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidOtherShares" xlink:to="lab_ifrs-full_DividendsPaidOtherShares" xlink:type="arc" order="1"/>
    <link:label id="lab_country_IN_5d0f7b57-8b87-43b4-be65-61dd3c209ab1_terseLabel_en-US" xlink:label="lab_country_IN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">INDIA</link:label>
    <link:label id="lab_country_IN_label_en-US" xlink:label="lab_country_IN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">INDIA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_IN" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_IN"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_IN" xlink:to="lab_country_IN" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_0839cafe-dc47-450b-a4f7-0affe8399c1c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of transactions between related parties [table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable"/>
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    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_6490df51-b4d1-4165-878a-0c28c4a72397_totalLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss), attributable to ordinary equity holders of parent entity</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating basic earnings per share</link:label>
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    <link:label id="lab_bam_EquityAccountedFairValueChangesAndOtherNonFundsFromOperations_b641bdf7-4f0b-4c7f-bde8-cfb9cbb9913e_terseLabel_en-US" xlink:label="lab_bam_EquityAccountedFairValueChangesAndOtherNonFundsFromOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-FFO items from equity accounted investments</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_EquityAccountedFairValueChangesAndOtherNonFundsFromOperations" xlink:href="bam-20211231.xsd#bam_EquityAccountedFairValueChangesAndOtherNonFundsFromOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_EquityAccountedFairValueChangesAndOtherNonFundsFromOperations" xlink:to="lab_bam_EquityAccountedFairValueChangesAndOtherNonFundsFromOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived_5250aeb6-0fea-499e-8bec-9346dc6304f5_terseLabel_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Distribution Received</link:label>
    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived_label_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Distribution Received</link:label>
    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived_documentation_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Distribution Received</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived" xlink:href="bam-20211231.xsd#bam_InvestmentAccountedForUsingEquityMethodDistributionReceived"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived" xlink:to="lab_bam_InvestmentAccountedForUsingEquityMethodDistributionReceived" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaid_acb340f8-f15c-4ae1-a1bf-24e015d9e267_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common equity</link:label>
    <link:label id="lab_ifrs-full_DividendsPaid_label_en-US" xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends recognised as distributions to owners</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaid" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaid" xlink:to="lab_ifrs-full_DividendsPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidToNoncontrollingInterests_bb8c246b-3086-47e4-abc7-ff6399a4eb92_verboseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions paid to non-controlling interests in common equity</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid to non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:to="lab_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_dd0295ee-8277-4b06-99c1-6b49fe56291f_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) on cash flow hedges, before tax</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) on cash flow hedges, before tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:to="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableTable_2c304736-e660-4c1d-8e41-7b9fa1b3f58c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of maturity analysis of finance lease payments receivable [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of maturity analysis of finance lease payments receivable [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableTable"/>
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    <link:label id="lab_ifrs-full_LiabilitiesAbstract_d2f7b5db-3671-4b07-a589-cfcd7404224a_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesAbstract" xlink:to="lab_ifrs-full_LiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_JointVenturesAndAssociatesDomain_e6097b92-d1c7-46a3-a0f3-608f990bbcdd_terseLabel_en-US" xlink:label="lab_bam_JointVenturesAndAssociatesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures and associates [Domain]</link:label>
    <link:label id="lab_bam_JointVenturesAndAssociatesDomain_label_en-US" xlink:label="lab_bam_JointVenturesAndAssociatesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures and associates [Domain]</link:label>
    <link:label id="lab_bam_JointVenturesAndAssociatesDomain_documentation_en-US" xlink:label="lab_bam_JointVenturesAndAssociatesDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures and associates [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_JointVenturesAndAssociatesDomain" xlink:href="bam-20211231.xsd#bam_JointVenturesAndAssociatesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_JointVenturesAndAssociatesDomain" xlink:to="lab_bam_JointVenturesAndAssociatesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Principalrepaymentofborrowings_1fddb60c-d0c9-41c3-aaa4-41acee64f783_terseLabel_en-US" xlink:label="lab_bam_Principalrepaymentofborrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal repayment of borrowings</link:label>
    <link:label id="lab_bam_Principalrepaymentofborrowings_label_en-US" xlink:label="lab_bam_Principalrepaymentofborrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal repayment of borrowings</link:label>
    <link:label id="lab_bam_Principalrepaymentofborrowings_documentation_en-US" xlink:label="lab_bam_Principalrepaymentofborrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal repayment of borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Principalrepaymentofborrowings" xlink:href="bam-20211231.xsd#bam_Principalrepaymentofborrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Principalrepaymentofborrowings" xlink:to="lab_bam_Principalrepaymentofborrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis_43b627be-7326-4548-9ecc-1e2d7c553c6d_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative instruments [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of financial instruments [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Assetssubjecttooperatingleases_c8313920-e0b4-4e08-8f9e-f6ad1bbe1080_terseLabel_en-US" xlink:label="lab_bam_Assetssubjecttooperatingleases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets subject to operating leases</link:label>
    <link:label id="lab_bam_Assetssubjecttooperatingleases_label_en-US" xlink:label="lab_bam_Assetssubjecttooperatingleases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets subject to operating leases</link:label>
    <link:label id="lab_bam_Assetssubjecttooperatingleases_documentation_en-US" xlink:label="lab_bam_Assetssubjecttooperatingleases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets subject to operating leases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Assetssubjecttooperatingleases" xlink:href="bam-20211231.xsd#bam_Assetssubjecttooperatingleases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Assetssubjecttooperatingleases" xlink:to="lab_bam_Assetssubjecttooperatingleases" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CorporateBorrowingsMember_340655c7-ab6e-4960-9217-7c3c21a3d9a7_terseLabel_en-US" xlink:label="lab_bam_CorporateBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate borrowings</link:label>
    <link:label id="lab_bam_CorporateBorrowingsMember_label_en-US" xlink:label="lab_bam_CorporateBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Borrowings [Member]</link:label>
    <link:label id="lab_bam_CorporateBorrowingsMember_documentation_en-US" xlink:label="lab_bam_CorporateBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Borrowings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CorporateBorrowingsMember" xlink:href="bam-20211231.xsd#bam_CorporateBorrowingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CorporateBorrowingsMember" xlink:to="lab_bam_CorporateBorrowingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OtherCurrenciesMember_d977bb87-5683-42b7-86dc-511f801b3b9e_terseLabel_en-US" xlink:label="lab_bam_OtherCurrenciesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other currencies</link:label>
    <link:label id="lab_bam_OtherCurrenciesMember_label_en-US" xlink:label="lab_bam_OtherCurrenciesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Currencies [Member]</link:label>
    <link:label id="lab_bam_OtherCurrenciesMember_documentation_en-US" xlink:label="lab_bam_OtherCurrenciesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Currencies [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OtherCurrenciesMember" xlink:href="bam-20211231.xsd#bam_OtherCurrenciesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OtherCurrenciesMember" xlink:to="lab_bam_OtherCurrenciesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems_dda49dd6-5605-4272-88f8-11038a675be0_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of initial application of standards or interpretations [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of initial application of standards or interpretations [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:to="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SubsidiaryEquityObligationsMember_4e36e8a4-043f-4d08-b942-9fbc6ca19b0e_terseLabel_en-US" xlink:label="lab_bam_SubsidiaryEquityObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary equity obligations</link:label>
    <link:label id="lab_bam_SubsidiaryEquityObligationsMember_18d995cd-0345-4ac4-855d-003a2dc11779_verboseLabel_en-US" xlink:label="lab_bam_SubsidiaryEquityObligationsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redeemable fund units (subsidiary equity obligations)</link:label>
    <link:label id="lab_bam_SubsidiaryEquityObligationsMember_label_en-US" xlink:label="lab_bam_SubsidiaryEquityObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Equity Obligations [Member]</link:label>
    <link:label id="lab_bam_SubsidiaryEquityObligationsMember_documentation_en-US" xlink:label="lab_bam_SubsidiaryEquityObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Equity Obligations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SubsidiaryEquityObligationsMember" xlink:href="bam-20211231.xsd#bam_SubsidiaryEquityObligationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SubsidiaryEquityObligationsMember" xlink:to="lab_bam_SubsidiaryEquityObligationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_SEK_a2059895-843f-4a63-84ce-b5115eea9027_terseLabel_en-US" xlink:label="lab_currency_SEK" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sweden, Kronor</link:label>
    <link:label id="lab_currency_SEK_label_en-US" xlink:label="lab_currency_SEK" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sweden, Kronor</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_SEK" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_SEK"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_SEK" xlink:to="lab_currency_SEK" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates_90577bac-5f9f-4f7c-8f7d-c989b9b1cb75_terseLabel_en-US" xlink:label="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portion of gains subject to different tax rates</link:label>
    <link:label id="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates_label_en-US" xlink:label="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax rate effect of gains subject to different tax rates</link:label>
    <link:label id="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates_documentation_en-US" xlink:label="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax rate effect of gains subject to different tax rates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Taxrateeffectofgainssubjecttodifferenttaxrates" xlink:href="bam-20211231.xsd#bam_Taxrateeffectofgainssubjecttodifferenttaxrates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Taxrateeffectofgainssubjecttodifferenttaxrates" xlink:to="lab_bam_Taxrateeffectofgainssubjecttodifferenttaxrates" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_bb843aeb-93c1-4827-8634-bae81b25bbe2_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for measuring inventories [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for measuring inventories [text block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnsecuredNotesDue2030Member_bee33f96-a642-4baf-bd63-0052825dafa1_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2030Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2030</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2030Member_label_en-US" xlink:label="lab_bam_UnsecuredNotesDue2030Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2030 [Member]</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2030Member_documentation_en-US" xlink:label="lab_bam_UnsecuredNotesDue2030Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2030 [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnsecuredNotesDue2030Member" xlink:href="bam-20211231.xsd#bam_UnsecuredNotesDue2030Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnsecuredNotesDue2030Member" xlink:to="lab_bam_UnsecuredNotesDue2030Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_ea76323e-74ab-4e5e-9cce-9017010f6c2b_terseLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents recognised as of acquisition date</link:label>
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    <link:label id="lab_ifrs-full_AcquisitiondateFairValueOfEquityInterestInAcquireeHeldByAcquirerImmediatelyBeforeAcquisitionDate_ee127069-c236-40e8-b72e-3afdabcb40fd_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitiondateFairValueOfEquityInterestInAcquireeHeldByAcquirerImmediatelyBeforeAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date</link:label>
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    <link:label id="lab_bam_FixedandfloatingrateMember_567d97f4-e8b6-4e44-9b8b-cc6fd1f78a36_terseLabel_en-US" xlink:label="lab_bam_FixedandfloatingrateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed and floating rate [Member]</link:label>
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    <link:label id="lab_ifrs-full_LaterThanThreeYearsMember_2a1a8ff4-e650-497d-8a0b-8263ade282a4_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">After three years from reporting date</link:label>
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    <link:label id="lab_dei_EntityRegistrantName_f23a3be8-561c-4326-ac10-d59870ae4858_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
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    <link:label id="lab_bam_AdditionsSustainableResources_a2140f0c-708a-4315-9db1-e7a4906aa4db_terseLabel_en-US" xlink:label="lab_bam_AdditionsSustainableResources" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_bam_AdditionsSustainableResources_label_en-US" xlink:label="lab_bam_AdditionsSustainableResources" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions, Sustainable Resources</link:label>
    <link:label id="lab_bam_AdditionsSustainableResources_documentation_en-US" xlink:label="lab_bam_AdditionsSustainableResources" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions, Sustainable Resources</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_AdditionsSustainableResources" xlink:href="bam-20211231.xsd#bam_AdditionsSustainableResources"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_48b9c8f2-8a6e-4483-a1ff-ef5f00692f29_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for determining components of cash and cash equivalents [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for determining components of cash and cash equivalents [text block]</link:label>
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    <link:label id="lab_ifrs-full_FixedInterestRateMember_17a546f1-336d-4e13-b70b-e8d84081815a_terseLabel_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed rate</link:label>
    <link:label id="lab_ifrs-full_FixedInterestRateMember_24cdd78c-2a12-4851-b25c-8a3edbbb5d30_verboseLabel_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed rate</link:label>
    <link:label id="lab_ifrs-full_FixedInterestRateMember_label_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed interest rate [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FixedInterestRateMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FixedInterestRateMember"/>
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    <link:label id="lab_ifrs-full_TimingOfTransferOfGoodsOrServicesMember_1930fea0-61b8-47a9-a358-5c0b823a5b54_terseLabel_en-US" xlink:label="lab_ifrs-full_TimingOfTransferOfGoodsOrServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Timing of transfer of goods or services [member]</link:label>
    <link:label id="lab_ifrs-full_TimingOfTransferOfGoodsOrServicesMember_label_en-US" xlink:label="lab_ifrs-full_TimingOfTransferOfGoodsOrServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Timing of transfer of goods or services [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TimingOfTransferOfGoodsOrServicesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TimingOfTransferOfGoodsOrServicesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TimingOfTransferOfGoodsOrServicesMember" xlink:to="lab_ifrs-full_TimingOfTransferOfGoodsOrServicesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_b310fe47-d950-4928-a500-59b7e86c7850_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Currency risk</link:label>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_label_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Currency risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrencyRiskMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrencyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrencyRiskMember" xlink:to="lab_ifrs-full_CurrencyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory_54e59e1c-0401-48c1-bb66-dc42c9470cd3_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for subsidiaries [text block]</link:label>
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    <link:label id="lab_bam_NewLPPreferredUnitsMember_43a7a773-f6be-42c1-a898-c6c59b4bd285_terseLabel_en-US" xlink:label="lab_bam_NewLPPreferredUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">New LP Preferred Units [Member]</link:label>
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    <link:label id="lab_dei_DocumentFiscalPeriodFocus_253e9886-cbd5-4021-8b78-ab6b84079aa4_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember_8e5c8293-a9db-496a-b0cf-e628670938ee_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) due to changes in accounting policy required by IFRSs</link:label>
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    <link:label id="lab_ifrs-full_LoansAndReceivablesCategoryMember_25bdc508-2639-49a8-af74-4d8781bd14da_verboseLabel_en-US" xlink:label="lab_ifrs-full_LoansAndReceivablesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and notes receivables</link:label>
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    <link:label id="lab_ifrs-full_PreviouslyStatedMember_435bebd1-11f8-40ba-98c8-8960c07bee0f_terseLabel_en-US" xlink:label="lab_ifrs-full_PreviouslyStatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Previously stated</link:label>
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    <link:label id="lab_bam_DisclosureOfReconciliationOfFundsFromOperationsToNetIncomeTableTextBlock_6dde98e3-be50-47d5-9f37-d53d17c3f721_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfReconciliationOfFundsFromOperationsToNetIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of reconciliation of FFO to net income</link:label>
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    <link:label id="lab_ifrs-full_MiscellaneousOtherComprehensiveIncomeAbstract_ca41bf6d-90a1-4356-b38c-46aae9e2a6f9_terseLabel_en-US" xlink:label="lab_ifrs-full_MiscellaneousOtherComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss) attributable to:</link:label>
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    <link:label id="lab_ifrs-full_OperatingSegmentsMember_fde54a23-01c8-4a87-9e8c-73a29f510436_terseLabel_en-US" xlink:label="lab_ifrs-full_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating segments</link:label>
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    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_306df427-3f1c-4503-8266-49e001f4b7f4_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Salaries, incentives and short-term benefits</link:label>
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    <link:label id="lab_ifrs-full_IncomeRelatingToVariableLeasePaymentsForOperatingLeasesThatDoNotDependOnIndexOrRate_253396c3-a154-4d21-a40b-0b54a1b65134_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeRelatingToVariableLeasePaymentsForOperatingLeasesThatDoNotDependOnIndexOrRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income relating to variable lease payments for operating leases that do not depend on index or rate</link:label>
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    <link:label id="lab_bam_Series13ClassAPreferredSharesMember_2ef7c0af-2cdf-418d-b9f4-f3df6cfd2664_terseLabel_en-US" xlink:label="lab_bam_Series13ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 13 Class A Preferred Shares</link:label>
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    <link:label id="lab_bam_Series13ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series13ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 13 Class A Preferred Shares [Member]</link:label>
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    <link:label id="lab_ifrs-full_SharePremiumMember_6378e0e9-bcf7-446a-96f1-70a56aec2b13_terseLabel_en-US" xlink:label="lab_ifrs-full_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contributed Surplus</link:label>
    <link:label id="lab_ifrs-full_SharePremiumMember_dc11fa05-fcad-4ecd-9769-762cee1d04d4_verboseLabel_en-US" xlink:label="lab_ifrs-full_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contributed surplus</link:label>
    <link:label id="lab_ifrs-full_SharePremiumMember_label_en-US" xlink:label="lab_ifrs-full_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share premium [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SharePremiumMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharePremiumMember"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_866c708f-2b04-40cb-a242-cdd34ff612f4_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for business combinations [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for business combinations [text block]</link:label>
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    <link:label id="lab_bam_SpecialDividends_4cd8717e-02c7-4e27-b2e0-6c4096bfc70b_terseLabel_en-US" xlink:label="lab_bam_SpecialDividends" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Special Dividends</link:label>
    <link:label id="lab_bam_SpecialDividends_label_en-US" xlink:label="lab_bam_SpecialDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Special Dividends</link:label>
    <link:label id="lab_bam_SpecialDividends_documentation_en-US" xlink:label="lab_bam_SpecialDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Special Dividends</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SpecialDividends" xlink:href="bam-20211231.xsd#bam_SpecialDividends"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SpecialDividends" xlink:to="lab_bam_SpecialDividends" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract_be904a2b-68bf-4870-981e-70ad0fd5a33e_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of comprehensive income [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of comprehensive income [abstract]</link:label>
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    <link:label id="lab_bam_OtherEuropeMember_3a7e2efd-a978-429a-b4aa-7ff3096924ce_netLabel_en-US" xlink:label="lab_bam_OtherEuropeMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Europe</link:label>
    <link:label id="lab_bam_OtherEuropeMember_label_en-US" xlink:label="lab_bam_OtherEuropeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Europe [Member]</link:label>
    <link:label id="lab_bam_OtherEuropeMember_documentation_en-US" xlink:label="lab_bam_OtherEuropeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Europe [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OtherEuropeMember" xlink:href="bam-20211231.xsd#bam_OtherEuropeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OtherEuropeMember" xlink:to="lab_bam_OtherEuropeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SustainableResourcesMember_560ba01c-c401-442b-a12a-e0df79bd9237_terseLabel_en-US" xlink:label="lab_bam_SustainableResourcesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sustainable Resources [Member]</link:label>
    <link:label id="lab_bam_SustainableResourcesMember_label_en-US" xlink:label="lab_bam_SustainableResourcesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sustainable Resources [Member]</link:label>
    <link:label id="lab_bam_SustainableResourcesMember_documentation_en-US" xlink:label="lab_bam_SustainableResourcesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sustainable Resources [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SustainableResourcesMember" xlink:href="bam-20211231.xsd#bam_SustainableResourcesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SustainableResourcesMember" xlink:to="lab_bam_SustainableResourcesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_ea87fafa-d4b9-4cd0-962b-9126679cfe4e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation_c13e93c2-8a32-4a48-a0fa-ac858af622e0_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation of property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, before tax, gains (losses) on revaluation of property, plant and equipment, right-of-use assets and intangible assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation"/>
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    <link:label id="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_597a4ea4-7b06-4a27-8565-8877185ee404_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercised (in shares)</link:label>
    <link:label id="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_label_en-US" xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of share options exercised in share-based payment arrangement</link:label>
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    <link:label id="lab_bam_ProprietaryTechnologyMember_ee0217a1-445c-4340-90e0-eb167c63c983_terseLabel_en-US" xlink:label="lab_bam_ProprietaryTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proprietary technology</link:label>
    <link:label id="lab_bam_ProprietaryTechnologyMember_label_en-US" xlink:label="lab_bam_ProprietaryTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proprietary technology [Member]</link:label>
    <link:label id="lab_bam_ProprietaryTechnologyMember_documentation_en-US" xlink:label="lab_bam_ProprietaryTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proprietary technology</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ProprietaryTechnologyMember" xlink:href="bam-20211231.xsd#bam_ProprietaryTechnologyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ProprietaryTechnologyMember" xlink:to="lab_bam_ProprietaryTechnologyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SustainableResources_aafc9036-7d02-416b-af8d-82bf829cdc33_terseLabel_en-US" xlink:label="lab_bam_SustainableResources" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sustainable resources</link:label>
    <link:label id="lab_bam_SustainableResources_298deb7d-b8c8-4d9d-a86f-1913f0e7fc53_periodStartLabel_en-US" xlink:label="lab_bam_SustainableResources" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance, beginning of year</link:label>
    <link:label id="lab_bam_SustainableResources_d077afa4-b70f-47b5-b7e8-dedd7097d043_periodEndLabel_en-US" xlink:label="lab_bam_SustainableResources" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance, end of year</link:label>
    <link:label id="lab_bam_SustainableResources_label_en-US" xlink:label="lab_bam_SustainableResources" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sustainable Resources</link:label>
    <link:label id="lab_bam_SustainableResources_documentation_en-US" xlink:label="lab_bam_SustainableResources" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sustainable Resources</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SustainableResources" xlink:href="bam-20211231.xsd#bam_SustainableResources"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SustainableResources" xlink:to="lab_bam_SustainableResources" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ActuarialAssumptionOfExpectedRatesOfInvestment_9a6446c5-981d-4c8a-8f74-3facf855262b_terseLabel_en-US" xlink:label="lab_bam_ActuarialAssumptionOfExpectedRatesOfInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial assumption of expected rates of investment</link:label>
    <link:label id="lab_bam_ActuarialAssumptionOfExpectedRatesOfInvestment_label_en-US" xlink:label="lab_bam_ActuarialAssumptionOfExpectedRatesOfInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial assumption of expected rates of investment</link:label>
    <link:label id="lab_bam_ActuarialAssumptionOfExpectedRatesOfInvestment_documentation_en-US" xlink:label="lab_bam_ActuarialAssumptionOfExpectedRatesOfInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial assumption of expected rates of investment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ActuarialAssumptionOfExpectedRatesOfInvestment" xlink:href="bam-20211231.xsd#bam_ActuarialAssumptionOfExpectedRatesOfInvestment"/>
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    <link:label id="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_e19bcf60-5754-4399-bd0c-1f5f8bbcf6c5_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial contracts and power sale agreements</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to financial assets measured at fair value through other comprehensive income included in other comprehensive income</link:label>
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    <link:label id="lab_ifrs-full_RepaymentsOfBondsNotesAndDebentures_c1eb331f-2440-4349-81df-b832dfa660c5_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-recourse borrowings repaid</link:label>
    <link:label id="lab_ifrs-full_RepaymentsOfBondsNotesAndDebentures_label_en-US" xlink:label="lab_ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of bonds, notes and debentures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBondsNotesAndDebentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:to="lab_ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_JPY_e86f36f7-c3d1-4b20-a3c8-7462cd29ad36_terseLabel_en-US" xlink:label="lab_currency_JPY" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Japanese yen</link:label>
    <link:label id="lab_currency_JPY_label_en-US" xlink:label="lab_currency_JPY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Japan, Yen</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_JPY" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_JPY"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_JPY" xlink:to="lab_currency_JPY" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsTable_f17e6d53-9b4f-4e00-b54e-970e1bbd9279_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="lab_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentRegistrationStatement_f5bcb100-8ec8-43ab-954e-bec3d5342f0c_terseLabel_en-US" xlink:label="lab_dei_DocumentRegistrationStatement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Registration Statement</link:label>
    <link:label id="lab_dei_DocumentRegistrationStatement_label_en-US" xlink:label="lab_dei_DocumentRegistrationStatement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Registration Statement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentRegistrationStatement" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentRegistrationStatement" xlink:to="lab_dei_DocumentRegistrationStatement" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_EquityContractMember_fdd86c50-3208-4e6c-b2e4-d01eec6f4d2d_terseLabel_en-US" xlink:label="lab_bam_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity derivatives</link:label>
    <link:label id="lab_bam_EquityContractMember_label_en-US" xlink:label="lab_bam_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Contract [Member]</link:label>
    <link:label id="lab_bam_EquityContractMember_documentation_en-US" xlink:label="lab_bam_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Contract [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_EquityContractMember" xlink:href="bam-20211231.xsd#bam_EquityContractMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_EquityContractMember" xlink:to="lab_bam_EquityContractMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember_68453543-16a6-4580-b5e4-d6ddba49d5ce_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated other comprehensive income [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsMember_cf64666d-2b33-46eb-9fc9-74593352fc6b_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, class</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, class [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsMember" xlink:to="lab_ifrs-full_FinancialAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_InterestPaidCashPayments_313609fb-3dbb-4fee-bb27-53e6e02f2389_terseLabel_en-US" xlink:label="lab_bam_InterestPaidCashPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Paid Classified As Supplemental Cash Flow Disclosure</link:label>
    <link:label id="lab_bam_InterestPaidCashPayments_label_en-US" xlink:label="lab_bam_InterestPaidCashPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Paid - Cash Payments</link:label>
    <link:label id="lab_bam_InterestPaidCashPayments_documentation_en-US" xlink:label="lab_bam_InterestPaidCashPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Paid Classified As Supplemental Cash Flow Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InterestPaidCashPayments" xlink:href="bam-20211231.xsd#bam_InterestPaidCashPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InterestPaidCashPayments" xlink:to="lab_bam_InterestPaidCashPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_LongtermDebtType1Domain_2ff1e1f2-b730-4337-9f4c-17936c121d66_terseLabel_en-US" xlink:label="lab_bam_LongtermDebtType1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Debt, Type1 [Domain]</link:label>
    <link:label id="lab_bam_LongtermDebtType1Domain_label_en-US" xlink:label="lab_bam_LongtermDebtType1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Debt, Type1 [Domain]</link:label>
    <link:label id="lab_bam_LongtermDebtType1Domain_documentation_en-US" xlink:label="lab_bam_LongtermDebtType1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Long-term Debt, Type1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_LongtermDebtType1Domain" xlink:href="bam-20211231.xsd#bam_LongtermDebtType1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_LongtermDebtType1Domain" xlink:to="lab_bam_LongtermDebtType1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis_40dfbb96-b0d8-4f3c-8512-8830b4da8e21_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of financial liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of financial liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory_fa5e1e36-8ce5-4947-8775-3aa4b2394688_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue from contracts with customers [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue from contracts with customers [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:to="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock_cdd21b38-e5ce-4ca7-a720-d413690c2123_terseLabel_en-US" xlink:label="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of interests in joint ventures [Table Text Block]</link:label>
    <link:label id="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock_label_en-US" xlink:label="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of interests in joint ventures [Table Text Block]</link:label>
    <link:label id="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock_documentation_en-US" xlink:label="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of interests in joint ventures [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofinterestsinjointventuresTableTextBlock" xlink:href="bam-20211231.xsd#bam_DisclosureofinterestsinjointventuresTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureofinterestsinjointventuresTableTextBlock" xlink:to="lab_bam_DisclosureofinterestsinjointventuresTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AuditorLocation_f55a5f43-2c50-422a-b580-dd875135da1d_terseLabel_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Location</link:label>
    <link:label id="lab_dei_AuditorLocation_label_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Location</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorLocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorLocation" xlink:to="lab_dei_AuditorLocation" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_363182f1-d488-4d67-9370-d48e1f8a6dd0_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expense arising from cash-settled share-based payment transactions</link:label>
    <link:label id="lab_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_label_en-US" xlink:label="lab_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expense from cash-settled share-based payment transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:to="lab_ifrs-full_ExpenseFromCashsettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_IndustrialoperationsMember_a21927f6-a7a8-4cb4-ad80-392b812e193f_terseLabel_en-US" xlink:label="lab_bam_IndustrialoperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial operations [Member]</link:label>
    <link:label id="lab_bam_IndustrialoperationsMember_label_en-US" xlink:label="lab_bam_IndustrialoperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial operations [Member]</link:label>
    <link:label id="lab_bam_IndustrialoperationsMember_documentation_en-US" xlink:label="lab_bam_IndustrialoperationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial operations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_IndustrialoperationsMember" xlink:href="bam-20211231.xsd#bam_IndustrialoperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_IndustrialoperationsMember" xlink:to="lab_bam_IndustrialoperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_naics_ZZ486990_983a6197-d05d-419d-b9c0-0f515d4591e3_terseLabel_en-US" xlink:label="lab_naics_ZZ486990" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">486990 All Other Pipeline Transportation</link:label>
    <link:label id="lab_naics_ZZ486990_label_en-US" xlink:label="lab_naics_ZZ486990" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">486990 All Other Pipeline Transportation [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_naics_ZZ486990" xlink:href="https://xbrl.sec.gov/naics/2021/naics-2021.xsd#naics_ZZ486990"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_naics_ZZ486990" xlink:to="lab_naics_ZZ486990" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InvestmentProperty_fe07080d-6de8-48b3-a0f2-d5ffa30e7145_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment properties</link:label>
    <link:label id="lab_ifrs-full_InvestmentProperty_70fbcee5-b7fe-4b2a-a8cb-f7229629ca38_verboseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment properties</link:label>
    <link:label id="lab_ifrs-full_InvestmentProperty_e7d9e150-8bd3-4360-85dd-2aaa731f3242_periodStartLabel_en-US" xlink:label="lab_ifrs-full_InvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value, beginning of year</link:label>
    <link:label id="lab_ifrs-full_InvestmentProperty_1057db13-fd31-4ad6-86a0-714d65a2f4f1_periodEndLabel_en-US" xlink:label="lab_ifrs-full_InvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value, end of year2</link:label>
    <link:label id="lab_ifrs-full_InvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_InvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentProperty" xlink:to="lab_ifrs-full_InvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series18ClassAPreferredSharesMember_dc721579-a10d-4507-8813-98ceb5e400e7_terseLabel_en-US" xlink:label="lab_bam_Series18ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 18 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series18ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series18ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 18 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series18ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series18ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 18 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series18ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series18ClassAPreferredSharesMember"/>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityPrimarySicNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPrimarySicNumber" xlink:to="lab_dei_EntityPrimarySicNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_AwardType1Domain_6e1af7e0-1987-4684-823a-db06ff64a89f_terseLabel_en-US" xlink:label="lab_bam_AwardType1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award Type1 [Domain]</link:label>
    <link:label id="lab_bam_AwardType1Domain_label_en-US" xlink:label="lab_bam_AwardType1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award Type1 [Domain]</link:label>
    <link:label id="lab_bam_AwardType1Domain_documentation_en-US" xlink:label="lab_bam_AwardType1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award Type1 [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_AwardType1Domain" xlink:href="bam-20211231.xsd#bam_AwardType1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_AwardType1Domain" xlink:to="lab_bam_AwardType1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_2d655ed4-e358-4067-b81a-f99546970480_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging_2c7ac355-fb2b-463c-a282-1d6ddb9be2be_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative financial assets held for hedging</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging_label_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative financial assets held for hedging</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DerivativeFinancialAssetsHeldForHedging"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:to="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AccumulatedImpairmentMember_004c8f9e-cf02-4a9b-a0ae-f9bb94dc56e6_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Impairment</link:label>
    <link:label id="lab_ifrs-full_AccumulatedImpairmentMember_label_en-US" xlink:label="lab_ifrs-full_AccumulatedImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated impairment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AccumulatedImpairmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedImpairmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedImpairmentMember" xlink:to="lab_ifrs-full_AccumulatedImpairmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AggregatedMeasurementMember_4f34dc31-7e82-455b-af32-071a5a177181_terseLabel_en-US" xlink:label="lab_ifrs-full_AggregatedMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregated measurement [member]</link:label>
    <link:label id="lab_ifrs-full_AggregatedMeasurementMember_label_en-US" xlink:label="lab_ifrs-full_AggregatedMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregated measurement [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AggregatedMeasurementMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedMeasurementMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AggregatedMeasurementMember" xlink:to="lab_ifrs-full_AggregatedMeasurementMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfIFRSCompliance_0955307b-04f4-4def-8e81-568f3436cfff_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfIFRSCompliance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of Compliance</link:label>
    <link:label id="lab_ifrs-full_StatementOfIFRSCompliance_label_en-US" xlink:label="lab_ifrs-full_StatementOfIFRSCompliance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of IFRS compliance [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfIFRSCompliance" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfIFRSCompliance"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfIFRSCompliance" xlink:to="lab_ifrs-full_StatementOfIFRSCompliance" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_BusinessContactMember_74b1d33f-aa8f-4273-877e-5737401e6a55_terseLabel_en-US" xlink:label="lab_dei_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Contact</link:label>
    <link:label id="lab_dei_BusinessContactMember_label_en-US" xlink:label="lab_dei_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Contact [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_BusinessContactMember" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_BusinessContactMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_BusinessContactMember" xlink:to="lab_dei_BusinessContactMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EquityPriceRiskMember_62326a40-20f3-4142-919b-9d6aa7480cb8_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity price risk</link:label>
    <link:label id="lab_ifrs-full_EquityPriceRiskMember_label_en-US" xlink:label="lab_ifrs-full_EquityPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity price risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityPriceRiskMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityPriceRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityPriceRiskMember" xlink:to="lab_ifrs-full_EquityPriceRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_319235c3-a7ab-4efc-9f54-948f2f080692_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation of pension obligations</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_5c78f361-7227-448e-845a-979456a23e10_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations_523428c2-f315-4663-89dc-c335a75dfee6_terseLabel_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary equity obligations</link:label>
    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations_label_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Undiscounted Cash Flows, Interest Expense From Subsidiary Equity Obligations</link:label>
    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations_documentation_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Undiscounted Cash Flows, Interest Expense From Subsidiary Equity Obligations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations" xlink:href="bam-20211231.xsd#bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations" xlink:to="lab_bam_UndiscountedCashFlowsInterestExpenseFromSubsidiaryEquityObligations" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfRisksAxis_c4e401ce-1f89-4746-83c5-108762fd1336_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of risks [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfRisksAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of risks [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfRisksAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfRisksAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfRisksAxis" xlink:to="lab_ifrs-full_TypesOfRisksAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives_09648171-5377-447d-8767-7b12f65b18b3_terseLabel_en-US" xlink:label="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized Gains</link:label>
    <link:label id="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives_label_en-US" xlink:label="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealised Gain On Change In Fair Value of Derivatives</link:label>
    <link:label id="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives_documentation_en-US" xlink:label="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealised Gain On Change In Fair Value of Derivatives</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnrealisedGainOnChangeInFairValueofDerivatives" xlink:href="bam-20211231.xsd#bam_UnrealisedGainOnChangeInFairValueofDerivatives"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnrealisedGainOnChangeInFairValueofDerivatives" xlink:to="lab_bam_UnrealisedGainOnChangeInFairValueofDerivatives" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis_4b377fb1-48c8-4d22-bb4a-313dc222f3b2_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of contingent liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of contingent liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ModulaireMember_88044018-2fc7-4203-ac16-39a4f2c0eb78_terseLabel_en-US" xlink:label="lab_bam_ModulaireMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Modulaire [Member]</link:label>
    <link:label id="lab_bam_ModulaireMember_label_en-US" xlink:label="lab_bam_ModulaireMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Modulaire [Member]</link:label>
    <link:label id="lab_bam_ModulaireMember_documentation_en-US" xlink:label="lab_bam_ModulaireMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Modulaire</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ModulaireMember" xlink:href="bam-20211231.xsd#bam_ModulaireMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ModulaireMember" xlink:to="lab_bam_ModulaireMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Bookvalueofborrowings_55220dc6-3732-4a88-a35c-23fc4971e5d5_terseLabel_en-US" xlink:label="lab_bam_Bookvalueofborrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Book value of borrowings</link:label>
    <link:label id="lab_bam_Bookvalueofborrowings_label_en-US" xlink:label="lab_bam_Bookvalueofborrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Book value of borrowings</link:label>
    <link:label id="lab_bam_Bookvalueofborrowings_documentation_en-US" xlink:label="lab_bam_Bookvalueofborrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Book value of borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Bookvalueofborrowings" xlink:href="bam-20211231.xsd#bam_Bookvalueofborrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Bookvalueofborrowings" xlink:to="lab_bam_Bookvalueofborrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PenstocksMember_4e6c443e-f222-4b90-8e35-7d49ee79068c_terseLabel_en-US" xlink:label="lab_bam_PenstocksMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Penstocks [Member]</link:label>
    <link:label id="lab_bam_PenstocksMember_label_en-US" xlink:label="lab_bam_PenstocksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Penstocks [Member]</link:label>
    <link:label id="lab_bam_PenstocksMember_documentation_en-US" xlink:label="lab_bam_PenstocksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Penstocks [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PenstocksMember" xlink:href="bam-20211231.xsd#bam_PenstocksMember"/>
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    <link:label id="lab_bam_CanadianTermDebtMaturingOnMarch82024Member_880b8357-228a-4655-bc64-ffc875820230_terseLabel_en-US" xlink:label="lab_bam_CanadianTermDebtMaturingOnMarch82024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Canadian Term Debt Maturing On March 8, 2024</link:label>
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    <link:label id="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_6d2eef78-4f9b-48d9-98f4-38c45b68e38e_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities associated with assets classified as held for sale</link:label>
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    <link:label id="lab_bam_HydroelectricMember_f6a53eb0-51db-4fc1-b289-693d86f11d2f_terseLabel_en-US" xlink:label="lab_bam_HydroelectricMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hydroelectric [Member]</link:label>
    <link:label id="lab_bam_HydroelectricMember_label_en-US" xlink:label="lab_bam_HydroelectricMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hydroelectric [Member]</link:label>
    <link:label id="lab_bam_HydroelectricMember_documentation_en-US" xlink:label="lab_bam_HydroelectricMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hydroelectric [Member]</link:label>
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    <link:label id="lab_bam_SummaryOfTheCorporationsCapitalTableTextBlock_9c0f56aa-b220-46f8-beaa-554e34beb92f_terseLabel_en-US" xlink:label="lab_bam_SummaryOfTheCorporationsCapitalTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of the Corporation's Capital [Table]</link:label>
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    <link:label id="lab_bam_Series8ClassAPreferredSharesMember_78793ac0-faf1-41d9-b13c-76509bcc549e_terseLabel_en-US" xlink:label="lab_bam_Series8ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 8 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series8ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series8ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 8 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series8ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series8ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 8 Class A Preferred Shares [Member]</link:label>
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    <link:label id="lab_ifrs-full_IntangibleAssetsWithIndefiniteUsefulLife_08baec10-7403-4cbe-a18b-41f9da7f6700_terseLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsWithIndefiniteUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets with indefinite useful life</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsWithIndefiniteUsefulLife_label_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsWithIndefiniteUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets with indefinite useful life</link:label>
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    <link:label id="lab_bam_USTermDebtMaturingOnApril012024Member_f8a9486f-4299-409e-895b-07742cf4c77d_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril012024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 01, 2024</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnApril012024Member_label_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril012024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 01, 2024 [Member]</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnApril012024Member_documentation_en-US" xlink:label="lab_bam_USTermDebtMaturingOnApril012024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On April 01, 2024</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_USTermDebtMaturingOnApril012024Member" xlink:href="bam-20211231.xsd#bam_USTermDebtMaturingOnApril012024Member"/>
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    <link:label id="lab_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_d9b27ece-f97b-4f5c-9bca-ff1b3dae0014_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions to shareholders</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid to equity holders of parent, classified as financing activities</link:label>
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    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_1abb9df7-d6f9-430f-8d91-fd4e7272d396_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment, revalued assets, at cost</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment, revalued assets, at cost</link:label>
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    <link:label id="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossBeforeTax_29fc100e-afd7-4ab8-86d9-0c58d9b66143_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity accounted investments</link:label>
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    <link:label id="lab_ifrs-full_Cash_903b69a6-9695-4b7c-bb37-b68c260aaa07_terseLabel_en-US" xlink:label="lab_ifrs-full_Cash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash included in cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_Cash_label_en-US" xlink:label="lab_ifrs-full_Cash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash</link:label>
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    <link:label id="lab_bam_TradepayablesandotherMember_3ac4543c-7be4-4fad-9358-8b8d51d722d4_verboseLabel_en-US" xlink:label="lab_bam_TradepayablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable and other</link:label>
    <link:label id="lab_bam_TradepayablesandotherMember_b000e930-98c7-4848-827f-616ff1077c7b_terseLabel_en-US" xlink:label="lab_bam_TradepayablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable and other</link:label>
    <link:label id="lab_bam_TradepayablesandotherMember_label_en-US" xlink:label="lab_bam_TradepayablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade payables and other [Member]</link:label>
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    <link:label id="lab_ifrs-full_EquityAndLiabilitiesAbstract_6b511dec-d729-46be-84d3-0eae8b48a666_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:label id="lab_ifrs-full_EquityAndLiabilitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity and liabilities [abstract]</link:label>
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    <link:label id="lab_bam_DeferredFinancingCostsandOtheronSubsidiaryBorrowings_051526bd-ec83-4e61-af58-c11623260d1a_terseLabel_en-US" xlink:label="lab_bam_DeferredFinancingCostsandOtheronSubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Financing Costs and Other on Subsidiary Borrowings</link:label>
    <link:label id="lab_bam_DeferredFinancingCostsandOtheronSubsidiaryBorrowings_label_en-US" xlink:label="lab_bam_DeferredFinancingCostsandOtheronSubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Financing Costs and Other on Subsidiary Borrowings</link:label>
    <link:label id="lab_bam_DeferredFinancingCostsandOtheronSubsidiaryBorrowings_documentation_en-US" xlink:label="lab_bam_DeferredFinancingCostsandOtheronSubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Financing Costs and Other on Subsidiary Borrowings</link:label>
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    <link:label id="lab_ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod_42fd5335-04b7-48ed-9e2e-d8898c5562b3_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying Value, joint ventures</link:label>
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    <link:label id="lab_ifrs-full_GeographicalAreasMember_dfeafff9-cb67-4835-a3f4-baed7d13150f_terseLabel_en-US" xlink:label="lab_ifrs-full_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Geographical areas [member]</link:label>
    <link:label id="lab_ifrs-full_GeographicalAreasMember_label_en-US" xlink:label="lab_ifrs-full_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Geographical areas [member]</link:label>
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    <link:label id="lab_bam_TypeofInventoryDomain_a651ed0a-b8bd-46d9-a9e8-f8ba79d2ab14_terseLabel_en-US" xlink:label="lab_bam_TypeofInventoryDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Inventory [Domain]</link:label>
    <link:label id="lab_bam_TypeofInventoryDomain_label_en-US" xlink:label="lab_bam_TypeofInventoryDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Inventory [Domain]</link:label>
    <link:label id="lab_bam_TypeofInventoryDomain_documentation_en-US" xlink:label="lab_bam_TypeofInventoryDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Type of Inventory</link:label>
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    <link:label id="lab_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows_fb38d073-b3a4-4ed9-8204-5dc1c87033df_terseLabel_en-US" xlink:label="lab_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period In Which Cash Flow Are Discounted With A Residual Value Based On The Terminal Value Cash Flows</link:label>
    <link:label id="lab_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows_label_en-US" xlink:label="lab_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period In Which Cash Flow Are Discounted With A Residual Value Based On The Terminal Value Cash Flows</link:label>
    <link:label id="lab_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows_documentation_en-US" xlink:label="lab_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period In Which Cash Flow Are Discounted With A Residual Value Based On The Terminal Value Cash Flows</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows" xlink:href="bam-20211231.xsd#bam_PeriodInWhichCashFlowAreDiscountedWithAResidualValueBasedOnTheTerminalValueCashFlows"/>
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    <link:label id="lab_bam_UnrealizedFVTOCIGainorLossAxis_234735fd-1e44-4d86-af37-7b9125b24671_terseLabel_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainorLossAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Security Category [Axis]</link:label>
    <link:label id="lab_bam_UnrealizedFVTOCIGainorLossAxis_label_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainorLossAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized FVTOCI Gain or Loss [Axis]</link:label>
    <link:label id="lab_bam_UnrealizedFVTOCIGainorLossAxis_documentation_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainorLossAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized FVTOCI Gain or Loss [Axis]</link:label>
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    <link:label id="lab_bam_ShareholdersLoanMember_638e27a9-fb0d-4e32-9760-229f4b7edbae_terseLabel_en-US" xlink:label="lab_bam_ShareholdersLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholders' Loan</link:label>
    <link:label id="lab_bam_ShareholdersLoanMember_label_en-US" xlink:label="lab_bam_ShareholdersLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholders' Loan [Member]</link:label>
    <link:label id="lab_bam_ShareholdersLoanMember_documentation_en-US" xlink:label="lab_bam_ShareholdersLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholders' Loan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ShareholdersLoanMember" xlink:href="bam-20211231.xsd#bam_ShareholdersLoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ShareholdersLoanMember" xlink:to="lab_bam_ShareholdersLoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsLineItems_66bfb3c2-bde4-46f2-8f79-35dc50ac1daf_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of operating segments [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:to="lab_ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_cc38b7f5-af83-42fc-bbc6-8b7b5907a598_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basis of preparation</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of basis of preparation of financial statements [text block]</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent_d873ac91-dc3e-41e9-bdd6-ada4fd2c9db0_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholders</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent_7013efb5-825a-4eba-b9e8-3a2ca0dcd828_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income attributable to shareholders</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent_90a1290a-590d-40e0-a054-3559ff7cf59b_totalLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss), attributable to owners of parent</link:label>
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    <link:label id="lab_ifrs-full_ProceedsFromIssuingShares_4b5dcf14-7c9e-44bf-ac4d-b6086b94755b_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromIssuingShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common shares issued</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromIssuingShares_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromIssuingShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from issuing shares</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromIssuingShares" xlink:to="lab_ifrs-full_ProceedsFromIssuingShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_2d76a136-3539-432e-b18b-707478b71f4b_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) operating activities [abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_19a935f1-cb93-4a3c-b2e9-e2d2d2c21e89_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory_a25fce07-44b8-4a28-9301-da1891022184_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of investments in associates</link:label>
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    <link:label id="lab_ifrs-full_LevelsOfFairValueHierarchyAxis_37efe11f-0865-4aa2-a07d-f5cced84b198_terseLabel_en-US" xlink:label="lab_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Levels of fair value hierarchy [axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
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    <link:label id="lab_ifrs-full_LeaseLiabilities_c989892e-761b-4e74-a368-31262e1a5a22_terseLabel_en-US" xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance contracts that are liabilities</link:label>
    <link:label id="lab_ifrs-full_LeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilities" xlink:to="lab_ifrs-full_LeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EliminationOfIntersegmentAmountsMember_cf5c1276-0052-43fb-83f8-4c7489a378be_terseLabel_en-US" xlink:label="lab_ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Elimination of intersegment amounts</link:label>
    <link:label id="lab_ifrs-full_EliminationOfIntersegmentAmountsMember_label_en-US" xlink:label="lab_ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Elimination of intersegment amounts [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EliminationOfIntersegmentAmountsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:to="lab_ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfAssetsMember_300cd8ff-f993-4bab-a6b1-f34b546b5cb9_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets [member]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfAssetsMember_label_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfAssetsMember" xlink:to="lab_ifrs-full_ClassesOfAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series46ClassAPreferredSharesMember_a01f0630-ca17-41d6-81bb-12d789cc2c3e_terseLabel_en-US" xlink:label="lab_bam_Series46ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 46 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series46ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series46ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 46 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series46ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series46ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 46 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series46ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series46ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series46ClassAPreferredSharesMember" xlink:to="lab_bam_Series46ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncontrollingInterestsMember_0bb263d0-bd24-4eba-b2ca-b9a798010c91_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_NoncontrollingInterestsMember_11f63583-0c8e-4ed0-b552-2c821bf2c1c4_verboseLabel_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_NoncontrollingInterestsMember_label_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interests [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncontrollingInterestsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterestsMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsTable_4ccf7d44-a693-4018-8bd7-2aa3fe712a6d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial assets [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial assets [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsTable"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_baef5ee2-faca-42b8-8c14-4d04ae88d88b_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for share-based payment transactions [text block]</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfOrdinarySharesAxis_02e95ef5-4407-4533-8cd4-862b0fb78677_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfOrdinarySharesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of ordinary shares [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfOrdinarySharesAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfOrdinarySharesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of ordinary shares [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfOrdinarySharesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfOrdinarySharesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfOrdinarySharesAxis" xlink:to="lab_ifrs-full_ClassesOfOrdinarySharesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_US1681US2039Member_fca8600a-bc31-41bb-8509-4eb2510948e4_terseLabel_en-US" xlink:label="lab_bam_US1681US2039Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$16.81 - US$20.39 [Member]</link:label>
    <link:label id="lab_bam_US1681US2039Member_label_en-US" xlink:label="lab_bam_US1681US2039Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$16.81 - US$20.39 [Member]</link:label>
    <link:label id="lab_bam_US1681US2039Member_documentation_en-US" xlink:label="lab_bam_US1681US2039Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$16.81 - US$20.39</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_US1681US2039Member" xlink:href="bam-20211231.xsd#bam_US1681US2039Member"/>
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    <link:label id="lab_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_d7b7cf69-57f7-422a-bea3-437541249ecc_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity accounted investments</link:label>
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    <link:label id="lab_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_8127c137-b6a8-4850-9574-6770d06eb990_terseLabel_en-US" xlink:label="lab_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goodwill recognised as of acquisition date</link:label>
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    <link:label id="lab_ifrs-full_StatementOfChangesInEquityTable_5dd0210d-e14f-4351-8d79-9d25b8ddf2de_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of changes in equity [table]</link:label>
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    <link:label id="lab_ifrs-full_ProductsAndServicesAxis_9c2fe5f2-b7ed-4d35-93e4-7405f47cc539_terseLabel_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Product and Service [Axis]</link:label>
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    <link:label id="lab_bam_CrosscurrencyinterestrateswapsMember_09519783-efca-4e88-82b6-c3d13ddb2e89_terseLabel_en-US" xlink:label="lab_bam_CrosscurrencyinterestrateswapsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cross currency interest rate swaps [Member]</link:label>
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    <link:label id="lab_bam_DepositDrawn_8f8e3098-0f70-4b1a-93db-665e1ca0c786_terseLabel_en-US" xlink:label="lab_bam_DepositDrawn" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposit Drawn</link:label>
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    <link:label id="lab_ifrs-full_ShipsMember_71dc08c2-2003-4614-a496-73641ed5ba3b_terseLabel_en-US" xlink:label="lab_ifrs-full_ShipsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ships [member]</link:label>
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    <link:label id="lab_bam_SupplementalCashFlowInformationAbstract_7b07da49-e9d2-4a20-beb8-9af8c5f47195_terseLabel_en-US" xlink:label="lab_bam_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:label id="lab_bam_SupplementalCashFlowInformationAbstract_label_en-US" xlink:label="lab_bam_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:label id="lab_bam_SupplementalCashFlowInformationAbstract_documentation_en-US" xlink:label="lab_bam_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental Cash Flow Information</link:label>
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    <link:label id="lab_bam_EquityAccountedIncomeNarrativeAbstract_29522783-6ef9-438a-b354-892cf1eff589_terseLabel_en-US" xlink:label="lab_bam_EquityAccountedIncomeNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Accounted Income - Narrative [Abstract]</link:label>
    <link:label id="lab_bam_EquityAccountedIncomeNarrativeAbstract_label_en-US" xlink:label="lab_bam_EquityAccountedIncomeNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Accounted Income - Narrative [Abstract]</link:label>
    <link:label id="lab_bam_EquityAccountedIncomeNarrativeAbstract_documentation_en-US" xlink:label="lab_bam_EquityAccountedIncomeNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Accounted Income - Narrative [Abstract]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsTable_6e49b99d-1d90-49c3-a4e8-bcdedb3ad6c6_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about intangible assets [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about intangible assets [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable"/>
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    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_f58b651f-bbc7-4f99-a9bf-04065fcae220_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred income tax expense / (recovery)</link:label>
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    <link:label id="lab_bam_LandheldfordevelopmentMember_6354312b-24a3-4e4d-9e85-26a0fbc544a8_terseLabel_en-US" xlink:label="lab_bam_LandheldfordevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land held for development [Member]</link:label>
    <link:label id="lab_bam_LandheldfordevelopmentMember_label_en-US" xlink:label="lab_bam_LandheldfordevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land held for development [Member]</link:label>
    <link:label id="lab_bam_LandheldfordevelopmentMember_documentation_en-US" xlink:label="lab_bam_LandheldfordevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land held for development [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_LandheldfordevelopmentMember" xlink:href="bam-20211231.xsd#bam_LandheldfordevelopmentMember"/>
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    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayables_e121386e-d0d6-4a28-8adc-12e4838e6c5b_verboseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade and other current payables</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GrossCarryingAmountMember_babe7404-fcdd-4de2-b1e7-bba8d868190e_terseLabel_en-US" xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross carrying amount [member]</link:label>
    <link:label id="lab_ifrs-full_GrossCarryingAmountMember_cb3efa42-9d7a-4702-a854-29fc334467f0_verboseLabel_en-US" xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Costs</link:label>
    <link:label id="lab_ifrs-full_GrossCarryingAmountMember_label_en-US" xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross carrying amount [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GrossCarryingAmountMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossCarryingAmountMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GrossCarryingAmountMember" xlink:to="lab_ifrs-full_GrossCarryingAmountMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_6031a7d0-17f3-4aa3-96b7-a0c3b4cb0994_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SUBSEQUENT EVENTS</link:label>
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    <link:label id="lab_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_b04ae275-ba24-46c1-9194-348b85742029_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross amounts of financial instruments set-off in Consolidated Balance Sheets</link:label>
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    <link:label id="lab_bam_TotalPrincipalrepaymentsonSecuredbankloans_e154ccdd-b639-42ba-a7b9-26c1c7108ce5_terseLabel_en-US" xlink:label="lab_bam_TotalPrincipalrepaymentsonSecuredbankloans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Principal repayments on Secured bank loans</link:label>
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    <link:label id="lab_bam_TotalPrincipalrepaymentsonSecuredbankloans_documentation_en-US" xlink:label="lab_bam_TotalPrincipalrepaymentsonSecuredbankloans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Principal repayments on Secured bank loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TotalPrincipalrepaymentsonSecuredbankloans" xlink:href="bam-20211231.xsd#bam_TotalPrincipalrepaymentsonSecuredbankloans"/>
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    <link:label id="lab_ifrs-full_DirectOperatingExpenseFromInvestmentProperty_50a82f33-97f1-4488-a229-fea20d8ca547_terseLabel_en-US" xlink:label="lab_ifrs-full_DirectOperatingExpenseFromInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Direct operating expense from investment property</link:label>
    <link:label id="lab_ifrs-full_DirectOperatingExpenseFromInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_DirectOperatingExpenseFromInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Direct operating expense from investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DirectOperatingExpenseFromInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DirectOperatingExpenseFromInvestmentProperty"/>
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    <link:label id="lab_bam_NumberOfOperatingBusinessGroups_a2bd959a-e421-4d7f-9589-4c5bbb6e3aaa_terseLabel_en-US" xlink:label="lab_bam_NumberOfOperatingBusinessGroups" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of operating business groups</link:label>
    <link:label id="lab_bam_NumberOfOperatingBusinessGroups_label_en-US" xlink:label="lab_bam_NumberOfOperatingBusinessGroups" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Operating Business Groups</link:label>
    <link:label id="lab_bam_NumberOfOperatingBusinessGroups_documentation_en-US" xlink:label="lab_bam_NumberOfOperatingBusinessGroups" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Operating Business Groups</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberOfOperatingBusinessGroups" xlink:href="bam-20211231.xsd#bam_NumberOfOperatingBusinessGroups"/>
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    <link:label id="lab_ifrs-full_InterestExpense_2d9d5aae-124e-4ad5-a61f-e0d652034711_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest</link:label>
    <link:label id="lab_ifrs-full_InterestExpense_label_en-US" xlink:label="lab_ifrs-full_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpense" xlink:to="lab_ifrs-full_InterestExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasTable_bdd4661a-c683-4d88-93ec-aef0f596dfce_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of geographical areas [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of geographical areas [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeographicalAreasTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureOfIncomeTaxRatesTableTextBlock_45f6879a-ba89-4d3a-bd28-5fa077802c6d_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfIncomeTaxRatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of income tax rates</link:label>
    <link:label id="lab_bam_DisclosureOfIncomeTaxRatesTableTextBlock_label_en-US" xlink:label="lab_bam_DisclosureOfIncomeTaxRatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Income Tax Rates [Table Text Block]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureOfIncomeTaxRatesTableTextBlock" xlink:href="bam-20211231.xsd#bam_DisclosureOfIncomeTaxRatesTableTextBlock"/>
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    <link:label id="lab_ifrs-full_TradeReceivablesMember_7f38dc16-ee79-4534-a2ef-743093b13a7d_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other</link:label>
    <link:label id="lab_ifrs-full_TradeReceivablesMember_label_en-US" xlink:label="lab_ifrs-full_TradeReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade receivables [member]</link:label>
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    <link:label id="lab_bam_EmployeesandDirectorsMember_59bcfecc-d486-440b-a31c-9bb0a2a3a39e_terseLabel_en-US" xlink:label="lab_bam_EmployeesandDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Employees and Directors</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory_407334c9-0348-4882-aec1-3c862bbade23_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of derivatives elected for hedge accounting</link:label>
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    <link:label id="lab_bam_Series42ClassAPreferredSharesMember_a5123da3-13d4-4d8d-b3dd-74800b4df700_terseLabel_en-US" xlink:label="lab_bam_Series42ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 42 Class A Preferred Shares</link:label>
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    <link:label id="lab_dei_EntityCurrentReportingStatus_9d80810d-59b9-4d96-83a7-ffe72bb0f6cf_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Current Reporting Status</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus"/>
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    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinManufacturedHousingMember_25b9f657-9066-4b49-a6cf-19ab492c94af_terseLabel_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinManufacturedHousingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Manufactured Housing</link:label>
    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinManufacturedHousingMember_label_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinManufacturedHousingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Manufactured Housing [Member]</link:label>
    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinManufacturedHousingMember_documentation_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinManufacturedHousingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Manufactured Housing</link:label>
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    <link:label id="lab_bam_CommercialPaperAndBorrowingsNet_ab608057-31b5-49e9-a493-cac84d48374b_terseLabel_en-US" xlink:label="lab_bam_CommercialPaperAndBorrowingsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial paper and borrowings, net</link:label>
    <link:label id="lab_bam_CommercialPaperAndBorrowingsNet_label_en-US" xlink:label="lab_bam_CommercialPaperAndBorrowingsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial paper and borrowings, net</link:label>
    <link:label id="lab_bam_CommercialPaperAndBorrowingsNet_documentation_en-US" xlink:label="lab_bam_CommercialPaperAndBorrowingsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial paper and borrowings, net</link:label>
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    <link:label id="lab_ifrs-full_TopOfRangeMember_f7be8469-0f0c-4073-a810-a5affba9589d_terseLabel_en-US" xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Top of range</link:label>
    <link:label id="lab_ifrs-full_TopOfRangeMember_label_en-US" xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Top of range [member]</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_5733739c-cdfd-4ed7-8fc2-109e84fac9a7_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) investing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_0941e06c-6d2f-4bc8-ae74-dc1d23906ff6_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) investing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
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    <link:label id="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of expected impact of initial application of new standards or interpretations [text block]</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageMember_ac2fbeb1-d04b-4310-a9f7-89cee365f3ba_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageMember_label_en-US" xlink:label="lab_ifrs-full_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_WeightedAverageMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageMember"/>
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    <link:label id="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract_a261fc8a-f8fa-4df5-83f6-eb88c85354ae_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in subsidiaries, joint ventures and associates [abstract]</link:label>
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    <link:label id="lab_bam_ReconciliationOfTheCorporationsCapitalTableTextBlock_9ad12ac6-cca7-42db-8255-0e05fde2c4b3_terseLabel_en-US" xlink:label="lab_bam_ReconciliationOfTheCorporationsCapitalTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reconciliation of the Corporation's Capital [Table]</link:label>
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    <link:label id="lab_country_US_ff62b666-db36-43bc-9b99-18c691992915_terseLabel_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">UNITED STATES</link:label>
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    <link:label id="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementAssets_df04acd4-749a-4fa9-833c-c9c0ab28ef2e_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, assets</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable_c6100cdb-e22e-45a1-9794-c8db831d1a70_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [table]</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentPayables_024daef3-efbe-4864-ab5e-2ef84b180dca_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current</link:label>
    <link:label id="lab_ifrs-full_NoncurrentPayables_label_en-US" xlink:label="lab_ifrs-full_NoncurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade and other non-current payables</link:label>
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    <link:label id="lab_ifrs-full_OtherAssetsMember_149c51a3-feeb-4817-ac53-24c09854d8df_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets [member]</link:label>
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    <link:label id="lab_ifrs-full_BorrowingsByNameAxis_ff5f3878-5add-4aeb-9334-0ac4ef78e6ca_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings by name [axis]</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentReceivables_7a2fbb99-cf5b-405d-af7d-a76cd0882c5b_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current</link:label>
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    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_bbcae1ad-fc4b-4eba-b496-879e4369982a_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income that may be reclassified to net income</link:label>
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    <link:label id="lab_dei_EntityAddressPostalZipCode_8155e711-aaf6-46b1-977b-02482e748c3b_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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    <link:label id="lab_bam_DilutiveEffectOfExchangeableSharesIssuedInAConsolidatedSubsidiary_e120e745-02ca-4ed4-a3da-df9efc97fd74_terseLabel_en-US" xlink:label="lab_bam_DilutiveEffectOfExchangeableSharesIssuedInAConsolidatedSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dilutive effect of exchangeable shares issued in a consolidated subsidiary</link:label>
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    <link:label id="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_b4ec161f-a874-43e4-8857-f6fa1e255a00_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of share options granted in share-based payment arrangement</link:label>
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    <link:label id="lab_bam_PeriodOfGovernmentBondRate_63c717ab-78be-4586-9834-ca4bed13790c_terseLabel_en-US" xlink:label="lab_bam_PeriodOfGovernmentBondRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period of government bond rate</link:label>
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    <link:label id="lab_bam_PeriodOfGovernmentBondRate_documentation_en-US" xlink:label="lab_bam_PeriodOfGovernmentBondRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period Of Government Bond Rate</link:label>
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    <link:label id="lab_bam_InterestRateSwaptionsMember_ca7e62e7-cca6-46c8-975c-7fb94277ed87_terseLabel_en-US" xlink:label="lab_bam_InterestRateSwaptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Swaptions</link:label>
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    <link:label id="lab_bam_InterestRateSwaptionsMember_documentation_en-US" xlink:label="lab_bam_InterestRateSwaptionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Swaptions [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InterestRateSwaptionsMember" xlink:href="bam-20211231.xsd#bam_InterestRateSwaptionsMember"/>
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    <link:label id="lab_ifrs-full_EquityInterestsOfAcquirer_e82d1e73-656d-4e45-b48b-8cbce6403412_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityInterestsOfAcquirer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity interests of acquirer</link:label>
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    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_b1cca162-f860-42ad-81a5-d084085d935f_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Two years from reporting date</link:label>
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    <link:label id="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_e18f183f-7d02-4d22-a8e0-59202c4014d9_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Key management personnel of entity or parent [member]</link:label>
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    <link:label id="lab_bam_TerminalYear_769cd279-4805-4a15-8081-92df1f54ced4_terseLabel_en-US" xlink:label="lab_bam_TerminalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Year</link:label>
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    <link:label id="lab_bam_UnsecuredNotesDue2052Member_6600fb57-7a1f-49db-998c-6d46dda34f3d_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2052Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2052</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract_65fe5448-a7f6-4d00-a665-89fb4b899ada_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of subsidiaries [abstract]</link:label>
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    <link:label id="lab_ifrs-full_TaxRateEffectFromChangeInTaxRate_d9db9227-ccb7-4598-b0e6-80b392e231b0_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in tax rates and new legislation</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate"/>
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    <link:label id="lab_bam_IndustrialproductsMember_13581d4e-886e-4b1f-a4cc-2a6f1c8ca838_verboseLabel_en-US" xlink:label="lab_bam_IndustrialproductsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial products and other [Member]</link:label>
    <link:label id="lab_bam_IndustrialproductsMember_b3734435-eb9b-4de1-a2ef-6ece94a997a6_terseLabel_en-US" xlink:label="lab_bam_IndustrialproductsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial products [Member]</link:label>
    <link:label id="lab_bam_IndustrialproductsMember_label_en-US" xlink:label="lab_bam_IndustrialproductsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial products [Member]</link:label>
    <link:label id="lab_bam_IndustrialproductsMember_documentation_en-US" xlink:label="lab_bam_IndustrialproductsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial products [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_IndustrialproductsMember" xlink:href="bam-20211231.xsd#bam_IndustrialproductsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_IndustrialproductsMember" xlink:to="lab_bam_IndustrialproductsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract_6edbf05e-6a6c-4f86-a0fe-7ecba95709a5_terseLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets other than goodwill [abstract]</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract_label_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets other than goodwill [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract"/>
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    <link:label id="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems_a665f708-a55f-4b7c-ba94-bdae85fdeec7_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of carrying value and fair value of assets and liabilities</link:label>
    <link:label id="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems_label_en-US" xlink:label="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]</link:label>
    <link:label id="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems_documentation_en-US" xlink:label="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Line Items] for Disclosure Of Fair Value Measurement Of Assets And Liabilities [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:href="bam-20211231.xsd#bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:to="lab_bam_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_69569fc2-5521-43cd-b08f-9fe2fdc0fc6a_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortized Cost</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities at amortised cost, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory_795f5754-0a9d-449a-a2a4-3c381da77a98_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">INCOME TAXES</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of income tax [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_e5124672-36c4-4604-a1a0-c024e615d0b1_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine2_789b11ad-f241-42bd-98a8-648dbd9dc572_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine2_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine2" xlink:to="lab_dei_EntityAddressAddressLine2" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine3_8701f654-ee2b-49d6-8986-46c97bc8f198_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Three</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine3_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine3" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine3"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine3" xlink:to="lab_dei_EntityAddressAddressLine3" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock_01afa11b-a421-4d94-99b7-32355bd6c3a8_terseLabel_en-US" xlink:label="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of current and non-current accounts payable and other [Table Text Block]</link:label>
    <link:label id="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock_label_en-US" xlink:label="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of current and non-current accounts payable and other [Table Text Block]</link:label>
    <link:label id="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock_documentation_en-US" xlink:label="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Table Text Block] for Disclosure of current and non-current accounts payable and other [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock" xlink:href="bam-20211231.xsd#bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock" xlink:to="lab_bam_DisclosureofcurrentandnoncurrentaccountspayableandotherTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PrivateEquityandOtherSegmentsMember_3293bdd5-d2e5-4df5-81d9-ed64e305592c_terseLabel_en-US" xlink:label="lab_bam_PrivateEquityandOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity and Other</link:label>
    <link:label id="lab_bam_PrivateEquityandOtherSegmentsMember_label_en-US" xlink:label="lab_bam_PrivateEquityandOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity and Other Segments [Member]</link:label>
    <link:label id="lab_bam_PrivateEquityandOtherSegmentsMember_documentation_en-US" xlink:label="lab_bam_PrivateEquityandOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity and Other Segments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PrivateEquityandOtherSegmentsMember" xlink:href="bam-20211231.xsd#bam_PrivateEquityandOtherSegmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PrivateEquityandOtherSegmentsMember" xlink:to="lab_bam_PrivateEquityandOtherSegmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PerpetualPreferredSharesMember_5af1b419-41a3-4a46-bb9f-a81a6170bd94_terseLabel_en-US" xlink:label="lab_bam_PerpetualPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Perpetual Preferred Shares</link:label>
    <link:label id="lab_bam_PerpetualPreferredSharesMember_label_en-US" xlink:label="lab_bam_PerpetualPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Perpetual Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_PerpetualPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_PerpetualPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Perpetual Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PerpetualPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_PerpetualPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PerpetualPreferredSharesMember" xlink:to="lab_bam_PerpetualPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Considerationtransferredacquisitiondateassetleveldebt_3e08d2c5-4911-4783-87b6-cfee1779a8dd_terseLabel_en-US" xlink:label="lab_bam_Considerationtransferredacquisitiondateassetleveldebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consideration transferred, acquisition-date asset level debt</link:label>
    <link:label id="lab_bam_Considerationtransferredacquisitiondateassetleveldebt_label_en-US" xlink:label="lab_bam_Considerationtransferredacquisitiondateassetleveldebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consideration transferred, acquisition-date asset level debt</link:label>
    <link:label id="lab_bam_Considerationtransferredacquisitiondateassetleveldebt_documentation_en-US" xlink:label="lab_bam_Considerationtransferredacquisitiondateassetleveldebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consideration transferred, acquisition-date asset level debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Considerationtransferredacquisitiondateassetleveldebt" xlink:href="bam-20211231.xsd#bam_Considerationtransferredacquisitiondateassetleveldebt"/>
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    <link:label id="lab_ifrs-full_OtherRelatedPartiesMember_5442d58a-b135-48d7-bb58-1922223e771d_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other related parties [member]</link:label>
    <link:label id="lab_ifrs-full_OtherRelatedPartiesMember_label_en-US" xlink:label="lab_ifrs-full_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other related parties [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherRelatedPartiesMember" xlink:to="lab_ifrs-full_OtherRelatedPartiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings_329b4dfd-4fb6-45d0-afca-17fab45e111c_terseLabel_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-recourse borrowings</link:label>
    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings_label_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Undiscounted Cash Flows, Interest Expense From Bank Borrowings</link:label>
    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings_documentation_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Undiscounted Cash Flows, Interest Expense From Bank Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings" xlink:href="bam-20211231.xsd#bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings" xlink:to="lab_bam_UndiscountedCashFlowsInterestExpenseFromBankBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_de06389f-a337-4b68-ade2-21da11403db1_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of detailed information about intangible assets</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about intangible assets [text block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_349972fc-ce72-4c6a-a819-9d9d8b329de0_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_78ecfb41-4a98-4541-8ae0-ab56a136b8e6_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions to non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid to non-controlling interests, classified as financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PreferredequityMember_7ffe2010-5a7c-4390-9189-d0a046e0af03_terseLabel_en-US" xlink:label="lab_bam_PreferredequityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity</link:label>
    <link:label id="lab_bam_PreferredequityMember_label_en-US" xlink:label="lab_bam_PreferredequityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity [Member]</link:label>
    <link:label id="lab_bam_PreferredequityMember_documentation_en-US" xlink:label="lab_bam_PreferredequityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"></link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PreferredequityMember" xlink:href="bam-20211231.xsd#bam_PreferredequityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PreferredequityMember" xlink:to="lab_bam_PreferredequityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment_88bfd60b-40e0-4af2-87b2-aa32da376eba_terseLabel_en-US" xlink:label="lab_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value changes</link:label>
    <link:label id="lab_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation increase (decrease), property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:to="lab_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty_ca31bf12-2b7a-440a-8bdb-ef11f6da378f_terseLabel_en-US" xlink:label="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Horizon (years)</link:label>
    <link:label id="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty_label_en-US" xlink:label="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Horizon Used In Current Estimate Of Fair Value, Investment Property</link:label>
    <link:label id="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty_documentation_en-US" xlink:label="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Horizon Used In Current Estimate Of Fair Value, Investment Property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty" xlink:href="bam-20211231.xsd#bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty" xlink:to="lab_bam_InvestmentHorizonUsedInCurrentEstimateOfFairValueInvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentAssets_f5ed40ff-31b3-4a59-a2af-799ed3f2973f_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentAssets" xlink:to="lab_ifrs-full_NoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation_3a31aec3-8ddd-45b8-8989-fa33c31995e5_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, before tax, exchange differences on translation of foreign operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SecureBankLoansReceivedMember_8385fbcd-7ac0-4c5a-a488-fe1b745ad099_terseLabel_en-US" xlink:label="lab_bam_SecureBankLoansReceivedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property-specific borrowings</link:label>
    <link:label id="lab_bam_SecureBankLoansReceivedMember_label_en-US" xlink:label="lab_bam_SecureBankLoansReceivedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Secure Bank Loans Received [Member]</link:label>
    <link:label id="lab_bam_SecureBankLoansReceivedMember_documentation_en-US" xlink:label="lab_bam_SecureBankLoansReceivedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Secure Bank Loans Received [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SecureBankLoansReceivedMember" xlink:href="bam-20211231.xsd#bam_SecureBankLoansReceivedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SecureBankLoansReceivedMember" xlink:to="lab_bam_SecureBankLoansReceivedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnrealizedFVTOCIGainMember_a685d9eb-3778-4824-b65e-0ca6c7c90238_terseLabel_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized Available-for-Sale Gain</link:label>
    <link:label id="lab_bam_UnrealizedFVTOCIGainMember_label_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized FVTOCI Gain [Member]</link:label>
    <link:label id="lab_bam_UnrealizedFVTOCIGainMember_documentation_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized FVTOCI Gain [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnrealizedFVTOCIGainMember" xlink:href="bam-20211231.xsd#bam_UnrealizedFVTOCIGainMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnrealizedFVTOCIGainMember" xlink:to="lab_bam_UnrealizedFVTOCIGainMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeStatementAbstract_8193a2c5-eb45-4a73-86b4-45140d1b7dc2_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:label id="lab_ifrs-full_IncomeStatementAbstract_label_en-US" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeStatementAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeStatementAbstract" xlink:to="lab_ifrs-full_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_90209564-f44a-409f-b7a8-05d74f8dbadd_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [abstract]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BottomOfRangeMember_56a4fe50-f2a1-48ec-9f5b-8caf462104ae_terseLabel_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bottom of range</link:label>
    <link:label id="lab_ifrs-full_BottomOfRangeMember_3a47aa52-8aa1-4251-b276-65349840ae98_verboseLabel_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bottom of range</link:label>
    <link:label id="lab_ifrs-full_BottomOfRangeMember_label_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bottom of range [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BottomOfRangeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BottomOfRangeMember" xlink:to="lab_ifrs-full_BottomOfRangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock_6c90dfd7-cbe8-4d8d-9fed-59b08183c49f_terseLabel_en-US" xlink:label="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of accounts payable and other liabilities</link:label>
    <link:label id="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule Of Accounts Payable And Other Liabilities [Table Text Block]</link:label>
    <link:label id="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule Of Accounts Payable and Other Liabilities [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock" xlink:href="bam-20211231.xsd#bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock" xlink:to="lab_bam_ScheduleOfAccountsPayableAndOtherLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_ade7ce49-b490-4f72-b09c-4b4bf66407e0_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment losses</link:label>
    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_label_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment loss recognised in profit or loss, goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:to="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TypeofPropertyAxis_94f940f4-0c98-44c7-879b-643fb17df5b2_terseLabel_en-US" xlink:label="lab_bam_TypeofPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Property [Axis]</link:label>
    <link:label id="lab_bam_TypeofPropertyAxis_label_en-US" xlink:label="lab_bam_TypeofPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Property [Axis]</link:label>
    <link:label id="lab_bam_TypeofPropertyAxis_documentation_en-US" xlink:label="lab_bam_TypeofPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Property [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TypeofPropertyAxis" xlink:href="bam-20211231.xsd#bam_TypeofPropertyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TypeofPropertyAxis" xlink:to="lab_bam_TypeofPropertyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_NorthAmericaMember_bb9547f8-c500-44c9-9528-5a0d3af7bb11_verboseLabel_en-US" xlink:label="lab_srt_NorthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">North America</link:label>
    <link:label id="lab_srt_NorthAmericaMember_9dda88b8-2a99-4513-aaa1-bbb1ef18ed0c_terseLabel_en-US" xlink:label="lab_srt_NorthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">North America [Member]</link:label>
    <link:label id="lab_srt_NorthAmericaMember_label_en-US" xlink:label="lab_srt_NorthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">North America [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_NorthAmericaMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_NorthAmericaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_NorthAmericaMember" xlink:to="lab_srt_NorthAmericaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory_3f0f4d54-f09c-40c7-b68c-b472b4573d00_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial liabilities</link:label>
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    <link:label id="lab_bam_PercentageOfIncreaseDecreaseInEnergyPrices_ebab0e58-10d6-495b-85ab-2f2a5187430f_terseLabel_en-US" xlink:label="lab_bam_PercentageOfIncreaseDecreaseInEnergyPrices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage increase in energy prices</link:label>
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    <link:label id="lab_ifrs-full_InvestmentPropertyAbstract_38f5f820-c57b-463a-a0bb-df44084de2c5_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentPropertyAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment property [abstract]</link:label>
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    <link:label id="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_4a800349-0f7c-457a-843f-dc5cf447888e_terseLabel_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiaries [axis]</link:label>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_label_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiaries [axis]</link:label>
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    <link:label id="lab_bam_SubordinatedNotesDueIn2051Member_4987161e-76fe-46f6-88c3-d163b760afc7_terseLabel_en-US" xlink:label="lab_bam_SubordinatedNotesDueIn2051Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subordinated Notes Due in 2051</link:label>
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    <link:label id="lab_bam_SubordinatedNotesDueIn2051Member_documentation_en-US" xlink:label="lab_bam_SubordinatedNotesDueIn2051Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subordinated Notes Due in 2051</link:label>
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    <link:label id="lab_bam_Series4ClassAPreferredSharesMember_cce13857-089d-44a0-8315-c029d6ecb845_terseLabel_en-US" xlink:label="lab_bam_Series4ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 4 Class A Preferred Shares</link:label>
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    <link:label id="lab_bam_Series4ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series4ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 4 Class A Preferred Shares [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDeferredTaxesExplanatory_d50f4820-534c-4dd2-a6f9-c2e6d08bb350_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of deferred income tax assets and liabilities</link:label>
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    <link:label id="lab_bam_TargetReturn_aa36ea76-0fec-4936-8afd-4d8b1dab6168_terseLabel_en-US" xlink:label="lab_bam_TargetReturn" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Target return</link:label>
    <link:label id="lab_bam_TargetReturn_label_en-US" xlink:label="lab_bam_TargetReturn" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Target return</link:label>
    <link:label id="lab_bam_TargetReturn_documentation_en-US" xlink:label="lab_bam_TargetReturn" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Target return</link:label>
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    <link:label id="lab_ifrs-full_AssetsAbstract_b5f1c0dd-d047-49e1-bcf6-533d43386e49_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_ifrs-full_AssetsAbstract_label_en-US" xlink:label="lab_ifrs-full_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets [abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill"/>
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    <link:label id="lab_bam_NetAssetsBeforeCommonEquityInManagedInvestments_8c5dc108-2079-4f1d-ad6d-3f367c36ffd6_totalLabel_en-US" xlink:label="lab_bam_NetAssetsBeforeCommonEquityInManagedInvestments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Assets Before Common Equity in Managed Investments</link:label>
    <link:label id="lab_bam_NetAssetsBeforeCommonEquityInManagedInvestments_label_en-US" xlink:label="lab_bam_NetAssetsBeforeCommonEquityInManagedInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Assets Before Common Equity in Managed Investments</link:label>
    <link:label id="lab_bam_NetAssetsBeforeCommonEquityInManagedInvestments_documentation_en-US" xlink:label="lab_bam_NetAssetsBeforeCommonEquityInManagedInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Assets Before Common Equity in Managed Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NetAssetsBeforeCommonEquityInManagedInvestments" xlink:href="bam-20211231.xsd#bam_NetAssetsBeforeCommonEquityInManagedInvestments"/>
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    <link:label id="lab_dei_EntityAddressesAddressTypeAxis_84a86690-cfc9-4113-a33b-918e3f40fce1_terseLabel_en-US" xlink:label="lab_dei_EntityAddressesAddressTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Addresses, Address Type [Axis]</link:label>
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    <link:label id="lab_bam_RedeemablePreferredEquityUnitsTrancheOneMember_756c8861-12b7-4ba5-a29d-44e1cce13643_terseLabel_en-US" xlink:label="lab_bam_RedeemablePreferredEquityUnitsTrancheOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_RedeemablePreferredEquityUnitsTrancheOneMember" xlink:href="bam-20211231.xsd#bam_RedeemablePreferredEquityUnitsTrancheOneMember"/>
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    <link:label id="lab_ifrs-full_OtherPriceRiskMember_d7979489-76f2-47b4-9f47-5004b3b8cd93_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other price risk</link:label>
    <link:label id="lab_ifrs-full_OtherPriceRiskMember_label_en-US" xlink:label="lab_ifrs-full_OtherPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other price risk [member]</link:label>
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    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_e089e8cb-56f3-4e7e-81bf-3cd67a72ce08_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later than three years and not later than four years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AtFairValueMember_61f41edf-1f7e-487d-a553-f1039cafb8ff_terseLabel_en-US" xlink:label="lab_ifrs-full_AtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">At fair value</link:label>
    <link:label id="lab_ifrs-full_AtFairValueMember_4e2ea277-ab6c-434a-a9ba-913164122d3c_verboseLabel_en-US" xlink:label="lab_ifrs-full_AtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">At fair value</link:label>
    <link:label id="lab_ifrs-full_AtFairValueMember_label_en-US" xlink:label="lab_ifrs-full_AtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">At fair value [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AtFairValueMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AtFairValueMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AtFairValueMember" xlink:to="lab_ifrs-full_AtFairValueMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_4dcf460e-b6e2-43e5-9f2c-5da9e38e54e7_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProfitLossOfAcquiree_6b872323-4de8-418b-ba93-802c48061be9_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss) of acquired entities since acquisition date</link:label>
    <link:label id="lab_ifrs-full_ProfitLossOfAcquiree_label_en-US" xlink:label="lab_ifrs-full_ProfitLossOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss) of acquiree since acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProfitLossOfAcquiree" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossOfAcquiree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossOfAcquiree" xlink:to="lab_ifrs-full_ProfitLossOfAcquiree" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_ContactPersonnelName_b1534e01-131b-406c-855f-7e6fa2e0260a_terseLabel_en-US" xlink:label="lab_dei_ContactPersonnelName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:label id="lab_dei_ContactPersonnelName_label_en-US" xlink:label="lab_dei_ContactPersonnelName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_ContactPersonnelName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_ContactPersonnelName" xlink:to="lab_dei_ContactPersonnelName" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_293e0cd8-0b1a-4c02-82dd-22e1ef898a5e_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Risk free interest rate, share options granted</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Risk free interest rate, share options granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:to="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PreferredStockBasisSpreadOnVariableRate_78198e4e-2847-4410-96f2-f4ac0c5071c6_terseLabel_en-US" xlink:label="lab_bam_PreferredStockBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock, basis spread on variable rate</link:label>
    <link:label id="lab_bam_PreferredStockBasisSpreadOnVariableRate_label_en-US" xlink:label="lab_bam_PreferredStockBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Basis Spread On Variable Rate</link:label>
    <link:label id="lab_bam_PreferredStockBasisSpreadOnVariableRate_documentation_en-US" xlink:label="lab_bam_PreferredStockBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Basis Spread On Variable Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PreferredStockBasisSpreadOnVariableRate" xlink:href="bam-20211231.xsd#bam_PreferredStockBasisSpreadOnVariableRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PreferredStockBasisSpreadOnVariableRate" xlink:to="lab_bam_PreferredStockBasisSpreadOnVariableRate" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_IncomeTaxAuthority1Axis_5e2a90c4-b290-4fd1-ac28-723f2ba30961_terseLabel_en-US" xlink:label="lab_bam_IncomeTaxAuthority1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Authority1 [Axis]</link:label>
    <link:label id="lab_bam_IncomeTaxAuthority1Axis_label_en-US" xlink:label="lab_bam_IncomeTaxAuthority1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Authority1 [Axis]</link:label>
    <link:label id="lab_bam_IncomeTaxAuthority1Axis_documentation_en-US" xlink:label="lab_bam_IncomeTaxAuthority1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Authority1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_IncomeTaxAuthority1Axis" xlink:href="bam-20211231.xsd#bam_IncomeTaxAuthority1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_IncomeTaxAuthority1Axis" xlink:to="lab_bam_IncomeTaxAuthority1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BSREPIIRHBLLCMember_ddd06cb1-f3eb-4f17-8cc3-ec0676aee987_terseLabel_en-US" xlink:label="lab_bam_BSREPIIRHBLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BSREP II RH B LLC (&#8220;Manufactured Housing&#8221;) preferred capital</link:label>
    <link:label id="lab_bam_BSREPIIRHBLLCMember_label_en-US" xlink:label="lab_bam_BSREPIIRHBLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BSREP II RH B LLC [Member]</link:label>
    <link:label id="lab_bam_BSREPIIRHBLLCMember_documentation_en-US" xlink:label="lab_bam_BSREPIIRHBLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BSREP II RH B LLC [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BSREPIIRHBLLCMember" xlink:href="bam-20211231.xsd#bam_BSREPIIRHBLLCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BSREPIIRHBLLCMember" xlink:to="lab_bam_BSREPIIRHBLLCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SubsidiaryPreferredSharesandCapital_20b50ef7-8480-43b3-8c60-a7ee6bb0bed5_terseLabel_en-US" xlink:label="lab_bam_SubsidiaryPreferredSharesandCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary preferred shares and capital</link:label>
    <link:label id="lab_bam_SubsidiaryPreferredSharesandCapital_451c0a38-34d4-411b-ab36-c5b2f3ffe473_verboseLabel_en-US" xlink:label="lab_bam_SubsidiaryPreferredSharesandCapital" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Preferred Shares</link:label>
    <link:label id="lab_bam_SubsidiaryPreferredSharesandCapital_label_en-US" xlink:label="lab_bam_SubsidiaryPreferredSharesandCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Preferred Shares and Capital</link:label>
    <link:label id="lab_bam_SubsidiaryPreferredSharesandCapital_documentation_en-US" xlink:label="lab_bam_SubsidiaryPreferredSharesandCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Preferred Shares and Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SubsidiaryPreferredSharesandCapital" xlink:href="bam-20211231.xsd#bam_SubsidiaryPreferredSharesandCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SubsidiaryPreferredSharesandCapital" xlink:to="lab_bam_SubsidiaryPreferredSharesandCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MarketApproachMember_7941cc6e-c33a-469e-9e65-62a222e8d19f_terseLabel_en-US" xlink:label="lab_ifrs-full_MarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Market approach</link:label>
    <link:label id="lab_ifrs-full_MarketApproachMember_label_en-US" xlink:label="lab_ifrs-full_MarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Market approach [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MarketApproachMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MarketApproachMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MarketApproachMember" xlink:to="lab_ifrs-full_MarketApproachMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_3b2b67ef-782b-4eac-b732-01dc80d41c98_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_605569db-c97e-4706-9c2b-f44099036e35_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected dividend as percentage, share options granted</link:label>
    <link:label id="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_label_en-US" xlink:label="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected dividend as percentage, share options granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:to="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesCategoryMember_7e462117-5bf8-4c1c-b2fb-400240972bc0_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities, category [member]</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilitiesCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LoansToGovernmentMember_b30410db-1601-40d2-a667-47446ecf0ed1_terseLabel_en-US" xlink:label="lab_ifrs-full_LoansToGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Government bonds</link:label>
    <link:label id="lab_ifrs-full_LoansToGovernmentMember_8bebcd61-f774-4e40-8123-15309d2d64d9_verboseLabel_en-US" xlink:label="lab_ifrs-full_LoansToGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans to government [member]</link:label>
    <link:label id="lab_ifrs-full_LoansToGovernmentMember_label_en-US" xlink:label="lab_ifrs-full_LoansToGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans to government [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LoansToGovernmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LoansToGovernmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LoansToGovernmentMember" xlink:to="lab_ifrs-full_LoansToGovernmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DerivativeNotionalAmount_cf22dee2-97bd-49ca-a780-892ae5abb2a7_terseLabel_en-US" xlink:label="lab_bam_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative, Notional Amount</link:label>
    <link:label id="lab_bam_DerivativeNotionalAmount_5a3e520c-87be-419c-99fc-4cbf8c7b865f_verboseLabel_en-US" xlink:label="lab_bam_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Nominal amount of derivative positions</link:label>
    <link:label id="lab_bam_DerivativeNotionalAmount_label_en-US" xlink:label="lab_bam_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative, Notional Amount</link:label>
    <link:label id="lab_bam_DerivativeNotionalAmount_documentation_en-US" xlink:label="lab_bam_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative, Notional Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DerivativeNotionalAmount" xlink:href="bam-20211231.xsd#bam_DerivativeNotionalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DerivativeNotionalAmount" xlink:to="lab_bam_DerivativeNotionalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SharePriceonDateofRemeasurementinUSDollarsperShare_df893c46-580b-474d-8f7d-d662213d9f1d_terseLabel_en-US" xlink:label="lab_bam_SharePriceonDateofRemeasurementinUSDollarsperShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Price on Date of Remeasurement in US Dollars per Share</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_e8d6caaa-032f-43eb-a96a-3c13dc122f64_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment</link:label>
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    <link:label id="lab_bam_InvestmentsAccountedForUsingTheEquityMethodRecognisedAsOfAcquisitionDate_fc93caef-45ef-4090-abd7-c26b51a59e24_terseLabel_en-US" xlink:label="lab_bam_InvestmentsAccountedForUsingTheEquityMethodRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity accounted investments</link:label>
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    <link:label id="lab_bam_Principalrepaymentofsubsidiaryequityobligations_ed001a29-f118-42a9-9621-7320681da26c_terseLabel_en-US" xlink:label="lab_bam_Principalrepaymentofsubsidiaryequityobligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary equity obligations</link:label>
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    <link:label id="lab_bam_NorthAmericanRailOperationsMember_cdc50edd-14e1-4ce1-b85b-6891534ccf8c_terseLabel_en-US" xlink:label="lab_bam_NorthAmericanRailOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">North American Rail Operations [Member]</link:label>
    <link:label id="lab_bam_NorthAmericanRailOperationsMember_label_en-US" xlink:label="lab_bam_NorthAmericanRailOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">North American Rail Operations [Member]</link:label>
    <link:label id="lab_bam_NorthAmericanRailOperationsMember_documentation_en-US" xlink:label="lab_bam_NorthAmericanRailOperationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">North American Rail Operations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NorthAmericanRailOperationsMember" xlink:href="bam-20211231.xsd#bam_NorthAmericanRailOperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NorthAmericanRailOperationsMember" xlink:to="lab_bam_NorthAmericanRailOperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdditionsToNoncurrentAssets_d994734f-8c3d-4af6-849c-a952c8b796a6_terseLabel_en-US" xlink:label="lab_ifrs-full_AdditionsToNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions to non-current assets</link:label>
    <link:label id="lab_ifrs-full_AdditionsToNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_AdditionsToNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions to non-current assets other than financial instruments, deferred tax assets, net defined benefit assets, and rights arising under insurance contracts</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdditionsToNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsToNoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionsToNoncurrentAssets" xlink:to="lab_ifrs-full_AdditionsToNoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RetainedEarningsMember_8da4348b-d1ee-4294-9dff-419efc691671_terseLabel_en-US" xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained Earnings</link:label>
    <link:label id="lab_ifrs-full_RetainedEarningsMember_d9844d03-c9f9-4564-bd0c-057a828cfd9a_verboseLabel_en-US" xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained earnings</link:label>
    <link:label id="lab_ifrs-full_RetainedEarningsMember_label_en-US" xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained earnings [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RetainedEarningsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarningsMember" xlink:to="lab_ifrs-full_RetainedEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_6c19303c-38c2-4cbd-aa8e-aa13b93990e8_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected volatility, share options granted</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected volatility, share options granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:to="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_0aab6bec-a5e2-4c54-b8ef-fb36997db201_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_72739aff-7a3a-40ff-b057-6c5aeaa5ef52_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_385c4336-0306-46bd-abe1-7b1bd0e625e9_netLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Greater than 5 years</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later than five years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanFiveYearsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFiveYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanFiveYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TypeOfPropertyDomain_58dd6ef7-b26d-47ab-84ba-fa66be5b36fa_terseLabel_en-US" xlink:label="lab_bam_TypeOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Property [Domain]</link:label>
    <link:label id="lab_bam_TypeOfPropertyDomain_label_en-US" xlink:label="lab_bam_TypeOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Property [Domain]</link:label>
    <link:label id="lab_bam_TypeOfPropertyDomain_documentation_en-US" xlink:label="lab_bam_TypeOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type of Property [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TypeOfPropertyDomain" xlink:href="bam-20211231.xsd#bam_TypeOfPropertyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TypeOfPropertyDomain" xlink:to="lab_bam_TypeOfPropertyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldFinanceInc.Member_8323ddc4-c543-4963-affb-11b08ed1e22f_terseLabel_en-US" xlink:label="lab_bam_BrookfieldFinanceInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BFI&#160;</link:label>
    <link:label id="lab_bam_BrookfieldFinanceInc.Member_label_en-US" xlink:label="lab_bam_BrookfieldFinanceInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance Inc. [Member]</link:label>
    <link:label id="lab_bam_BrookfieldFinanceInc.Member_documentation_en-US" xlink:label="lab_bam_BrookfieldFinanceInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Finance Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldFinanceInc.Member" xlink:href="bam-20211231.xsd#bam_BrookfieldFinanceInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldFinanceInc.Member" xlink:to="lab_bam_BrookfieldFinanceInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember_77097e8d-f304-4cd0-9168-3feccfb2c563_terseLabel_en-US" xlink:label="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Customer-related intangible assets [member]</link:label>
    <link:label id="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember_label_en-US" xlink:label="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Customer-related intangible assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NorbordMember_4cf7c178-23f9-4746-a0c0-fb4036cf8c58_terseLabel_en-US" xlink:label="lab_bam_NorbordMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Norbord</link:label>
    <link:label id="lab_bam_NorbordMember_label_en-US" xlink:label="lab_bam_NorbordMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Norbord [Member]</link:label>
    <link:label id="lab_bam_NorbordMember_documentation_en-US" xlink:label="lab_bam_NorbordMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Norbord [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NorbordMember" xlink:href="bam-20211231.xsd#bam_NorbordMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NorbordMember" xlink:to="lab_bam_NorbordMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets_40e94275-cacf-437d-bd3e-cee7965be182_terseLabel_en-US" xlink:label="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal capitalization rate</link:label>
    <link:label id="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets_label_en-US" xlink:label="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Capitalization Rate, Significant Unobservable Inputs, Assets</link:label>
    <link:label id="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets_documentation_en-US" xlink:label="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Capitalization Rate, Significant Unobservable Inputs, Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets" xlink:href="bam-20211231.xsd#bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets" xlink:to="lab_bam_TerminalCapitalizationRateSignificantUnobservableInputsAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_89c48a08-8c27-4b4c-bb51-39f844131264_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income taxes</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to components of other comprehensive income that will be reclassified to profit or loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:to="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DonotExpireMember_bfdf45a3-7834-4b4c-b524-5df79e103ff9_terseLabel_en-US" xlink:label="lab_bam_DonotExpireMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Do not expire</link:label>
    <link:label id="lab_bam_DonotExpireMember_label_en-US" xlink:label="lab_bam_DonotExpireMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Do not Expire [Member]</link:label>
    <link:label id="lab_bam_DonotExpireMember_documentation_en-US" xlink:label="lab_bam_DonotExpireMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Do not Expire [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DonotExpireMember" xlink:href="bam-20211231.xsd#bam_DonotExpireMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DonotExpireMember" xlink:to="lab_bam_DonotExpireMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BIPCExchangeableShares_9bcccbd1-a09a-4381-944d-96278265feae_terseLabel_en-US" xlink:label="lab_bam_BIPCExchangeableShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BIPC exchangeable shares</link:label>
    <link:label id="lab_bam_BIPCExchangeableShares_label_en-US" xlink:label="lab_bam_BIPCExchangeableShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BIPC exchangeable shares</link:label>
    <link:label id="lab_bam_BIPCExchangeableShares_documentation_en-US" xlink:label="lab_bam_BIPCExchangeableShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BIPC exchangeable shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BIPCExchangeableShares" xlink:href="bam-20211231.xsd#bam_BIPCExchangeableShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BIPCExchangeableShares" xlink:to="lab_bam_BIPCExchangeableShares" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CorporateCosts_7ef272eb-23e9-43e6-aafa-2304015c3889_negatedTerseLabel_en-US" xlink:label="lab_bam_CorporateCosts" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate costs</link:label>
    <link:label id="lab_bam_CorporateCosts_label_en-US" xlink:label="lab_bam_CorporateCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Costs</link:label>
    <link:label id="lab_bam_CorporateCosts_documentation_en-US" xlink:label="lab_bam_CorporateCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CorporateCosts" xlink:href="bam-20211231.xsd#bam_CorporateCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CorporateCosts" xlink:to="lab_bam_CorporateCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember_e5834f32-7e41-4282-a1f5-2c81a6914e02_terseLabel_en-US" xlink:label="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in property, plant and equipment policy [Member]</link:label>
    <link:label id="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember_label_en-US" xlink:label="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in property, plant and equipment policy [Member]</link:label>
    <link:label id="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember_documentation_en-US" xlink:label="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in property, plant and equipment policy</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ChangeInPropertyPlantAndEquipmentPolicyMember" xlink:href="bam-20211231.xsd#bam_ChangeInPropertyPlantAndEquipmentPolicyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ChangeInPropertyPlantAndEquipmentPolicyMember" xlink:to="lab_bam_ChangeInPropertyPlantAndEquipmentPolicyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RealEstateandInfrastructureMember_6d5c775b-0510-4988-8ea3-b8c83faaff8b_terseLabel_en-US" xlink:label="lab_bam_RealEstateandInfrastructureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate and Infrastructure [Member]</link:label>
    <link:label id="lab_bam_RealEstateandInfrastructureMember_label_en-US" xlink:label="lab_bam_RealEstateandInfrastructureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate and Infrastructure [Member]</link:label>
    <link:label id="lab_bam_RealEstateandInfrastructureMember_documentation_en-US" xlink:label="lab_bam_RealEstateandInfrastructureMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate and Infrastructure [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory_d612482d-3e44-46ed-92c2-76e6ad80c265_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of post-employment benefit plans</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of defined benefit plans [text block]</link:label>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for provisions [text block]</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfAssetsAxis_f561a605-3204-40a6-9b3a-158032148d7a_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of assets [axis]</link:label>
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    <link:label id="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_dd9e3293-b6fd-44c5-9f5b-0128c95d6a22_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate used in current estimate of value in use</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate used in current estimate of value in use</link:label>
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    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_2d1c8733-3d48-43a8-a9db-dfdf2ebe7316_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions through business combinations, property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_bc9c36c1-7269-4f5f-a6bf-7f0f00cdee7e_verboseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions through business combinations</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests_5d053505-9922-418e-a3a8-cca82afbe16c_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interests</link:label>
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    <link:label id="lab_bam_AccumulatedFairValueChangesMember_bdc5941b-797e-4fab-b959-3f216dabd196_terseLabel_en-US" xlink:label="lab_bam_AccumulatedFairValueChangesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated fair value changes</link:label>
    <link:label id="lab_bam_AccumulatedFairValueChangesMember_ec7b9d51-dbbb-42d8-a9f1-7de19b3488c0_verboseLabel_en-US" xlink:label="lab_bam_AccumulatedFairValueChangesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Fair Value Changes</link:label>
    <link:label id="lab_bam_AccumulatedFairValueChangesMember_label_en-US" xlink:label="lab_bam_AccumulatedFairValueChangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Fair Value Changes [Member]</link:label>
    <link:label id="lab_bam_AccumulatedFairValueChangesMember_documentation_en-US" xlink:label="lab_bam_AccumulatedFairValueChangesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Fair Value Changes [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory_b654dee8-f7c6-4319-9e51-99c2a46c505f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of financial information by geographic regions</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_af043e4d-32f2-4568-be79-e984fdc5c81d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">MANAGEMENT OF RISKS ARISING FROM HOLDING FINANCIAL INSTRUMENTS</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityLineItems_f53e0211-cd0b-4d53-be32-fbe499fbc730_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
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    <link:label id="lab_bam_CommonClassB1Member_70f2de32-a45d-47c4-84dd-c7080417d359_terseLabel_en-US" xlink:label="lab_bam_CommonClassB1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Class B</link:label>
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    <link:label id="lab_bam_CommonClassB1Member_documentation_en-US" xlink:label="lab_bam_CommonClassB1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Class B [Member]</link:label>
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    <link:label id="lab_bam_NumberOfOperatingSegments1_4720927b-6336-4237-b257-6b0b3abfadd4_terseLabel_en-US" xlink:label="lab_bam_NumberOfOperatingSegments1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of reportable segments</link:label>
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    <link:label id="lab_ifrs-full_ReconciliationOfChangesInGoodwillAbstract_16938d3d-30a4-4446-a789-0a55c206fc35_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reconciliation of changes in goodwill [abstract]</link:label>
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    <link:label id="lab_ifrs-full_AdjustmentsForFairValueGainsLosses_3ca2bb72-88d4-48ca-9410-d3f580c80d3e_terseLabel_en-US" xlink:label="lab_ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value changes</link:label>
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    <link:label id="lab_bam_IncomeTaxAuthority1Domain_a46cca3f-4ad3-4ac1-b5f0-f8964e413478_terseLabel_en-US" xlink:label="lab_bam_IncomeTaxAuthority1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Authority1 [Domain]</link:label>
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    <link:label id="lab_ifrs-full_Inventories_e7c12469-ec5c-429e-b77d-f2ae13503195_terseLabel_en-US" xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current</link:label>
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    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleMember_bf5d64bf-7b2f-4d28-ab40-19a2a92cf9e2_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets and liabilities classified as held for sale</link:label>
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    <link:label id="lab_bam_IncomeTaxesAbstract_34e8ca01-8ec7-4c9b-ae9a-049a8d2f6d99_terseLabel_en-US" xlink:label="lab_bam_IncomeTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Taxes [Abstract]</link:label>
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    <link:label id="lab_bam_IncomeTaxesAbstract_documentation_en-US" xlink:label="lab_bam_IncomeTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Taxes [Abstract]</link:label>
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    <link:label id="lab_bam_SummaryOfTheCorporationsCapitalLineItems_57664027-8291-4f08-8dee-1e8c378ff344_terseLabel_en-US" xlink:label="lab_bam_SummaryOfTheCorporationsCapitalLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of the Corporation's Capital [Line Items]</link:label>
    <link:label id="lab_bam_SummaryOfTheCorporationsCapitalLineItems_label_en-US" xlink:label="lab_bam_SummaryOfTheCorporationsCapitalLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of the Corporation's Capital [Line Items]</link:label>
    <link:label id="lab_bam_SummaryOfTheCorporationsCapitalLineItems_documentation_en-US" xlink:label="lab_bam_SummaryOfTheCorporationsCapitalLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of the Corporation's Capital [Line Items]</link:label>
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    <link:label id="lab_ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_1b44e6b4-f559-4df4-931e-76528c813e92_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for segment consolidation items [member]</link:label>
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    <link:label id="lab_bam_DisclosureOfDirectCostsTableTextBlock_7f5f7a61-e32f-48c1-85b7-2fedeb1653c1_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfDirectCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of direct costs</link:label>
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    <link:label id="lab_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_69109045-3db1-4d92-9ca3-5f5d520d4791_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to exchange differences on translation of foreign operations included in other comprehensive income</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_8c2a3868-391d-4987-9f36-2dda30791d7c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of assets [line items]</link:label>
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    <link:label id="lab_ifrs-full_ValuationTechniquesMember_1d7929ee-f7dd-41fb-8676-9fbd97611681_terseLabel_en-US" xlink:label="lab_ifrs-full_ValuationTechniquesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Valuation techniques [member]</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_d9f20ab9-a7b7-4a22-9b3c-dc24702f5612_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing activities</link:label>
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    <link:label id="lab_ifrs-full_SecuredBankLoansReceived_580eda5e-3de0-4923-b73b-aab161979500_terseLabel_en-US" xlink:label="lab_ifrs-full_SecuredBankLoansReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property-specific borrowings</link:label>
    <link:label id="lab_ifrs-full_SecuredBankLoansReceived_19a6d65c-3447-4f9d-babc-1747523b4f69_totalLabel_en-US" xlink:label="lab_ifrs-full_SecuredBankLoansReceived" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_acb6178d-a21c-4432-88c3-927214fb730b_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_bam_USTermDebtMaturingOnJanuary302032Member_65e8b990-a830-44a9-8940-791dceb0c8aa_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnJanuary302032Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On January 30, 2032</link:label>
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    <link:label id="lab_ifrs-full_TypesOfFinancialLiabilitiesAxis_421c8481-31f1-4caa-8614-61d466902a43_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of financial liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfFinancialLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of financial liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfFinancialLiabilitiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfFinancialLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_TypesOfFinancialLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_e650b1d0-9a55-429c-9107-4410a830894c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ProfitLossofassociateorjointventure_973e7e3e-e1ac-4a98-9bea-6019642ab209_terseLabel_en-US" xlink:label="lab_bam_ProfitLossofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (Loss) of associate or joint venture</link:label>
    <link:label id="lab_bam_ProfitLossofassociateorjointventure_label_en-US" xlink:label="lab_bam_ProfitLossofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (Loss) of associate or joint venture</link:label>
    <link:label id="lab_bam_ProfitLossofassociateorjointventure_documentation_en-US" xlink:label="lab_bam_ProfitLossofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (Loss) of associate or joint venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ProfitLossofassociateorjointventure" xlink:href="bam-20211231.xsd#bam_ProfitLossofassociateorjointventure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ProfitLossofassociateorjointventure" xlink:to="lab_bam_ProfitLossofassociateorjointventure" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_3b9e8532-fa0d-4bdf-9399-e57018c31449_totalLabel_en-US" xlink:label="lab_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net amount of financial instruments in Consolidated Balance Sheets</link:label>
    <link:label id="lab_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_label_en-US" xlink:label="lab_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:to="lab_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_EconomicInterestBeforeBusinessTransaction_219a9397-c201-4e3e-8922-ffe79687ac3b_terseLabel_en-US" xlink:label="lab_bam_EconomicInterestBeforeBusinessTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Economic interest before business transaction</link:label>
    <link:label id="lab_bam_EconomicInterestBeforeBusinessTransaction_label_en-US" xlink:label="lab_bam_EconomicInterestBeforeBusinessTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Economic interest before business transaction</link:label>
    <link:label id="lab_bam_EconomicInterestBeforeBusinessTransaction_documentation_en-US" xlink:label="lab_bam_EconomicInterestBeforeBusinessTransaction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Economic interest before business transaction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_EconomicInterestBeforeBusinessTransaction" xlink:href="bam-20211231.xsd#bam_EconomicInterestBeforeBusinessTransaction"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_EconomicInterestBeforeBusinessTransaction" xlink:to="lab_bam_EconomicInterestBeforeBusinessTransaction" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Revenueofassociateorjointventure_e07308f6-8077-42e0-b1fb-ce6524fcd3e9_terseLabel_en-US" xlink:label="lab_bam_Revenueofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of associate or joint venture</link:label>
    <link:label id="lab_bam_Revenueofassociateorjointventure_label_en-US" xlink:label="lab_bam_Revenueofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of associate or joint venture</link:label>
    <link:label id="lab_bam_Revenueofassociateorjointventure_documentation_en-US" xlink:label="lab_bam_Revenueofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of associate or joint venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Revenueofassociateorjointventure" xlink:href="bam-20211231.xsd#bam_Revenueofassociateorjointventure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Revenueofassociateorjointventure" xlink:to="lab_bam_Revenueofassociateorjointventure" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ResidentialpropertiesunderdevelopmentMember_34e74e57-7713-48ef-9c4e-a035e526e4e7_terseLabel_en-US" xlink:label="lab_bam_ResidentialpropertiesunderdevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential properties under development [Member]</link:label>
    <link:label id="lab_bam_ResidentialpropertiesunderdevelopmentMember_label_en-US" xlink:label="lab_bam_ResidentialpropertiesunderdevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential properties under development [Member]</link:label>
    <link:label id="lab_bam_ResidentialpropertiesunderdevelopmentMember_documentation_en-US" xlink:label="lab_bam_ResidentialpropertiesunderdevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential properties under development [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ResidentialpropertiesunderdevelopmentMember" xlink:href="bam-20211231.xsd#bam_ResidentialpropertiesunderdevelopmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ResidentialpropertiesunderdevelopmentMember" xlink:to="lab_bam_ResidentialpropertiesunderdevelopmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series26ClassAPreferredSharesMember_072ac309-8332-4f8c-9fe4-48aa8fee2988_terseLabel_en-US" xlink:label="lab_bam_Series26ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 26 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series26ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series26ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 26 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series26ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series26ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 26 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series26ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series26ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series26ClassAPreferredSharesMember" xlink:to="lab_bam_Series26ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract_893cc940-7c84-4f44-8e5e-18370ce8df32_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reconciliation of changes in intangible assets other than goodwill [abstract]</link:label>
    <link:label id="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract_label_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reconciliation of changes in intangible assets other than goodwill [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract" xlink:to="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract_d80ae837-b168-4bdc-ac43-6671e3f8af2c_terseLabel_en-US" xlink:label="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue from contracts with customers [Abstract]</link:label>
    <link:label id="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract_label_en-US" xlink:label="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue from contracts with customers [Abstract]</link:label>
    <link:label id="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract_documentation_en-US" xlink:label="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of revenue from contracts with customers [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofrevenuefromcontractswithcustomersAbstract" xlink:href="bam-20211231.xsd#bam_DisclosureofrevenuefromcontractswithcustomersAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureofrevenuefromcontractswithcustomersAbstract" xlink:to="lab_bam_DisclosureofrevenuefromcontractswithcustomersAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series40ClassAPreferredSharesMember_8cc6c73b-21f3-43f6-be3b-04a537082cc4_terseLabel_en-US" xlink:label="lab_bam_Series40ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 40 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series40ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series40ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 40 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series40ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series40ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 40 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series40ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series40ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series40ClassAPreferredSharesMember" xlink:to="lab_bam_Series40ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_5d6e5113-379a-4a2a-90e6-00ca78347154_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_615b8d9f-5d38-44e4-8ef6-d81096ab4216_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="lab_ifrs-full_OtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging_eaf9d22f-c6a3-4fea-a074-609d4b0f0317_negatedTerseLabel_en-US" xlink:label="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impact on Net Income as a Result of a Percentage Decrease Equity Securities</link:label>
    <link:label id="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging_label_en-US" xlink:label="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income impact of a 5% decrease in market price of equity securities and derivatives not designated for hedging</link:label>
    <link:label id="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging_documentation_en-US" xlink:label="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income impact of a 5% decrease in market price of equity securities and derivatives not designated for hedging</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging" xlink:href="bam-20211231.xsd#bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging" xlink:to="lab_bam_Netincomeimpactofa5decreaseinmarketpriceofequitysecuritiesandderivativesnotdesignatedforhedging" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity_8a5e13c3-a63d-4db3-8277-4235dc5c4d2f_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment, pledged as security</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment, pledged as security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueOfAcquiree_1dff9c34-812b-4489-9209-6c6d9b0c11d1_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of acquired entities since acquisition date</link:label>
    <link:label id="lab_ifrs-full_RevenueOfAcquiree_label_en-US" xlink:label="lab_ifrs-full_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of acquiree since acquisition date</link:label>
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    <link:label id="lab_ifrs-full_NumberOfOutstandingShareOptions_d6af800e-3caa-4dbb-bc6a-0e407a8f6c21_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of share options outstanding in share-based payment arrangement</link:label>
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    <link:label id="lab_currency_AUD_932b766f-0a2e-4658-b8eb-d514d6465fbb_terseLabel_en-US" xlink:label="lab_currency_AUD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Australian dollars</link:label>
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    <link:label id="lab_bam_LongtermDebtType1Axis_61bf4d94-4eec-4459-a39d-681d3c380ed4_terseLabel_en-US" xlink:label="lab_bam_LongtermDebtType1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Debt, Type1 [Axis]</link:label>
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    <link:label id="lab_ifrs-full_AverageEffectiveTaxRate_label_en-US" xlink:label="lab_ifrs-full_AverageEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Average effective tax rate</link:label>
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    <link:label id="lab_bam_RealizedDispositionGainLossinOwnershipChangesEquity_a331e99a-5871-486e-9b04-4b8ebff9026d_terseLabel_en-US" xlink:label="lab_bam_RealizedDispositionGainLossinOwnershipChangesEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized disposition gains recorded directly in equity</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_de3550e7-8208-48ff-8ff1-872d3770b197_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average exercise price of share options outstanding in share-based payment arrangement</link:label>
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    <link:label id="lab_bam_VariableRate1Axis_242dcc28-6400-43a8-ad50-67ddac3a8c0b_terseLabel_en-US" xlink:label="lab_bam_VariableRate1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate1 [Axis]</link:label>
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    <link:label id="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2f27b740-b8d9-4f8e-a580-0c365b9e5553_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment</link:label>
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    <link:label id="lab_bam_Increasedecreaseincompensationliabilityfroma5changeinthecommonequitypriceofthecompany_c63bf65e-752b-42ea-8ce1-475bd1366a92_terseLabel_en-US" xlink:label="lab_bam_Increasedecreaseincompensationliabilityfroma5changeinthecommonequitypriceofthecompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase in compensation liability and expense</link:label>
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    <link:label id="lab_bam_DisclosureOfExpenseRecognizedForShareBasedCompensationTableTextBlock_28e30784-75e9-4a89-ad86-1d1ffd3b523d_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfExpenseRecognizedForShareBasedCompensationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of expense recognized for share-based compensation</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_beb665e8-55ee-4d0c-9133-bb0d9df13193_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposition of subsidiaries</link:label>
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    <link:label id="lab_bam_Noncurrentliabilitiesofassociateorjointventure_97c6ee5d-ab91-462c-9120-176a8020a118_terseLabel_en-US" xlink:label="lab_bam_Noncurrentliabilitiesofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current liabilities</link:label>
    <link:label id="lab_bam_Noncurrentliabilitiesofassociateorjointventure_label_en-US" xlink:label="lab_bam_Noncurrentliabilitiesofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current liabilities of associate or joint venture</link:label>
    <link:label id="lab_bam_Noncurrentliabilitiesofassociateorjointventure_documentation_en-US" xlink:label="lab_bam_Noncurrentliabilitiesofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current liabilities of associate or joint venture</link:label>
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    <link:label id="lab_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue_4071e89c-628c-4911-8ce4-af618bcd341a_terseLabel_en-US" xlink:label="lab_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Capitalization Rate</link:label>
    <link:label id="lab_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue_label_en-US" xlink:label="lab_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Capitalization Rate Used In Current Estimate Of Fair Value</link:label>
    <link:label id="lab_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue_documentation_en-US" xlink:label="lab_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal Capitalization Rate Used In Current Estimate Of Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue" xlink:href="bam-20211231.xsd#bam_TerminalCapitalizationRateUsedInCurrentEstimateOfFairValue"/>
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    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_bf28d1aa-3d1d-4d8e-a94f-65bd6c8ce4be_verboseLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">One year from reporting date</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_b5b220e2-4e22-4acc-a408-cef131970e24_terseLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less than 1 year</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_label_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Not later than one year [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NotLaterThanOneYearMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotLaterThanOneYearMember"/>
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    <link:label id="lab_ifrs-full_FinancialLiabilities_0f7c7d07-9649-41c2-829b-cd1b36695e28_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilities_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilities" xlink:to="lab_ifrs-full_FinancialLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureofotherinformationTable_c0dab1be-fce9-4d2c-b463-ebd643417920_terseLabel_en-US" xlink:label="lab_bam_DisclosureofotherinformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of other information [Table]</link:label>
    <link:label id="lab_bam_DisclosureofotherinformationTable_label_en-US" xlink:label="lab_bam_DisclosureofotherinformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of other information [Table]</link:label>
    <link:label id="lab_bam_DisclosureofotherinformationTable_documentation_en-US" xlink:label="lab_bam_DisclosureofotherinformationTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of other information [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofotherinformationTable" xlink:href="bam-20211231.xsd#bam_DisclosureofotherinformationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureofotherinformationTable" xlink:to="lab_bam_DisclosureofotherinformationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests_c9ead988-8030-4f0d-9f4f-11576726cedf_terseLabel_en-US" xlink:label="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Taxable income attributable to non-controlling interests</link:label>
    <link:label id="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests_label_en-US" xlink:label="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax rate effect of taxable income attributable to non-controlling interests</link:label>
    <link:label id="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests_documentation_en-US" xlink:label="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax rate effect of taxable income attributable to non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests" xlink:href="bam-20211231.xsd#bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests" xlink:to="lab_bam_Taxrateeffectoftaxableincomeattributabletononcontrollinginterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Assets_1f172de9-481b-4ad3-a8e6-475956bbff92_totalLabel_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_ifrs-full_Assets_a4a95765-3de6-4ed5-89cc-2283b38c1dbf_terseLabel_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_ifrs-full_Assets_label_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Assets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Assets" xlink:to="lab_ifrs-full_Assets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EntitysTotalForRelatedPartiesMember_11b903e5-f04b-4a39-a38d-7a58f12e6290_terseLabel_en-US" xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for related parties [member]</link:label>
    <link:label id="lab_ifrs-full_EntitysTotalForRelatedPartiesMember_label_en-US" xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for related parties [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BasicEarningsLossPerShare_a4996e80-9163-49f4-88b9-0f53598c07fd_terseLabel_en-US" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basic</link:label>
    <link:label id="lab_ifrs-full_BasicEarningsLossPerShare_label_en-US" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basic earnings (loss) per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BasicEarningsLossPerShare" xlink:to="lab_ifrs-full_BasicEarningsLossPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Shareissuance_4a70bab5-60fb-4a69-bd11-878e867be3bb_terseLabel_en-US" xlink:label="lab_bam_Shareissuance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share issuance</link:label>
    <link:label id="lab_bam_Shareissuance_label_en-US" xlink:label="lab_bam_Shareissuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share issuance</link:label>
    <link:label id="lab_bam_Shareissuance_documentation_en-US" xlink:label="lab_bam_Shareissuance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share issuance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Shareissuance" xlink:href="bam-20211231.xsd#bam_Shareissuance"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Shareissuance" xlink:to="lab_bam_Shareissuance" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember_966b6f50-fd7e-46ef-b729-7ba0ec14c953_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Amortization and Impairment</link:label>
    <link:label id="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember_label_en-US" xlink:label="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated depreciation, amortisation and impairment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DecreaseDueToHarvestSustainableResources_6b4602ac-2641-4bdd-a2f7-31e3cd27e601_negatedTerseLabel_en-US" xlink:label="lab_bam_DecreaseDueToHarvestSustainableResources" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Decrease due to harvest</link:label>
    <link:label id="lab_bam_DecreaseDueToHarvestSustainableResources_label_en-US" xlink:label="lab_bam_DecreaseDueToHarvestSustainableResources" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Decrease Due To Harvest, Sustainable Resources</link:label>
    <link:label id="lab_bam_DecreaseDueToHarvestSustainableResources_documentation_en-US" xlink:label="lab_bam_DecreaseDueToHarvestSustainableResources" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Decrease Due To Harvest, Sustainable Resources</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DecreaseDueToHarvestSustainableResources" xlink:href="bam-20211231.xsd#bam_DecreaseDueToHarvestSustainableResources"/>
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    <link:label id="lab_bam_Series38ClassAPreferredSharesMember_00539199-6ff1-4b06-b8fb-f551ad8d8875_terseLabel_en-US" xlink:label="lab_bam_Series38ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 38 Class A Preferred Shares</link:label>
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    <link:label id="lab_bam_RationOfSharesElectableToReceivePerUnit_8f3552c7-b59e-4ab0-892c-93c85c909cc2_terseLabel_en-US" xlink:label="lab_bam_RationOfSharesElectableToReceivePerUnit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ration of shares electable to receive per unit</link:label>
    <link:label id="lab_bam_RationOfSharesElectableToReceivePerUnit_label_en-US" xlink:label="lab_bam_RationOfSharesElectableToReceivePerUnit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ration of shares electable to receive per unit</link:label>
    <link:label id="lab_bam_RationOfSharesElectableToReceivePerUnit_documentation_en-US" xlink:label="lab_bam_RationOfSharesElectableToReceivePerUnit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ration of shares electable to receive per unit</link:label>
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    <link:label id="lab_ifrs-full_HedgingInstrumentsAxis_ff7b10c9-5af3-4033-ba9f-4fba70c16a12_terseLabel_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hedging instruments [axis]</link:label>
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    <link:label id="lab_bam_TerminalCapitalizationMultiplesSignificantUnobservableInputsAssets_461b8939-0b2a-45de-9002-d6fdd9a75a1f_terseLabel_en-US" xlink:label="lab_bam_TerminalCapitalizationMultiplesSignificantUnobservableInputsAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Terminal capitalization multiples</link:label>
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    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_ca06ac70-4df0-4d07-ac06-3072eb3d978f_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income that will not be reclassified to net income</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income that will not be reclassified to profit or loss, net of tax</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences_1fcdd081-5074-400c-aefb-af353016b45d_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Origination and reversal of temporary differences</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences</link:label>
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    <link:label id="lab_bam_USTermDebtMaturingOnJanuary152025Member_4231590d-835e-4f04-bbbe-08861c9aa192_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnJanuary152025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On January 15, 2025</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory_004c1856-3045-4186-9987-27f2c8f9f6e2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of options granted using black-scholes module</link:label>
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    <link:label id="lab_bam_ShareRepurchases_68433403-0983-49bc-9cec-8116b3a75a9b_terseLabel_en-US" xlink:label="lab_bam_ShareRepurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repurchases (in shares)</link:label>
    <link:label id="lab_bam_ShareRepurchases_label_en-US" xlink:label="lab_bam_ShareRepurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Repurchases</link:label>
    <link:label id="lab_bam_ShareRepurchases_documentation_en-US" xlink:label="lab_bam_ShareRepurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Repurchases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ShareRepurchases" xlink:href="bam-20211231.xsd#bam_ShareRepurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ShareRepurchases" xlink:to="lab_bam_ShareRepurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ContractAssets_b89febb8-cf0b-48fd-b9c3-f9da1139e907_terseLabel_en-US" xlink:label="lab_ifrs-full_ContractAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contract assets</link:label>
    <link:label id="lab_ifrs-full_ContractAssets_label_en-US" xlink:label="lab_ifrs-full_ContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contract assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContractAssets" xlink:to="lab_ifrs-full_ContractAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_42bbdf68-d49d-4644-998d-332a970a5c4f_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets and other</link:label>
    <link:label id="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_label_en-US" xlink:label="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchase of financial instruments, classified as investing activities</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects_50e568e4-5ae1-4af9-b4fe-473de4cf5058_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share</link:label>
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    <link:label id="lab_ifrs-full_CurrentSecuredBankLoansReceivedAndCurrentPortionOfNoncurrentSecuredBankLoansReceived_ff20d3d2-bbed-47c5-b44d-f9185ae00730_verboseLabel_en-US" xlink:label="lab_ifrs-full_CurrentSecuredBankLoansReceivedAndCurrentPortionOfNoncurrentSecuredBankLoansReceived" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_CurrentSecuredBankLoansReceivedAndCurrentPortionOfNoncurrentSecuredBankLoansReceived_label_en-US" xlink:label="lab_ifrs-full_CurrentSecuredBankLoansReceivedAndCurrentPortionOfNoncurrentSecuredBankLoansReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current secured bank loans received and current portion of non-current secured bank loans received</link:label>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_70c49425-c7a3-4cb8-b213-e53ff25e4808_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, at fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_70d2b5bb-d22c-4663-aaa3-dcc9eb2c8ff6_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValue" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_StatementofChangesinEquityRollForward_e373d8b8-eee0-45e7-81f1-017716d25df4_terseLabel_en-US" xlink:label="lab_bam_StatementofChangesinEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of Changes in Equity [Roll Forward]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_StatementofChangesinEquityRollForward" xlink:href="bam-20211231.xsd#bam_StatementofChangesinEquityRollForward"/>
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    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableLineItems_ded4595c-71ef-42ac-89ae-36c93944650e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of maturity analysis of finance lease payments receivable [line items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableLineItems"/>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_96cc27bb-2deb-4c66-a519-a538aa64bd5d_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based compensation</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) through share-based payment transactions, equity</link:label>
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    <link:label id="lab_ifrs-full_OtherIncome_b1ebf7ab-6b3f-4045-82c8-907f34d5974c_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other income and gains</link:label>
    <link:label id="lab_ifrs-full_OtherIncome_label_en-US" xlink:label="lab_ifrs-full_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherIncome" xlink:to="lab_ifrs-full_OtherIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnsecuredNotesDue2026Member_48c1d1af-fc29-408f-840d-e245b90f0092_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2026</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2026Member_label_en-US" xlink:label="lab_bam_UnsecuredNotesDue2026Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2026 [Member]</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2026Member_documentation_en-US" xlink:label="lab_bam_UnsecuredNotesDue2026Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2026 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnsecuredNotesDue2026Member" xlink:href="bam-20211231.xsd#bam_UnsecuredNotesDue2026Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnsecuredNotesDue2026Member" xlink:to="lab_bam_UnsecuredNotesDue2026Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent_73d4621e-fa67-4185-bc0c-0595a33f6862_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent_ac144e41-a426-4272-b9cd-5115daab0002_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholders</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income, attributable to owners of parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty_7ea0745e-69f7-4e09-b686-e5924d1ff855_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation and other</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) through net exchange differences, investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfFinancialPositionAbstract_20778b6a-8c3d-4d99-9ecf-37d62b3f0c5f_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of financial position [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of financial position [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_LoyaltyprogramMember_3002f33c-0397-4111-bd68-91926c4f8885_terseLabel_en-US" xlink:label="lab_bam_LoyaltyprogramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loyalty program [Member]</link:label>
    <link:label id="lab_bam_LoyaltyprogramMember_label_en-US" xlink:label="lab_bam_LoyaltyprogramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loyalty program [Member]</link:label>
    <link:label id="lab_bam_LoyaltyprogramMember_documentation_en-US" xlink:label="lab_bam_LoyaltyprogramMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loyalty program [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_LoyaltyprogramMember" xlink:href="bam-20211231.xsd#bam_LoyaltyprogramMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_LoyaltyprogramMember" xlink:to="lab_bam_LoyaltyprogramMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OtherMember_50aefc74-4e49-4835-8713-c7b30d35fb92_terseLabel_en-US" xlink:label="lab_bam_OtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other [Member]</link:label>
    <link:label id="lab_bam_OtherMember_label_en-US" xlink:label="lab_bam_OtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other [Member]</link:label>
    <link:label id="lab_bam_OtherMember_documentation_en-US" xlink:label="lab_bam_OtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OtherMember" xlink:href="bam-20211231.xsd#bam_OtherMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OtherMember" xlink:to="lab_bam_OtherMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments_9b5d7a1a-e302-4077-a6b9-09f358077f62_terseLabel_en-US" xlink:label="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments</link:label>
    <link:label id="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments_label_en-US" xlink:label="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments</link:label>
    <link:label id="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments_documentation_en-US" xlink:label="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impact of 1% increase in U.S. dollar against foreign currencies on unhedged financial instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments" xlink:href="bam-20211231.xsd#bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments" xlink:to="lab_bam_Impactof1increaseinU.S.dollaragainstforeigncurrenciesonunhedgedfinancialinstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement_c67675a2-3360-40bd-867c-8de45c318836_terseLabel_en-US" xlink:label="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unvested (in shares)</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement_label_en-US" xlink:label="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Unvested In Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement_documentation_en-US" xlink:label="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Unvested In Share-Based Payment Arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement" xlink:href="bam-20211231.xsd#bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement" xlink:to="lab_bam_NumberOfShareOptionsUnvestedInShareBasedPaymentArrangement" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RestrictedCashAndCashEquivalents_4c7db753-9161-4a19-8a04-c9504f246dee_terseLabel_en-US" xlink:label="lab_ifrs-full_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted cash</link:label>
    <link:label id="lab_ifrs-full_RestrictedCashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RestrictedCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RestrictedCashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RestrictedCashAndCashEquivalents" xlink:to="lab_ifrs-full_RestrictedCashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ResidentialMember_2f1bb109-021e-4063-9e3e-7ace4bbbf06d_terseLabel_en-US" xlink:label="lab_bam_ResidentialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential</link:label>
    <link:label id="lab_bam_ResidentialMember_label_en-US" xlink:label="lab_bam_ResidentialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential [Member]</link:label>
    <link:label id="lab_bam_ResidentialMember_documentation_en-US" xlink:label="lab_bam_ResidentialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ResidentialMember" xlink:href="bam-20211231.xsd#bam_ResidentialMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ResidentialMember" xlink:to="lab_bam_ResidentialMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsAxis_6ebfe4f9-a8f2-4d66-9293-b4d43ed8ecb5_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of financial assets [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of financial assets [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialAssetsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement_14b0d697-e02e-4cb3-a986-a5dc67642a4d_terseLabel_en-US" xlink:label="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Options Vested In Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement_label_en-US" xlink:label="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Options Vested In Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement_documentation_en-US" xlink:label="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Options Vested In Share-Based Payment Arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ShareOptionsVestedInShareBasedPaymentArrangement" xlink:href="bam-20211231.xsd#bam_ShareOptionsVestedInShareBasedPaymentArrangement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ShareOptionsVestedInShareBasedPaymentArrangement" xlink:to="lab_bam_ShareOptionsVestedInShareBasedPaymentArrangement" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NumberOfSharesOutstanding_216b0626-63c1-4848-b00b-13bc68baf727_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Issued and Outstanding (in shares)</link:label>
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    <link:label id="lab_bam_Series9ClassAPreferredSharesMember_f76b2c7c-64af-4e06-9387-15132a3f66bd_terseLabel_en-US" xlink:label="lab_bam_Series9ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 9 Class A Preferred Shares</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:to="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RightofuseAssets_792671c7-a9e1-4bca-a885-9fd971ae5946_terseLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-of-use assets</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RightofuseAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RightofuseAssets" xlink:to="lab_ifrs-full_RightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series15ClassAPreferredSharesMember_94cb09b5-f595-4472-888a-959b7dd629e3_terseLabel_en-US" xlink:label="lab_bam_Series15ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 15 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series15ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series15ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 15 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series15ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series15ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 15 Class A Preferred Shares [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series15ClassAPreferredSharesMember" xlink:to="lab_bam_Series15ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OtherFinancialAssetsMember_13f0e4e8-cd9a-4b40-923e-b9169b0b032d_netLabel_en-US" xlink:label="lab_bam_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other financial assets</link:label>
    <link:label id="lab_bam_OtherFinancialAssetsMember_b851b342-66a1-4438-bfac-b19722102992_terseLabel_en-US" xlink:label="lab_bam_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other financial assets</link:label>
    <link:label id="lab_bam_OtherFinancialAssetsMember_label_en-US" xlink:label="lab_bam_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Financial Assets [Member]</link:label>
    <link:label id="lab_bam_OtherFinancialAssetsMember_documentation_en-US" xlink:label="lab_bam_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Financial Assets [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OtherFinancialAssetsMember" xlink:href="bam-20211231.xsd#bam_OtherFinancialAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OtherFinancialAssetsMember" xlink:to="lab_bam_OtherFinancialAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_97602f03-012c-4569-94b9-9dc42e10c11b_terseLabel_en-US" xlink:label="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives or depreciation rates, property, plant and equipment</link:label>
    <link:label id="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives or depreciation rates, property, plant and equipment</link:label>
    <link:label id="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_documentation_en-US" xlink:label="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives or depreciation rates, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:href="bam-20211231.xsd#bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="lab_bam_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_LPInvestmentsMember_b5effe01-50b5-4e3b-8040-014443634f03_terseLabel_en-US" xlink:label="lab_bam_LPInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">LP Investments and Other [Member]</link:label>
    <link:label id="lab_bam_LPInvestmentsMember_label_en-US" xlink:label="lab_bam_LPInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">LP Investments [Member]</link:label>
    <link:label id="lab_bam_LPInvestmentsMember_documentation_en-US" xlink:label="lab_bam_LPInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">LP Investments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_LPInvestmentsMember" xlink:href="bam-20211231.xsd#bam_LPInvestmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_LPInvestmentsMember" xlink:to="lab_bam_LPInvestmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_218aded6-3207-4389-b119-ea494f986672_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts payable and other</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade and other payables recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CashFlowsFromUsedInAbstract_64f6eb58-2e01-4403-a53f-0eb8b06359f1_terseLabel_en-US" xlink:label="lab_bam_CashFlowsFromUsedInAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in):</link:label>
    <link:label id="lab_bam_CashFlowsFromUsedInAbstract_label_en-US" xlink:label="lab_bam_CashFlowsFromUsedInAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Flows From (Used In) [Abstract]</link:label>
    <link:label id="lab_bam_CashFlowsFromUsedInAbstract_documentation_en-US" xlink:label="lab_bam_CashFlowsFromUsedInAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Flows From (Used In) [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CashFlowsFromUsedInAbstract" xlink:href="bam-20211231.xsd#bam_CashFlowsFromUsedInAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CashFlowsFromUsedInAbstract" xlink:to="lab_bam_CashFlowsFromUsedInAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems_0e839c17-2852-44ec-83d3-36046eb1dff2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_5085565f-a0c2-4ce7-94b2-1fd663f4a5ca_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of assets [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of assets [table]</link:label>
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    <link:label id="lab_bam_DamsMember_93d91461-f6ef-4f55-ad29-bdbbc1e3469b_terseLabel_en-US" xlink:label="lab_bam_DamsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dams [Member]</link:label>
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    <link:label id="lab_bam_DamsMember_documentation_en-US" xlink:label="lab_bam_DamsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dams [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DamsMember" xlink:href="bam-20211231.xsd#bam_DamsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DamsMember" xlink:to="lab_bam_DamsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OtheritemsAbstract_17392027-2234-4a46-a5f1-c1ca4163e691_terseLabel_en-US" xlink:label="lab_bam_OtheritemsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other items</link:label>
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    <link:label id="lab_bam_OtheritemsAbstract_documentation_en-US" xlink:label="lab_bam_OtheritemsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other items [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OtheritemsAbstract" xlink:href="bam-20211231.xsd#bam_OtheritemsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OtheritemsAbstract" xlink:to="lab_bam_OtheritemsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_FinancialassetstransferredbetweenLevels12and3_cb0565e0-af5b-4373-a24e-7f8ece828e35_terseLabel_en-US" xlink:label="lab_bam_FinancialassetstransferredbetweenLevels12and3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets transferred between Levels 1, 2, and 3</link:label>
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    <link:label id="lab_bam_FinancialassetstransferredbetweenLevels12and3_documentation_en-US" xlink:label="lab_bam_FinancialassetstransferredbetweenLevels12and3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets transferred between Levels 1, 2, and 3</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_FinancialassetstransferredbetweenLevels12and3" xlink:href="bam-20211231.xsd#bam_FinancialassetstransferredbetweenLevels12and3"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_FinancialassetstransferredbetweenLevels12and3" xlink:to="lab_bam_FinancialassetstransferredbetweenLevels12and3" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_50654645-775b-4d80-b2d5-664637808eb3_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for intangible assets other than goodwill [text block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_1f627983-ba60-48ac-a01c-abaea067c779_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax expense (income)</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_713f9d0e-e7f5-4e87-9a36-3ee34904a5b6_negatedLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax expense</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_b0a5578f-a450-491b-982d-db89320af42e_totalLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax expense</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AggregatedTimeBandsMember_ce5c2d4d-e1e7-45ce-ab91-86063daea07c_terseLabel_en-US" xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregated time bands [member]</link:label>
    <link:label id="lab_ifrs-full_AggregatedTimeBandsMember_label_en-US" xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregated time bands [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AggregatedTimeBandsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedTimeBandsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AggregatedTimeBandsMember" xlink:to="lab_ifrs-full_AggregatedTimeBandsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_9adcfcba-48d5-45e8-91dd-e96574a080c4_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_82f65df9-3fc9-47cc-a0b4-42b53909b396_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of transactions between related parties [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of transactions between related parties [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherNoncurrentFinancialAssets_167cc09f-c719-4213-8ada-585444b57933_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other non-current financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherNoncurrentFinancialAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentFinancialAssets" xlink:to="lab_ifrs-full_OtherNoncurrentFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueOfCombinedEntity_eb411f50-3f4e-4e23-8351-0273491fe57f_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueOfCombinedEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of combined entity as if combination occurred at beginning of period</link:label>
    <link:label id="lab_ifrs-full_RevenueOfCombinedEntity_label_en-US" xlink:label="lab_ifrs-full_RevenueOfCombinedEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue of combined entity as if combination occurred at beginning of period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueOfCombinedEntity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueOfCombinedEntity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueOfCombinedEntity" xlink:to="lab_ifrs-full_RevenueOfCombinedEntity" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UsefulLivesPropertyPlantAndEquipment_b17845bd-c24c-40ad-9eec-8516860c3276_terseLabel_en-US" xlink:label="lab_bam_UsefulLivesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives, property, plant and equipment</link:label>
    <link:label id="lab_bam_UsefulLivesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_bam_UsefulLivesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives, property, plant and equipment</link:label>
    <link:label id="lab_bam_UsefulLivesPropertyPlantAndEquipment_documentation_en-US" xlink:label="lab_bam_UsefulLivesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UsefulLivesPropertyPlantAndEquipment" xlink:href="bam-20211231.xsd#bam_UsefulLivesPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UsefulLivesPropertyPlantAndEquipment" xlink:to="lab_bam_UsefulLivesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DeferredStockUnitMember_645b4e50-d06f-4ffd-8a32-8a36e5216108_terseLabel_en-US" xlink:label="lab_bam_DeferredStockUnitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Stock Unit</link:label>
    <link:label id="lab_bam_DeferredStockUnitMember_label_en-US" xlink:label="lab_bam_DeferredStockUnitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Stock Unit [Member]</link:label>
    <link:label id="lab_bam_DeferredStockUnitMember_documentation_en-US" xlink:label="lab_bam_DeferredStockUnitMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Stock Unit [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DeferredStockUnitMember" xlink:href="bam-20211231.xsd#bam_DeferredStockUnitMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DeferredStockUnitMember" xlink:to="lab_bam_DeferredStockUnitMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense_635a1b1e-8d83-43b0-8bb0-0a4231bb6959_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce deferred tax expense</link:label>
    <link:label id="lab_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense_label_en-US" xlink:label="lab_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce deferred tax expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense" xlink:to="lab_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfHedgesAxis_f9eef677-7085-4611-9720-21f6d10f6395_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of hedges [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfHedgesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of hedges [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfHedgesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfHedgesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesAxis" xlink:to="lab_ifrs-full_TypesOfHedgesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrookfieldAssetManagementInc.Member_fa139f76-9de5-448a-a2fa-01ad32b39ef8_terseLabel_en-US" xlink:label="lab_bam_BrookfieldAssetManagementInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The Corporation</link:label>
    <link:label id="lab_bam_BrookfieldAssetManagementInc.Member_label_en-US" xlink:label="lab_bam_BrookfieldAssetManagementInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Asset Management Inc. [Member]</link:label>
    <link:label id="lab_bam_BrookfieldAssetManagementInc.Member_documentation_en-US" xlink:label="lab_bam_BrookfieldAssetManagementInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Asset Management Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrookfieldAssetManagementInc.Member" xlink:href="bam-20211231.xsd#bam_BrookfieldAssetManagementInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrookfieldAssetManagementInc.Member" xlink:to="lab_bam_BrookfieldAssetManagementInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SolarandOtherMember_18a8eb63-e067-4453-99b1-dc364f4b58f6_terseLabel_en-US" xlink:label="lab_bam_SolarandOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Solar and Other [Member]</link:label>
    <link:label id="lab_bam_SolarandOtherMember_label_en-US" xlink:label="lab_bam_SolarandOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Solar and Other [Member]</link:label>
    <link:label id="lab_bam_SolarandOtherMember_documentation_en-US" xlink:label="lab_bam_SolarandOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Solar and Other [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SolarandOtherMember" xlink:href="bam-20211231.xsd#bam_SolarandOtherMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SolarandOtherMember" xlink:to="lab_bam_SolarandOtherMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SubsidiaryBorrowings_b5fba388-8489-4f5a-ab73-96af90d56c70_terseLabel_en-US" xlink:label="lab_bam_SubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary borrowings</link:label>
    <link:label id="lab_bam_SubsidiaryBorrowings_575c00d3-0df5-46f4-8103-58b4e4c9f12b_totalLabel_en-US" xlink:label="lab_bam_SubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary borrowings</link:label>
    <link:label id="lab_bam_SubsidiaryBorrowings_3a14fef2-04c5-4c39-a15e-61a40088444d_verboseLabel_en-US" xlink:label="lab_bam_SubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Borrowings</link:label>
    <link:label id="lab_bam_SubsidiaryBorrowings_label_en-US" xlink:label="lab_bam_SubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Borrowings</link:label>
    <link:label id="lab_bam_SubsidiaryBorrowings_documentation_en-US" xlink:label="lab_bam_SubsidiaryBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SubsidiaryBorrowings" xlink:href="bam-20211231.xsd#bam_SubsidiaryBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SubsidiaryBorrowings" xlink:to="lab_bam_SubsidiaryBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_USTermDebtMaturingOnJune22026Member_0174ab26-2e5c-4c57-811e-56f28a50669a_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnJune22026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On June 2, 2026</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnJune22026Member_label_en-US" xlink:label="lab_bam_USTermDebtMaturingOnJune22026Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On June 2, 2026 [Member]</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnJune22026Member_documentation_en-US" xlink:label="lab_bam_USTermDebtMaturingOnJune22026Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On June 2, 2026</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_USTermDebtMaturingOnJune22026Member" xlink:href="bam-20211231.xsd#bam_USTermDebtMaturingOnJune22026Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_USTermDebtMaturingOnJune22026Member" xlink:to="lab_bam_USTermDebtMaturingOnJune22026Member" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AuditorName_4423c0d8-6399-4fcd-b990-8e13fd17ac79_terseLabel_en-US" xlink:label="lab_dei_AuditorName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Name</link:label>
    <link:label id="lab_dei_AuditorName_label_en-US" xlink:label="lab_dei_AuditorName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorName" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorName" xlink:to="lab_dei_AuditorName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MeasurementAxis_ca90c6f8-6f1a-4389-808e-f6eab9637282_terseLabel_en-US" xlink:label="lab_ifrs-full_MeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Measurement [axis]</link:label>
    <link:label id="lab_ifrs-full_MeasurementAxis_label_en-US" xlink:label="lab_ifrs-full_MeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Measurement [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MeasurementAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MeasurementAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MeasurementAxis" xlink:to="lab_ifrs-full_MeasurementAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiabilitiesIncurred_015c9d19-e481-4cb2-bca9-f45742025a82_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncurred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt incurred</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesIncurred_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncurred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities incurred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesIncurred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesIncurred"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesIncurred" xlink:to="lab_ifrs-full_LiabilitiesIncurred" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_885d360a-4d79-4e16-9448-e151cc4a401d_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) investing activities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans_edfba964-cdec-4f06-a99e-f5ef2f45064e_negatedLabel_en-US" xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued benefit liability related to defined benefit plan</link:label>
    <link:label id="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans_label_en-US" xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net defined benefit liability (asset)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Assetsclassifiedasheldforsale_d3f10666-9230-44ba-adf8-2b92010f75e4_terseLabel_en-US" xlink:label="lab_bam_Assetsclassifiedasheldforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets classified as held for sale</link:label>
    <link:label id="lab_bam_Assetsclassifiedasheldforsale_dde1a372-fb79-4ad4-9f83-daf3d08788d7_totalLabel_en-US" xlink:label="lab_bam_Assetsclassifiedasheldforsale" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets classified as held for sale</link:label>
    <link:label id="lab_bam_Assetsclassifiedasheldforsale_label_en-US" xlink:label="lab_bam_Assetsclassifiedasheldforsale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets classified as held for sale</link:label>
    <link:label id="lab_bam_Assetsclassifiedasheldforsale_documentation_en-US" xlink:label="lab_bam_Assetsclassifiedasheldforsale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets classified as held for sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Assetsclassifiedasheldforsale" xlink:href="bam-20211231.xsd#bam_Assetsclassifiedasheldforsale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Assetsclassifiedasheldforsale" xlink:to="lab_bam_Assetsclassifiedasheldforsale" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures_361243d6-0ac0-480f-a7c1-0131ad47679b_terseLabel_en-US" xlink:label="lab_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deductible temporary differences for which no deferred tax liabilities is recognised</link:label>
    <link:label id="lab_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures_label_en-US" xlink:label="lab_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:to="lab_ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_2754a424-7c31-42e8-9c53-799a313fe352_terseLabel_en-US" xlink:label="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net investment hedges</link:label>
    <link:label id="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_label_en-US" xlink:label="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hedges of net investment in foreign operations [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:to="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries_3d175a9b-6e34-448f-b127-ffccaf46ffda_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital repaid to non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries_label_en-US" xlink:label="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments from changes in ownership interests in subsidiaries that do not result in loss of control</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:to="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_5701c40e-335d-4129-b204-5d53732c2280_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other long-term assets</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentAssets" xlink:to="lab_ifrs-full_OtherNoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BrazilianregulatedgastransmissionbusinessMember_b5b71a3e-f97f-4cb8-85cf-29ad70947c8b_terseLabel_en-US" xlink:label="lab_bam_BrazilianregulatedgastransmissionbusinessMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazilian regulated gas transmission business [Member]</link:label>
    <link:label id="lab_bam_BrazilianregulatedgastransmissionbusinessMember_label_en-US" xlink:label="lab_bam_BrazilianregulatedgastransmissionbusinessMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazilian regulated gas transmission business [Member]</link:label>
    <link:label id="lab_bam_BrazilianregulatedgastransmissionbusinessMember_documentation_en-US" xlink:label="lab_bam_BrazilianregulatedgastransmissionbusinessMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brazilian regulated gas transmission business [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BrazilianregulatedgastransmissionbusinessMember" xlink:href="bam-20211231.xsd#bam_BrazilianregulatedgastransmissionbusinessMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BrazilianregulatedgastransmissionbusinessMember" xlink:to="lab_bam_BrazilianregulatedgastransmissionbusinessMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Fairvaluegainslossesonfinancialassetsreclassifiedoutoffairvaluethroughothercomprehensiveincomerecognizedinfairvaluethroughprofitandloss_22b891ba-1aaa-4ef6-942f-6f05d687a8a9_terseLabel_en-US" xlink:label="lab_bam_Fairvaluegainslossesonfinancialassetsreclassifiedoutoffairvaluethroughothercomprehensiveincomerecognizedinfairvaluethroughprofitandloss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value gains (losses) on financial assets reclassified out of fair value through other comprehensive income recognized in fair value through profit and loss</link:label>
    <link:label id="lab_bam_Fairvaluegainslossesonfinancialassetsreclassifiedoutoffairvaluethroughothercomprehensiveincomerecognizedinfairvaluethroughprofitandloss_label_en-US" xlink:label="lab_bam_Fairvaluegainslossesonfinancialassetsreclassifiedoutoffairvaluethroughothercomprehensiveincomerecognizedinfairvaluethroughprofitandloss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value gains (losses) on financial assets reclassified out of fair value through other comprehensive income recognized in fair value through profit and loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Fairvaluegainslossesonfinancialassetsreclassifiedoutoffairvaluethroughothercomprehensiveincomerecognizedinfairvaluethroughprofitandloss" xlink:href="bam-20211231.xsd#bam_Fairvaluegainslossesonfinancialassetsreclassifiedoutoffairvaluethroughothercomprehensiveincomerecognizedinfairvaluethroughprofitandloss"/>
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    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_12139731-1dd0-4b98-b840-449b12278455_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of assets [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of assets [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory"/>
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    <link:label id="lab_bam_FundsFromOperations_ac084b2d-a72e-49ee-bd48-ff4655689f9d_negatedTerseLabel_en-US" xlink:label="lab_bam_FundsFromOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Funds from operations</link:label>
    <link:label id="lab_bam_FundsFromOperations_514eb9fd-5f71-494a-b4bf-32d75e5903cb_totalLabel_en-US" xlink:label="lab_bam_FundsFromOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total FFO</link:label>
    <link:label id="lab_bam_FundsFromOperations_label_en-US" xlink:label="lab_bam_FundsFromOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Funds From Operations</link:label>
    <link:label id="lab_bam_FundsFromOperations_documentation_en-US" xlink:label="lab_bam_FundsFromOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Funds From Operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_FundsFromOperations" xlink:href="bam-20211231.xsd#bam_FundsFromOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_FundsFromOperations" xlink:to="lab_bam_FundsFromOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_c275bf22-f1da-4400-b528-02c3dfcf38d0_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management fees received</link:label>
    <link:label id="lab_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from rendering of services, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions"/>
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    <link:label id="lab_bam_AldoMember_1e035659-35ed-4cc1-a86b-907ec36618d7_terseLabel_en-US" xlink:label="lab_bam_AldoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aldo [Member]</link:label>
    <link:label id="lab_bam_AldoMember_label_en-US" xlink:label="lab_bam_AldoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aldo [Member]</link:label>
    <link:label id="lab_bam_AldoMember_documentation_en-US" xlink:label="lab_bam_AldoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aldo</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_AldoMember" xlink:href="bam-20211231.xsd#bam_AldoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_AldoMember" xlink:to="lab_bam_AldoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems_71b8199e-9854-49f1-a3a5-0eb78da70621_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial assets [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial assets [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember_c79a8533-519c-452c-805d-20247f6c1db6_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) due to changes in accounting policy</link:label>
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    <link:label id="lab_bam_Sharebasedawardsvestingperiod_9afd320d-afc8-44f3-b9f7-df9f948a7b68_terseLabel_en-US" xlink:label="lab_bam_Sharebasedawardsvestingperiod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share based awards, vesting period</link:label>
    <link:label id="lab_bam_Sharebasedawardsvestingperiod_label_en-US" xlink:label="lab_bam_Sharebasedawardsvestingperiod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share based awards, vesting period</link:label>
    <link:label id="lab_bam_Sharebasedawardsvestingperiod_documentation_en-US" xlink:label="lab_bam_Sharebasedawardsvestingperiod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share based awards, vesting period</link:label>
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    <link:label id="lab_bam_ExercisePriceRangeOneMember_308af5f4-c1c7-4a1b-b8cb-093c85441074_terseLabel_en-US" xlink:label="lab_bam_ExercisePriceRangeOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">C$11.77</link:label>
    <link:label id="lab_bam_ExercisePriceRangeOneMember_label_en-US" xlink:label="lab_bam_ExercisePriceRangeOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range One [Member]</link:label>
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    <link:label id="lab_bam_DepreciationAndAmortisationExpenseReclassifiedAsDirectCosts_d3d8dcf2-189d-4cfd-a531-af0fc9811764_terseLabel_en-US" xlink:label="lab_bam_DepreciationAndAmortisationExpenseReclassifiedAsDirectCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation and amortisation expense, reclassified as direct costs</link:label>
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    <link:label id="lab_bam_DepreciationAndAmortisationExpenseReclassifiedAsDirectCosts_documentation_en-US" xlink:label="lab_bam_DepreciationAndAmortisationExpenseReclassifiedAsDirectCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation and amortisation expense, reclassified as direct costs</link:label>
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    <link:label id="lab_dei_DocumentInformationTable_014f454c-fcbb-4e63-bdff-34d83349afe1_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Table]</link:label>
    <link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Information [Table]</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019_bffac3e2-c8c1-4614-88fe-b90e19dc32de_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average exercise price of share options exercised in share-based payment arrangement</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems_762b8fe0-fbce-425e-89bf-6b91a24f3efa_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about hedging instruments [line items]</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesGoodwill_d80e3c4d-9f86-40a2-9174-09552b9006ad_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation and other</link:label>
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    <link:label id="lab_ifrs-full_Level2OfFairValueHierarchyMember_e237a82e-e102-4fc2-9bab-103befc0a096_terseLabel_en-US" xlink:label="lab_ifrs-full_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level&#160;2</link:label>
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    <link:label id="lab_bam_US2948US3864Member_87cca0a9-8fa3-4d39-9ab6-eebdec3158df_terseLabel_en-US" xlink:label="lab_bam_US2948US3864Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$29.48 - US$38.64 [Member]</link:label>
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    <link:label id="lab_bam_Intersegmentinterestincomeandotherrevenues_52a59200-04b7-4860-b418-17d557042918_terseLabel_en-US" xlink:label="lab_bam_Intersegmentinterestincomeandotherrevenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intersegment interest income and other revenues</link:label>
    <link:label id="lab_bam_Intersegmentinterestincomeandotherrevenues_label_en-US" xlink:label="lab_bam_Intersegmentinterestincomeandotherrevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intersegment interest income and other revenues</link:label>
    <link:label id="lab_bam_Intersegmentinterestincomeandotherrevenues_documentation_en-US" xlink:label="lab_bam_Intersegmentinterestincomeandotherrevenues" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intersegment interest income and other operating revenues</link:label>
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    <link:label id="lab_bam_Series32ClassAPreferredSharesMember_8aef3d55-fc51-4b41-bbde-356eb58824e3_terseLabel_en-US" xlink:label="lab_bam_Series32ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 32 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series32ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series32ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 32 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series32ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series32ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 32 Class A Preferred Shares [Member]</link:label>
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    <link:label id="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_ed788e10-5f19-492b-9b46-f05cb6dfa676_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate borrowings repaid</link:label>
    <link:label id="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of borrowings, classified as financing activities</link:label>
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    <link:label id="lab_ifrs-full_FloatingInterestRateMember_9960d338-6dae-434f-b55c-0ae84389834c_terseLabel_en-US" xlink:label="lab_ifrs-full_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Floating rate</link:label>
    <link:label id="lab_ifrs-full_FloatingInterestRateMember_1e09fd66-f2f2-4188-8c7d-9a8b51f79941_verboseLabel_en-US" xlink:label="lab_ifrs-full_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Floating rate</link:label>
    <link:label id="lab_ifrs-full_FloatingInterestRateMember_label_en-US" xlink:label="lab_ifrs-full_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Floating interest rate [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FloatingInterestRateMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FloatingInterestRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FloatingInterestRateMember" xlink:to="lab_ifrs-full_FloatingInterestRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfProductsAndServicesLineItems_478567bf-1c7c-4e09-9664-57133f9f2f0c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfProductsAndServicesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of products and services [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfProductsAndServicesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfProductsAndServicesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of products and services [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfProductsAndServicesLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfProductsAndServicesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfProductsAndServicesLineItems" xlink:to="lab_ifrs-full_DisclosureOfProductsAndServicesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_5933eecc-8215-4df9-967f-3bdc7aa4903a_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation of pension obligation</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to remeasurements of defined benefit plans included in other comprehensive income</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:to="lab_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsTable_5ba41f86-cd48-4881-8e66-89fea0b758ec_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about business combination [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about business combination [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:to="lab_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_c979d9af-861a-4ca7-bec5-b70acd919b1d_terseLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_98cfe1df-c17c-49d9-9ed4-92967eec7f67_periodStartLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance, beginning of year</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_2bc55ae5-4d60-404f-a147-e0b6e0882e94_periodEndLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance, end of year</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalents" xlink:to="lab_ifrs-full_CashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome_cc8a1525-3460-4004-83c5-3b1f60b39516_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation of property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to changes in revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets included in other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome" xlink:to="lab_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems_c8edaf3a-9b4b-4ed5-994a-5dba9182db4c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems_04c314cf-d706-492f-bd38-2e2d8cf7bffd_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember_4d5eca87-3691-45aa-b8da-5e0471071b1a_terseLabel_en-US" xlink:label="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction related gains, net of deal costs</link:label>
    <link:label id="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember_label_en-US" xlink:label="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction Related Gains (Losses), Net of Deal Costs [Member]</link:label>
    <link:label id="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember_documentation_en-US" xlink:label="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction Related Gains (Losses), Net of Deal Costs [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TransactionRelatedGainsLossesNetofDealCostsMember" xlink:href="bam-20211231.xsd#bam_TransactionRelatedGainsLossesNetofDealCostsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TransactionRelatedGainsLossesNetofDealCostsMember" xlink:to="lab_bam_TransactionRelatedGainsLossesNetofDealCostsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_6198a5f5-75d9-4ade-96af-dd4e4068d2d8_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property taxes, sales taxes and other</link:label>
    <link:label id="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_label_en-US" xlink:label="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax expense other than income tax expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted_91d10138-4634-4a37-96d4-2f7505506257_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Average term to exercise</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Option life, share options granted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfOptionLifeShareOptionsGranted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:to="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DiscountedCashFlowMember_ddfc01fa-13c9-4fb8-bd6d-5c04c13e5584_terseLabel_en-US" xlink:label="lab_ifrs-full_DiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discounted cash flows</link:label>
    <link:label id="lab_ifrs-full_DiscountedCashFlowMember_label_en-US" xlink:label="lab_ifrs-full_DiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discounted cash flow [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DiscountedCashFlowMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DiscountedCashFlowMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DiscountedCashFlowMember" xlink:to="lab_ifrs-full_DiscountedCashFlowMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_ef125589-acbd-426a-b440-c69c5d2d99a6_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consideration transferred, acquisition-date fair value</link:label>
    <link:label id="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_e3916c91-4d1d-4a63-8f1f-a7a186de7c06_verboseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consideration</link:label>
    <link:label id="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_label_en-US" xlink:label="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consideration transferred, acquisition-date fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares_98ebb1b2-c056-4d67-8b76-1f2781b1c11f_terseLabel_en-US" xlink:label="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term share ownership plans (in shares)</link:label>
    <link:label id="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares_label_en-US" xlink:label="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">In Period Impact of Long-Term Share Ownership Plans on Outstanding Shares</link:label>
    <link:label id="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares_documentation_en-US" xlink:label="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">In Period Impact of Long-Term Share Ownership Plans on Outstanding Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares" xlink:href="bam-20211231.xsd#bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares" xlink:to="lab_bam_InPeriodImpactofLongTermShareOwnershipPlansonOutstandingShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_0a072395-eec9-43d9-b082-843b2421a5f3_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_634aaf8b-41db-4087-9500-3e6178834c9d_periodStartLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance, beginning of period</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_87a2386d-cd6d-41eb-9069-f4167fab99d7_periodEndLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance, end of period</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipment" xlink:to="lab_ifrs-full_PropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InventoryRecognisedAsOfAcquisitionDate_2af1e04d-aa46-4a93-a9d5-3c45aec16861_terseLabel_en-US" xlink:label="lab_ifrs-full_InventoryRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Inventory</link:label>
    <link:label id="lab_ifrs-full_InventoryRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_InventoryRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Inventory recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InventoryRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InventoryRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InventoryRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_InventoryRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PlantandequipmentMember_3dfd828d-f32b-4460-8101-f8284ee0d4c3_terseLabel_en-US" xlink:label="lab_bam_PlantandequipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plant and equipment [Member]</link:label>
    <link:label id="lab_bam_PlantandequipmentMember_label_en-US" xlink:label="lab_bam_PlantandequipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plant and equipment [Member]</link:label>
    <link:label id="lab_bam_PlantandequipmentMember_documentation_en-US" xlink:label="lab_bam_PlantandequipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plant and equipment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PlantandequipmentMember" xlink:href="bam-20211231.xsd#bam_PlantandequipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PlantandequipmentMember" xlink:to="lab_bam_PlantandequipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series34ClassAPreferredSharesMember_bd44ca50-efc1-4742-ab28-a56653c837ff_terseLabel_en-US" xlink:label="lab_bam_Series34ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 34 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series34ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series34ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 34 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series34ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series34ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 34 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series34ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series34ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series34ClassAPreferredSharesMember" xlink:to="lab_bam_Series34ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OwnershipInterestHeldbyNonControllingInterest_f0591389-c5cc-4e82-bb38-6152565b0343_terseLabel_en-US" xlink:label="lab_bam_OwnershipInterestHeldbyNonControllingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership Interest Held by Non-Controlling Interest</link:label>
    <link:label id="lab_bam_OwnershipInterestHeldbyNonControllingInterest_label_en-US" xlink:label="lab_bam_OwnershipInterestHeldbyNonControllingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership Interest Held by Non-Controlling Interest</link:label>
    <link:label id="lab_bam_OwnershipInterestHeldbyNonControllingInterest_documentation_en-US" xlink:label="lab_bam_OwnershipInterestHeldbyNonControllingInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership Interest Held by Non-Controlling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OwnershipInterestHeldbyNonControllingInterest" xlink:href="bam-20211231.xsd#bam_OwnershipInterestHeldbyNonControllingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OwnershipInterestHeldbyNonControllingInterest" xlink:to="lab_bam_OwnershipInterestHeldbyNonControllingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember_7b0e44e9-dd18-4ff9-823c-62880552c1e2_terseLabel_en-US" xlink:label="lab_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregated individually immaterial joint ventures [member]</link:label>
    <link:label id="lab_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember_label_en-US" xlink:label="lab_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregated individually immaterial joint ventures [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember" xlink:to="lab_ifrs-full_AggregatedIndividuallyImmaterialJointVenturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustedWeightedAverageShares_36f62904-efdf-4449-ac02-442e1f0d6f76_totalLabel_en-US" xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common shares and common share equivalents</link:label>
    <link:label id="lab_ifrs-full_AdjustedWeightedAverageShares_label_en-US" xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average number of ordinary shares used in calculating diluted earnings per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustedWeightedAverageShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustedWeightedAverageShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustedWeightedAverageShares" xlink:to="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_5a375a7b-2c97-4487-b1cf-bea4ff1be020_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of intangible assets [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of intangible assets [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits_802ddd39-f0fb-4b97-9394-c0123df530a9_negatedTerseLabel_en-US" xlink:label="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other post-employment benefits</link:label>
    <link:label id="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits_label_en-US" xlink:label="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial present value of other promised post retirement benefits</link:label>
    <link:label id="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits_documentation_en-US" xlink:label="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial present value of other promised post retirement benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits" xlink:href="bam-20211231.xsd#bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits" xlink:to="lab_bam_Actuarialpresentvalueofotherpromisedpostretirementbenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CenterParcsMember_082a9a37-f238-48ed-b747-7ca2d3928fb9_terseLabel_en-US" xlink:label="lab_bam_CenterParcsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Center Parcs [Member]</link:label>
    <link:label id="lab_bam_CenterParcsMember_label_en-US" xlink:label="lab_bam_CenterParcsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Center Parcs [Member]</link:label>
    <link:label id="lab_bam_CenterParcsMember_documentation_en-US" xlink:label="lab_bam_CenterParcsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Center Parcs [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CenterParcsMember" xlink:href="bam-20211231.xsd#bam_CenterParcsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CenterParcsMember" xlink:to="lab_bam_CenterParcsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SegmentConsolidationItemsAxis_3d35dc60-f17a-4169-a0ea-d39c5511da64_terseLabel_en-US" xlink:label="lab_ifrs-full_SegmentConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment consolidation items [axis]</link:label>
    <link:label id="lab_ifrs-full_SegmentConsolidationItemsAxis_label_en-US" xlink:label="lab_ifrs-full_SegmentConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment consolidation items [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SegmentConsolidationItemsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SegmentConsolidationItemsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SegmentConsolidationItemsAxis" xlink:to="lab_ifrs-full_SegmentConsolidationItemsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_aad32ef4-8da3-483e-b82d-94798d0e0b5e_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_c0aa2394-c657-47f3-8305-0ff028fce44c_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis_3a7f3a49-af21-4608-8da0-7ebc65d2cfcd_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets and liabilities classified as held for sale [axis]</link:label>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis_label_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets and liabilities classified as held for sale [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ExercisePriceRangeThreeMember_ef2047b6-74fa-4ff7-8c67-14e5dbad3ff1_terseLabel_en-US" xlink:label="lab_bam_ExercisePriceRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Range three</link:label>
    <link:label id="lab_bam_ExercisePriceRangeThreeMember_label_en-US" xlink:label="lab_bam_ExercisePriceRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Three [Member]</link:label>
    <link:label id="lab_bam_ExercisePriceRangeThreeMember_documentation_en-US" xlink:label="lab_bam_ExercisePriceRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Three [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ExercisePriceRangeThreeMember" xlink:href="bam-20211231.xsd#bam_ExercisePriceRangeThreeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ExercisePriceRangeThreeMember" xlink:to="lab_bam_ExercisePriceRangeThreeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory_56195265-db92-45c2-bcf7-3dea243c7765_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for transactions with related parties [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for transactions with related parties [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_WindEnergyMember_06071c5c-e141-4403-b7e5-4f9c60f8daf4_terseLabel_en-US" xlink:label="lab_bam_WindEnergyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wind Energy, Solar and Other</link:label>
    <link:label id="lab_bam_WindEnergyMember_label_en-US" xlink:label="lab_bam_WindEnergyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wind Energy [Member]</link:label>
    <link:label id="lab_bam_WindEnergyMember_documentation_en-US" xlink:label="lab_bam_WindEnergyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wind Energy [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_WindEnergyMember" xlink:href="bam-20211231.xsd#bam_WindEnergyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_WindEnergyMember" xlink:to="lab_bam_WindEnergyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract_5b03a345-f0fd-4d6c-ad9e-58c13c9a5b70_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (reduction) in rate resulting from:</link:label>
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    <link:label id="lab_bam_InterestRateCapContractsMember_ae2c00d4-0d9d-4a65-8f28-c2a256e71f1e_terseLabel_en-US" xlink:label="lab_bam_InterestRateCapContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Cap Contracts</link:label>
    <link:label id="lab_bam_InterestRateCapContractsMember_label_en-US" xlink:label="lab_bam_InterestRateCapContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Cap Contracts [Member]</link:label>
    <link:label id="lab_bam_InterestRateCapContractsMember_documentation_en-US" xlink:label="lab_bam_InterestRateCapContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Cap Contracts [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InterestRateCapContractsMember" xlink:href="bam-20211231.xsd#bam_InterestRateCapContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InterestRateCapContractsMember" xlink:to="lab_bam_InterestRateCapContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_080d62c5-4420-4ea6-bd48-27b366782020_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_63b60468-aa91-4e2c-89b1-cedb9c58ab94_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilitiesAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_BPGMember_6c9e5fa8-2e93-4b36-a572-5e647eafa358_terseLabel_en-US" xlink:label="lab_bam_BPGMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BPG [Member]</link:label>
    <link:label id="lab_bam_BPGMember_label_en-US" xlink:label="lab_bam_BPGMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BPG [Member]</link:label>
    <link:label id="lab_bam_BPGMember_documentation_en-US" xlink:label="lab_bam_BPGMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">BPG</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BPGMember" xlink:href="bam-20211231.xsd#bam_BPGMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_BPGMember" xlink:to="lab_bam_BPGMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_644e4d31-22df-443c-a1d9-f213f50efa56_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_5c6da791-31b8-4920-9563-4fd1d6a30d7a_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of voting interests and carrying value of investments in associates</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of associates [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ManagementCommentaryExplanatoryAbstract_77a519b7-6f30-4d7f-975a-84d8b0c7201d_terseLabel_en-US" xlink:label="lab_bam_ManagementCommentaryExplanatoryAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Commentary Explanatory [Abstract]</link:label>
    <link:label id="lab_bam_ManagementCommentaryExplanatoryAbstract_label_en-US" xlink:label="lab_bam_ManagementCommentaryExplanatoryAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Commentary Explanatory [Abstract]</link:label>
    <link:label id="lab_bam_ManagementCommentaryExplanatoryAbstract_documentation_en-US" xlink:label="lab_bam_ManagementCommentaryExplanatoryAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Commentary Explanatory [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ManagementCommentaryExplanatoryAbstract" xlink:href="bam-20211231.xsd#bam_ManagementCommentaryExplanatoryAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ManagementCommentaryExplanatoryAbstract" xlink:to="lab_bam_ManagementCommentaryExplanatoryAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember_410a20b4-e33e-40dd-bb21-77f2fe9fa8f6_terseLabel_en-US" xlink:label="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">All levels of fair value hierarchy [member]</link:label>
    <link:label id="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember_label_en-US" xlink:label="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">All levels of fair value hierarchy [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SubsidiaryPreferredEquityUnits_87fed0e8-776f-44ed-a0b5-9f2ed0405354_terseLabel_en-US" xlink:label="lab_bam_SubsidiaryPreferredEquityUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary preferred equity units</link:label>
    <link:label id="lab_bam_SubsidiaryPreferredEquityUnits_label_en-US" xlink:label="lab_bam_SubsidiaryPreferredEquityUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Preferred Equity Units</link:label>
    <link:label id="lab_bam_SubsidiaryPreferredEquityUnits_documentation_en-US" xlink:label="lab_bam_SubsidiaryPreferredEquityUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Preferred Equity Units</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SubsidiaryPreferredEquityUnits" xlink:href="bam-20211231.xsd#bam_SubsidiaryPreferredEquityUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SubsidiaryPreferredEquityUnits" xlink:to="lab_bam_SubsidiaryPreferredEquityUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AnnualInformationForm_5334883f-9d3c-4799-84f7-1d760ae483c9_terseLabel_en-US" xlink:label="lab_dei_AnnualInformationForm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Annual Information Form</link:label>
    <link:label id="lab_dei_AnnualInformationForm_label_en-US" xlink:label="lab_dei_AnnualInformationForm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Annual Information Form</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AnnualInformationForm" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AnnualInformationForm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AnnualInformationForm" xlink:to="lab_dei_AnnualInformationForm" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OrdinarySharesMember_ecb79145-3abb-47db-a528-f3b546136894_terseLabel_en-US" xlink:label="lab_ifrs-full_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common shares</link:label>
    <link:label id="lab_ifrs-full_OrdinarySharesMember_label_en-US" xlink:label="lab_ifrs-full_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ordinary shares [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OrdinarySharesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OrdinarySharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OrdinarySharesMember" xlink:to="lab_ifrs-full_OrdinarySharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract_b4c8d8e7-8f43-4d17-9cdd-2589416e1c94_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial liabilities [abstract]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of financial liabilities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:to="lab_ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_45d12cf9-f448-42c2-a55e-67395d598512_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted for Using Equity Method, Share of comprehensive income</link:label>
    <link:label id="lab_ifrs-full_ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_label_en-US" xlink:label="lab_ifrs-full_ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share of total comprehensive income of associates and joint ventures accounted for using equity method</link:label>
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    <link:label id="lab_ifrs-full_IssuedCapitalMember_2c8fd5d1-d864-4f10-8a35-0549aafb11b1_terseLabel_en-US" xlink:label="lab_ifrs-full_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Share Capital</link:label>
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    <link:label id="lab_bam_WaterandsewageconcessionagreementsMember_e623b7e9-19d1-44db-bea6-39bd39512c45_terseLabel_en-US" xlink:label="lab_bam_WaterandsewageconcessionagreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Water and sewage concession agreements [Member]</link:label>
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    <link:label id="lab_ifrs-full_BusinessCombinationsAxis_3a7c352c-db84-4c5c-a1da-253eaccc42c8_terseLabel_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business combinations [axis]</link:label>
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    <link:label id="lab_bam_CommodityContract1Member_0199562e-4bca-4229-ab82-899d955cdcd7_terseLabel_en-US" xlink:label="lab_bam_CommodityContract1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commodity instruments</link:label>
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    <link:label id="lab_bam_CommodityContract1Member_documentation_en-US" xlink:label="lab_bam_CommodityContract1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commodity Contract1 [Member]</link:label>
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    <link:label id="lab_bam_InPeriodImpactofDividendReinvestmentPlanandOthersonOutstandingShares_0aad968b-e94b-4d35-9313-1db61a9b8f93_terseLabel_en-US" xlink:label="lab_bam_InPeriodImpactofDividendReinvestmentPlanandOthersonOutstandingShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividend reinvestment plan and others (in shares)</link:label>
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    <link:label id="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_7af88822-e241-403e-8c6f-6b997b198262_terseLabel_en-US" xlink:label="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of maturity analysis for financial liabilities</link:label>
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    <link:label id="lab_bam_LimitedLifeFundsandRedeemableFundUnits_92bf7299-5c21-4aa7-a64b-19ea7db9629f_verboseLabel_en-US" xlink:label="lab_bam_LimitedLifeFundsandRedeemableFundUnits" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Limited-life funds and redeemable fund units</link:label>
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    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate_bf7d8103-d949-4f43-8e6d-c7e2f3df90d7_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proportion of ownership interest in associate</link:label>
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    <link:label id="lab_bam_Incometaxrelatingtomarketablesecuritiesmeasuredatfairvaluethroughothercomprehensiveincome_27f85a83-16b7-4205-8b48-22a97d2ae6ef_terseLabel_en-US" xlink:label="lab_bam_Incometaxrelatingtomarketablesecuritiesmeasuredatfairvaluethroughothercomprehensiveincome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax relating to marketable securities measured at fair value through other comprehensive income</link:label>
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    <link:label id="lab_ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations_80759851-6b23-4481-a76d-4c292bf5ef87_terseLabel_en-US" xlink:label="lab_ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction price allocated to remaining performance obligations</link:label>
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    <link:label id="lab_ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember_a308f7df-d08c-4194-b00f-94f71a649a17_terseLabel_en-US" xlink:label="lab_ifrs-full_RangesOfExercisePricesForOutstandingShareOptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ranges of exercise prices for outstanding share options [member]</link:label>
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    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_a1618cc4-d846-4934-8edb-a6aac12ae675_totalLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income</link:label>
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    <link:label id="lab_bam_NotionalAmountofCommodityDerivatives_8161021e-032a-4b5b-93ee-a764ea601d7e_terseLabel_en-US" xlink:label="lab_bam_NotionalAmountofCommodityDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Nominal Amount of Commodity Derivatives</link:label>
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    <link:label id="lab_bam_AccruedBenefitObligationAbstract_f3576513-8fb5-4da6-8109-430f64dcdaef_terseLabel_en-US" xlink:label="lab_bam_AccruedBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less accrued benefit obligation:</link:label>
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    <link:label id="lab_ifrs-full_NumberOfSharesIssued_12fac358-c89b-4b9f-bd06-2d9e470df7de_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of shares issued</link:label>
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    <link:label id="lab_ifrs-full_PreferenceSharesMember_949daedd-03b1-4702-bb61-d0397f5d3c53_terseLabel_en-US" xlink:label="lab_ifrs-full_PreferenceSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred shares</link:label>
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    <link:label id="lab_bam_UnrealizedFVTOCIGainOrLossDomain_5517fb17-8ac2-4929-b957-a7f0e8c8816c_terseLabel_en-US" xlink:label="lab_bam_UnrealizedFVTOCIGainOrLossDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized Available-for-Sale Gain</link:label>
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    <link:label id="lab_bam_CompletedresidentialpropertiesMember_58ed2b7f-cc58-4dd3-b6ca-22abed1486bd_terseLabel_en-US" xlink:label="lab_bam_CompletedresidentialpropertiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Completed residential properties [Member]</link:label>
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    <link:label id="lab_bam_SubsidiaryEquityObligations_017248bd-f4f6-44b2-b00f-94b92b7df4d2_negatedTerseLabel_en-US" xlink:label="lab_bam_SubsidiaryEquityObligations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary equity obligations</link:label>
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    <link:label id="lab_bam_ClassofStockAxis_9a55fc46-9ac1-4bc6-944b-c26f9c801284_terseLabel_en-US" xlink:label="lab_bam_ClassofStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Stock [Axis]</link:label>
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    <link:label id="lab_ifrs-full_NumberOfSharesAuthorised_c5413401-62d7-4862-bcee-bc1c8134afed_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of shares authorised (in shares)</link:label>
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    <link:label id="lab_ifrs-full_NetworkInfrastructureMember_285736fa-1eda-4d57-aed6-e7557adbc911_verboseLabel_en-US" xlink:label="lab_ifrs-full_NetworkInfrastructureMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Network Systems [Member]</link:label>
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    <link:label id="lab_bam_AccountingPolicyforSubsidiaryEquityObligationsExplanatoryPolicyTextBlock_3584b2ea-a717-4231-90c8-06ef3ebcd630_terseLabel_en-US" xlink:label="lab_bam_AccountingPolicyforSubsidiaryEquityObligationsExplanatoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for subsidiary equity obligations [Text Block]</link:label>
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    <link:label id="lab_bam_DeferredFinancingCostsandOtheronSecuredbankloans_84364797-71a7-4e7f-8d24-c845086d4ffd_terseLabel_en-US" xlink:label="lab_bam_DeferredFinancingCostsandOtheronSecuredbankloans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Financing Costs and Other on Secured bank loans</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_278073f2-4195-44e4-b8d1-ab5329292fe5_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of equity</link:label>
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    <link:label id="lab_bam_BorrowingsYieldRate_bf39c707-8b28-4607-aabc-e47f483c8ce9_terseLabel_en-US" xlink:label="lab_bam_BorrowingsYieldRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings, yield rate</link:label>
    <link:label id="lab_bam_BorrowingsYieldRate_label_en-US" xlink:label="lab_bam_BorrowingsYieldRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings, yield rate</link:label>
    <link:label id="lab_bam_BorrowingsYieldRate_documentation_en-US" xlink:label="lab_bam_BorrowingsYieldRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings, yield rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_BorrowingsYieldRate" xlink:href="bam-20211231.xsd#bam_BorrowingsYieldRate"/>
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    <link:label id="lab_bam_CapitalManagementDomain_40ac1f09-0706-4794-bb52-bb8e3071b694_terseLabel_en-US" xlink:label="lab_bam_CapitalManagementDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Management [Domain]</link:label>
    <link:label id="lab_bam_CapitalManagementDomain_label_en-US" xlink:label="lab_bam_CapitalManagementDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Management [Domain]</link:label>
    <link:label id="lab_bam_CapitalManagementDomain_documentation_en-US" xlink:label="lab_bam_CapitalManagementDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Management</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CapitalManagementDomain" xlink:to="lab_bam_CapitalManagementDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CategoryofAssetsAxis_689d044e-920e-49e0-8a2f-3ecc634d3bd7_terseLabel_en-US" xlink:label="lab_bam_CategoryofAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Category of Assets [Axis]</link:label>
    <link:label id="lab_bam_CategoryofAssetsAxis_label_en-US" xlink:label="lab_bam_CategoryofAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Category of Assets [Axis]</link:label>
    <link:label id="lab_bam_CategoryofAssetsAxis_documentation_en-US" xlink:label="lab_bam_CategoryofAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Category of Assets [Axis]</link:label>
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    <link:label id="lab_bam_Gainlossonhedgeeffectivenessrecognisedinothercomprehensiveincome_730269c8-8340-4270-a5d1-d17135e44977_terseLabel_en-US" xlink:label="lab_bam_Gainlossonhedgeeffectivenessrecognisedinothercomprehensiveincome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (loss) on hedge effectiveness recognised in other comprehensive income</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_Gainlossonhedgeeffectivenessrecognisedinothercomprehensiveincome" xlink:href="bam-20211231.xsd#bam_Gainlossonhedgeeffectivenessrecognisedinothercomprehensiveincome"/>
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    <link:label id="lab_ifrs-full_DisclosureOfProductsAndServicesTable_04bce08a-182e-4d9f-872b-1e598872807f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfProductsAndServicesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of products and services [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfProductsAndServicesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfProductsAndServicesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of products and services [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfProductsAndServicesTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfProductsAndServicesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfProductsAndServicesTable" xlink:to="lab_ifrs-full_DisclosureOfProductsAndServicesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable_cac09c10-801d-4579-a0c8-ecf07978e4ab_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about hedging instruments [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about hedging instruments [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable"/>
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    <link:label id="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock_a8ab4fd8-ab9b-47cd-9871-2a7cc90c8a8e_terseLabel_en-US" xlink:label="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for investments in joint operations [Text Block]</link:label>
    <link:label id="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock_label_en-US" xlink:label="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for investments in joint operations [Text Block]</link:label>
    <link:label id="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock_documentation_en-US" xlink:label="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for investments in joint operations [Policy Text Block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock" xlink:to="lab_bam_DescriptionofaccountingpolicyforinvestmentsinjointoperationsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_2921cfbf-e694-4373-8ce8-2e074dc9a327_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">1 to 5 Years</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Later than one year and not later than five years [member]</link:label>
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    <link:label id="lab_bam_LandimprovementsMember_dff08a23-bed1-4b4c-89c6-aae96acdbb34_terseLabel_en-US" xlink:label="lab_bam_LandimprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land improvements [Member]</link:label>
    <link:label id="lab_bam_LandimprovementsMember_label_en-US" xlink:label="lab_bam_LandimprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land improvements [Member]</link:label>
    <link:label id="lab_bam_LandimprovementsMember_documentation_en-US" xlink:label="lab_bam_LandimprovementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land improvements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_LandimprovementsMember" xlink:href="bam-20211231.xsd#bam_LandimprovementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_LandimprovementsMember" xlink:to="lab_bam_LandimprovementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_72fa651a-0992-492a-9dbf-61aa869167f5_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for fair value measurement [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for fair value measurement [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"/>
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    <link:label id="lab_bam_BrookfieldRenewablePartnersL.P.Member_348e131a-2413-484d-a993-a45e02239f63_terseLabel_en-US" xlink:label="lab_bam_BrookfieldRenewablePartnersL.P.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Brookfield Renewable Partners L.P. (&#8220;BEP&#8221;)3</link:label>
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    <link:label id="lab_bam_Currentliabilitiesofassociateorjointventure_3d35f900-dfb8-4ac3-b488-85e1cafd6903_terseLabel_en-US" xlink:label="lab_bam_Currentliabilitiesofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current liabilities</link:label>
    <link:label id="lab_bam_Currentliabilitiesofassociateorjointventure_label_en-US" xlink:label="lab_bam_Currentliabilitiesofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current liabilities of associate or joint venture</link:label>
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    <link:label id="lab_bam_UndiscountedCashFlowsInterestExpenseFromCorporateBorrowings_28c670bd-e1d4-4d78-a23f-a610e55e75ff_terseLabel_en-US" xlink:label="lab_bam_UndiscountedCashFlowsInterestExpenseFromCorporateBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate borrowings</link:label>
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    <link:label id="lab_ifrs-full_RelatedPartyTransactionsAbstract_78ece5a3-d51a-48a5-b493-fdf2a07e11f8_terseLabel_en-US" xlink:label="lab_ifrs-full_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related party transactions [abstract]</link:label>
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    <link:label id="lab_bam_Series1Member_84e55a9a-31a2-45a5-b846-9b94b462ba96_terseLabel_en-US" xlink:label="lab_bam_Series1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 1</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_ce5c8323-9915-443e-a7c0-fb3341ae96f7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of entity's operating segments</link:label>
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    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAbstract_0e1c3d85-dde0-4d6d-ad96-e669f9d6a7c7_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureofPowerGeneratingAssetsTableTextBlock_65b9073c-93d8-4aec-8baf-7c0b57513cc4_terseLabel_en-US" xlink:label="lab_bam_DisclosureofPowerGeneratingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Power Generating Assets [Table Text Block]</link:label>
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    <link:label id="lab_bam_DisclosureofPowerGeneratingAssetsTableTextBlock_documentation_en-US" xlink:label="lab_bam_DisclosureofPowerGeneratingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of Power Generating Assets [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureofPowerGeneratingAssetsTableTextBlock" xlink:href="bam-20211231.xsd#bam_DisclosureofPowerGeneratingAssetsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureofPowerGeneratingAssetsTableTextBlock" xlink:to="lab_bam_DisclosureofPowerGeneratingAssetsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_578a5682-2458-496d-84e0-8dfb053d0eeb_terseLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_label_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents classified as part of disposal group held for sale</link:label>
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    <link:label id="lab_bam_Netdefinedbenefitliabilitybeforenetactuarialgainlosses_d2c1dd0d-df9d-41ff-864b-338372148824_negatedTotalLabel_en-US" xlink:label="lab_bam_Netdefinedbenefitliabilitybeforenetactuarialgainlosses" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net defined benefit liability, before net actuarial gain (losses)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_bam_Netdefinedbenefitliabilitybeforenetactuarialgainlosses" xlink:href="bam-20211231.xsd#bam_Netdefinedbenefitliabilitybeforenetactuarialgainlosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Netdefinedbenefitliabilitybeforenetactuarialgainlosses" xlink:to="lab_bam_Netdefinedbenefitliabilitybeforenetactuarialgainlosses" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series4Member_ba33bf9d-bdb3-4b65-8834-85e57d67b937_terseLabel_en-US" xlink:label="lab_bam_Series4Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 4</link:label>
    <link:label id="lab_bam_Series4Member_label_en-US" xlink:label="lab_bam_Series4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 4 [Member]</link:label>
    <link:label id="lab_bam_Series4Member_documentation_en-US" xlink:label="lab_bam_Series4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 4 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series4Member" xlink:href="bam-20211231.xsd#bam_Series4Member"/>
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    <link:label id="lab_bam_DescriptionofAccountingPolicyForCapitalizedCostsPolicyTextBlock_f445d5f6-f038-4203-89a4-3a7a6d169b8b_terseLabel_en-US" xlink:label="lab_bam_DescriptionofAccountingPolicyForCapitalizedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of Accounting Policy For Capitalized Costs [Policy Text Block]</link:label>
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    <link:label id="lab_ifrs-full_RevenueFromConstructionContracts_df16a6cd-da37-440c-b3f6-a5f71ef70fab_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromConstructionContracts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from construction contracts</link:label>
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    <link:label id="lab_dei_DocumentAnnualReport_3a21f21b-5658-428a-b09b-2a39cf8280f4_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Annual Report</link:label>
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    <link:label id="lab_bam_FixedRateResetMember_4bdf987f-c870-46fd-bfaa-1def63b87e2c_terseLabel_en-US" xlink:label="lab_bam_FixedRateResetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed rate-reset preferred shares</link:label>
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    <link:label id="lab_bam_ResidentialinfrastructureoperationMember_31c4f627-a2f4-4373-b27e-5eca4912de70_terseLabel_en-US" xlink:label="lab_bam_ResidentialinfrastructureoperationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential infrastructure operation [Member]</link:label>
    <link:label id="lab_bam_ResidentialinfrastructureoperationMember_label_en-US" xlink:label="lab_bam_ResidentialinfrastructureoperationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential infrastructure operation [Member]</link:label>
    <link:label id="lab_bam_ResidentialinfrastructureoperationMember_documentation_en-US" xlink:label="lab_bam_ResidentialinfrastructureoperationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Residential infrastructure operation [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ResidentialinfrastructureoperationMember" xlink:href="bam-20211231.xsd#bam_ResidentialinfrastructureoperationMember"/>
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    <link:label id="lab_bam_CommonEquityInManagedInvestments_fff3d79b-c5bf-44bf-9f7f-91ffe0907107_terseLabel_en-US" xlink:label="lab_bam_CommonEquityInManagedInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Equity in Managed Investments</link:label>
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    <link:label id="lab_bam_InsuranceforDamageandBusinessInterruptionCosts_documentation_en-US" xlink:label="lab_bam_InsuranceforDamageandBusinessInterruptionCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance for Damage and Business Interruption Costs</link:label>
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    <link:label id="lab_bam_JPYTermDebtMaturingOnDecember12038Member_fac1876a-58a3-4fa2-a932-6612f1d79ff6_terseLabel_en-US" xlink:label="lab_bam_JPYTermDebtMaturingOnDecember12038Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">JPY Term Debt Maturing On December 1, 2038</link:label>
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    <link:label id="lab_bam_PeriodOfFixedDividendRate_cc688fa1-ff43-4059-b43b-bd19b0cfd928_terseLabel_en-US" xlink:label="lab_bam_PeriodOfFixedDividendRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period of fixed dividend rate</link:label>
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    <link:label id="lab_bam_PeriodOfFixedDividendRate_documentation_en-US" xlink:label="lab_bam_PeriodOfFixedDividendRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period Of Fixed Dividend Rate</link:label>
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    <link:label id="lab_bam_NumberOfShareOptionsCancelledInShareBasedPaymentArrangement_f8e54286-e86c-4137-9f98-8bf5f7093dde_terseLabel_en-US" xlink:label="lab_bam_NumberOfShareOptionsCancelledInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Cancelled In Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsCancelledInShareBasedPaymentArrangement_label_en-US" xlink:label="lab_bam_NumberOfShareOptionsCancelledInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Cancelled In Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsCancelledInShareBasedPaymentArrangement_documentation_en-US" xlink:label="lab_bam_NumberOfShareOptionsCancelledInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Cancelled In Share-Based Payment Arrangement</link:label>
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    <link:label id="lab_ifrs-full_SegmentsMember_bf8e7b54-c6cf-4ae7-ab6e-fe7ba50dd31c_terseLabel_en-US" xlink:label="lab_ifrs-full_SegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segments [member]</link:label>
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    <link:label id="lab_bam_Othercomprehensiveincomemarketablesecuritiesmaybereclassedtonetincome_b720544e-c6d2-4d3d-8680-a45fbf4cd951_terseLabel_en-US" xlink:label="lab_bam_Othercomprehensiveincomemarketablesecuritiesmaybereclassedtonetincome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable securities</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfShareCapitalAxis_11823b5e-c6d9-449e-94b0-f7c79f8c3061_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classes of share capital [axis]</link:label>
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    <link:label id="lab_bam_Currentassetsofassociateorjointventure_df5d1f08-f861-47a5-a8c9-ec4b29f27d74_terseLabel_en-US" xlink:label="lab_bam_Currentassetsofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current assets</link:label>
    <link:label id="lab_bam_Currentassetsofassociateorjointventure_label_en-US" xlink:label="lab_bam_Currentassetsofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current assets of associate or joint venture</link:label>
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    <link:label id="lab_ifrs-full_JointVenturesAxis_c66089b6-cb8c-4f2a-b7bb-64a2f1bd1bde_terseLabel_en-US" xlink:label="lab_ifrs-full_JointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint ventures [axis]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory_f9d6392c-1714-4f5f-8501-f9c928bf5b39_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about investment property</link:label>
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    <link:label id="lab_bam_NumberOfShareOptionsGrantedAndReinvestedInShareBasedPaymentArrangement_18d62a80-115f-4d91-acfa-7f10047a4846_terseLabel_en-US" xlink:label="lab_bam_NumberOfShareOptionsGrantedAndReinvestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Granted and reinvested (in shares)</link:label>
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    <link:label id="lab_bam_Series37ClassAPreferredSharesMember_924f569d-12a6-4e63-94f8-9d43d3ec6444_terseLabel_en-US" xlink:label="lab_bam_Series37ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 37 Class A Preferred Shares</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series37ClassAPreferredSharesMember" xlink:to="lab_bam_Series37ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member_08b7aff9-471b-4043-8e1e-561c8a75b2c9_terseLabel_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Rouse Properties L.P.</link:label>
    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member_142fc19a-965c-4a7b-a975-0f3644515ef7_verboseLabel_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Rouse Series A preferred shares</link:label>
    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member_label_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Rouse Properties L.P. [Member]</link:label>
    <link:label id="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member_documentation_en-US" xlink:label="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Rouse Properties L.P. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:href="bam-20211231.xsd#bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:to="lab_bam_PreferredequityheldbythirdpartyinvestorinRousePropertiesL.P.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_AllCurrenciesDomain_15635dcb-685e-449b-8c7c-9dd89df2c03c_terseLabel_en-US" xlink:label="lab_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">All Currencies [Domain]</link:label>
    <link:label id="lab_currency_AllCurrenciesDomain_label_en-US" xlink:label="lab_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">All Currencies [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_AllCurrenciesDomain" xlink:to="lab_currency_AllCurrenciesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_USTermDebtMaturingOnMarch12033Member_45473bee-4d0a-4a55-93cf-f5714e5ec1c9_terseLabel_en-US" xlink:label="lab_bam_USTermDebtMaturingOnMarch12033Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On March 1, 2033</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnMarch12033Member_label_en-US" xlink:label="lab_bam_USTermDebtMaturingOnMarch12033Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On March 1, 2033 [Member]</link:label>
    <link:label id="lab_bam_USTermDebtMaturingOnMarch12033Member_documentation_en-US" xlink:label="lab_bam_USTermDebtMaturingOnMarch12033Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">U.S. Term Debt Maturing On March 1, 2033</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_USTermDebtMaturingOnMarch12033Member" xlink:href="bam-20211231.xsd#bam_USTermDebtMaturingOnMarch12033Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_USTermDebtMaturingOnMarch12033Member" xlink:to="lab_bam_USTermDebtMaturingOnMarch12033Member" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_EntitysTotalForSubsidiariesDomain_cf9644e8-b33c-4c5c-9283-bae931f9eca4_terseLabel_en-US" xlink:label="lab_bam_EntitysTotalForSubsidiariesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for subsidiaries [Domain]</link:label>
    <link:label id="lab_bam_EntitysTotalForSubsidiariesDomain_label_en-US" xlink:label="lab_bam_EntitysTotalForSubsidiariesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for subsidiaries [Domain]</link:label>
    <link:label id="lab_bam_EntitysTotalForSubsidiariesDomain_documentation_en-US" xlink:label="lab_bam_EntitysTotalForSubsidiariesDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity's total for subsidiaries</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_EntitysTotalForSubsidiariesDomain" xlink:href="bam-20211231.xsd#bam_EntitysTotalForSubsidiariesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_EntitysTotalForSubsidiariesDomain" xlink:to="lab_bam_EntitysTotalForSubsidiariesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CorporateLoansMember_4151900f-8f33-47cb-8356-c7dfc00b8ca0_terseLabel_en-US" xlink:label="lab_ifrs-full_CorporateLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate bonds</link:label>
    <link:label id="lab_ifrs-full_CorporateLoansMember_2f0dc53d-aa66-438c-88d4-b18e4d8b2ebc_verboseLabel_en-US" xlink:label="lab_ifrs-full_CorporateLoansMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans to corporate entities [member]</link:label>
    <link:label id="lab_ifrs-full_CorporateLoansMember_label_en-US" xlink:label="lab_ifrs-full_CorporateLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans to corporate entities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CorporateLoansMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CorporateLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CorporateLoansMember" xlink:to="lab_ifrs-full_CorporateLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TaxRateEffectOfForeignTaxRates_3a5cc984-b2a7-4316-9384-a5210480f8c6_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">International operations subject to different tax rates</link:label>
    <link:label id="lab_ifrs-full_TaxRateEffectOfForeignTaxRates_label_en-US" xlink:label="lab_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax rate effect of foreign tax rates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectOfForeignTaxRates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:to="lab_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FuturesContractMember_fb5db58f-3c36-461f-8326-aef6f9a4da53_terseLabel_en-US" xlink:label="lab_ifrs-full_FuturesContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Futures contract [member]</link:label>
    <link:label id="lab_ifrs-full_FuturesContractMember_label_en-US" xlink:label="lab_ifrs-full_FuturesContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Futures contract [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FuturesContractMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FuturesContractMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FuturesContractMember" xlink:to="lab_ifrs-full_FuturesContractMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SharePriceOnDateOfAcquisition_15c6a8b5-745d-4d86-ad19-ab74f694978e_terseLabel_en-US" xlink:label="lab_bam_SharePriceOnDateOfAcquisition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price on date of acquisition</link:label>
    <link:label id="lab_bam_SharePriceOnDateOfAcquisition_label_en-US" xlink:label="lab_bam_SharePriceOnDateOfAcquisition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price on date of acquisition</link:label>
    <link:label id="lab_bam_SharePriceOnDateOfAcquisition_documentation_en-US" xlink:label="lab_bam_SharePriceOnDateOfAcquisition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price on date of acquisition</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SharePriceOnDateOfAcquisition" xlink:href="bam-20211231.xsd#bam_SharePriceOnDateOfAcquisition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SharePriceOnDateOfAcquisition" xlink:to="lab_bam_SharePriceOnDateOfAcquisition" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_HydroelectricGeneratingUnitsMember_e1299923-0fd8-4c74-833e-d35b143d7167_terseLabel_en-US" xlink:label="lab_bam_HydroelectricGeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hydroelectric Generating Units [Member]</link:label>
    <link:label id="lab_bam_HydroelectricGeneratingUnitsMember_label_en-US" xlink:label="lab_bam_HydroelectricGeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hydroelectric Generating Units [Member]</link:label>
    <link:label id="lab_bam_HydroelectricGeneratingUnitsMember_documentation_en-US" xlink:label="lab_bam_HydroelectricGeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hydroelectric Generating Units [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_HydroelectricGeneratingUnitsMember" xlink:href="bam-20211231.xsd#bam_HydroelectricGeneratingUnitsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_HydroelectricGeneratingUnitsMember" xlink:to="lab_bam_HydroelectricGeneratingUnitsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OperatingLeaseIncome_11fe88b5-d62d-4762-82bc-609ca8b755d0_terseLabel_en-US" xlink:label="lab_ifrs-full_OperatingLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease income</link:label>
    <link:label id="lab_ifrs-full_OperatingLeaseIncome_label_en-US" xlink:label="lab_ifrs-full_OperatingLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OperatingLeaseIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OperatingLeaseIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OperatingLeaseIncome" xlink:to="lab_ifrs-full_OperatingLeaseIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherRevenue_301876ba-6be5-445e-89ca-a18f5de52dcc_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other revenue</link:label>
    <link:label id="lab_ifrs-full_OtherRevenue_label_en-US" xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other revenue</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherRevenue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherRevenue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherRevenue" xlink:to="lab_ifrs-full_OtherRevenue" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TitleOfIndividual1Axis_aece89fe-b59a-4684-a907-3131e1b7b768_terseLabel_en-US" xlink:label="lab_bam_TitleOfIndividual1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title Of Individual1 [Axis]</link:label>
    <link:label id="lab_bam_TitleOfIndividual1Axis_label_en-US" xlink:label="lab_bam_TitleOfIndividual1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title Of Individual1 [Axis]</link:label>
    <link:label id="lab_bam_TitleOfIndividual1Axis_documentation_en-US" xlink:label="lab_bam_TitleOfIndividual1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title Of Individual1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TitleOfIndividual1Axis" xlink:href="bam-20211231.xsd#bam_TitleOfIndividual1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TitleOfIndividual1Axis" xlink:to="lab_bam_TitleOfIndividual1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_VariableRate1Domain_b326ea8a-53ff-45cd-879a-73629e3d5803_terseLabel_en-US" xlink:label="lab_bam_VariableRate1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate1 [Domain]</link:label>
    <link:label id="lab_bam_VariableRate1Domain_label_en-US" xlink:label="lab_bam_VariableRate1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate1 [Domain]</link:label>
    <link:label id="lab_bam_VariableRate1Domain_documentation_en-US" xlink:label="lab_bam_VariableRate1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Variable Rate1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_VariableRate1Domain" xlink:href="bam-20211231.xsd#bam_VariableRate1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_VariableRate1Domain" xlink:to="lab_bam_VariableRate1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_TradereceivablesandotherMember_88400f06-4426-4729-8093-42550664fa5b_terseLabel_en-US" xlink:label="lab_bam_TradereceivablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts receivable and other</link:label>
    <link:label id="lab_bam_TradereceivablesandotherMember_a65f73fb-c432-4f88-b6e8-011ce21798f1_verboseLabel_en-US" xlink:label="lab_bam_TradereceivablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade receivables and other [Member]</link:label>
    <link:label id="lab_bam_TradereceivablesandotherMember_label_en-US" xlink:label="lab_bam_TradereceivablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade receivables and other [Member]</link:label>
    <link:label id="lab_bam_TradereceivablesandotherMember_documentation_en-US" xlink:label="lab_bam_TradereceivablesandotherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade Receivables and Other [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TradereceivablesandotherMember" xlink:href="bam-20211231.xsd#bam_TradereceivablesandotherMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TradereceivablesandotherMember" xlink:to="lab_bam_TradereceivablesandotherMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_InvestmentsinJointVenturesandAssociatesAccountedforUsingtheEquityMethod_f1c03641-9ae8-41b7-b381-b45c1c7c8d94_terseLabel_en-US" xlink:label="lab_bam_InvestmentsinJointVenturesandAssociatesAccountedforUsingtheEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Joint Ventures and Associates Accounted for Using the Equity Method</link:label>
    <link:label id="lab_bam_InvestmentsinJointVenturesandAssociatesAccountedforUsingtheEquityMethod_label_en-US" xlink:label="lab_bam_InvestmentsinJointVenturesandAssociatesAccountedforUsingtheEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Joint Ventures and Associates Accounted for Using the Equity Method</link:label>
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    <link:label id="lab_bam_OtherFairValueChangesMember_c7aaf3a6-6d82-43fd-9525-fe14bedece84_terseLabel_en-US" xlink:label="lab_bam_OtherFairValueChangesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other fair value changes</link:label>
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    <link:label id="lab_bam_ExercisePriceRangeFourMember_460eb1a9-149b-4942-ba6e-5551a04d5958_terseLabel_en-US" xlink:label="lab_bam_ExercisePriceRangeFourMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Four [Member]</link:label>
    <link:label id="lab_bam_ExercisePriceRangeFourMember_label_en-US" xlink:label="lab_bam_ExercisePriceRangeFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Four [Member]</link:label>
    <link:label id="lab_bam_ExercisePriceRangeFourMember_documentation_en-US" xlink:label="lab_bam_ExercisePriceRangeFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Exercise Price Range Four [Member]</link:label>
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    <link:label id="lab_ifrs-full_FinancialAssetsCategoryMember_76e8a2d8-c7c4-41c1-8a0c-112fbbb06a8d_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, category [member]</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsCategoryMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsCategoryMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable_ebb5c413-2914-43a0-a4df-196774090906_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of initial application of standards or interpretations [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of initial application of standards or interpretations [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsTable"/>
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    <link:label id="lab_bam_RestrictedStock1Member_b7180a57-5162-48fd-868b-bad3043757e6_terseLabel_en-US" xlink:label="lab_bam_RestrictedStock1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock</link:label>
    <link:label id="lab_bam_RestrictedStock1Member_label_en-US" xlink:label="lab_bam_RestrictedStock1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock1 [Member]</link:label>
    <link:label id="lab_bam_RestrictedStock1Member_documentation_en-US" xlink:label="lab_bam_RestrictedStock1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock1 [Member]</link:label>
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    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation_b0fe6ac5-d01c-46cc-81c2-20b5bee58f0b_terseLabel_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation and other</link:label>
    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation_label_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Foreign Currency Translation</link:label>
    <link:label id="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation_documentation_en-US" xlink:label="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Accounted For Using Equity Method, Foreign Currency Translation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation" xlink:href="bam-20211231.xsd#bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation" xlink:to="lab_bam_InvestmentAccountedForUsingEquityMethodForeignCurrencyTranslation" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PrivateEquityMember_e2f17058-2aed-496e-a0a5-07340f8bd865_terseLabel_en-US" xlink:label="lab_bam_PrivateEquityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity</link:label>
    <link:label id="lab_bam_PrivateEquityMember_b41f7422-9d4e-4eb3-a3d4-f4b259d98d48_verboseLabel_en-US" xlink:label="lab_bam_PrivateEquityMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity [Member]</link:label>
    <link:label id="lab_bam_PrivateEquityMember_label_en-US" xlink:label="lab_bam_PrivateEquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity [Member]</link:label>
    <link:label id="lab_bam_PrivateEquityMember_documentation_en-US" xlink:label="lab_bam_PrivateEquityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Equity [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PrivateEquityMember" xlink:href="bam-20211231.xsd#bam_PrivateEquityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PrivateEquityMember" xlink:to="lab_bam_PrivateEquityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Borrowings_07ac7c64-92c6-45af-8f00-4a4310927ecc_totalLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_Borrowings_cb4cfe43-8b23-473d-be66-549900262b5c_terseLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate borrowings</link:label>
    <link:label id="lab_ifrs-full_Borrowings_8d330942-14c5-4160-b9d2-c032dd4697c5_verboseLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal repayments of borrowings</link:label>
    <link:label id="lab_ifrs-full_Borrowings_label_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Borrowings" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Borrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Borrowings" xlink:to="lab_ifrs-full_Borrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SubsidiariesOtherThanBrookfieldFinanceIncBrookfieldFinanceLLCandBrookfieldInvestmentsCorporationMember_3c5c0ac4-dcfe-4486-947f-832684bff377_terseLabel_en-US" xlink:label="lab_bam_SubsidiariesOtherThanBrookfieldFinanceIncBrookfieldFinanceLLCandBrookfieldInvestmentsCorporationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiaries&#160;of the Corporation other than BFI, BFL&#160;and BIC</link:label>
    <link:label id="lab_bam_SubsidiariesOtherThanBrookfieldFinanceIncBrookfieldFinanceLLCandBrookfieldInvestmentsCorporationMember_label_en-US" xlink:label="lab_bam_SubsidiariesOtherThanBrookfieldFinanceIncBrookfieldFinanceLLCandBrookfieldInvestmentsCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiaries Other Than Brookfield Finance Inc, Brookfield Finance LLC and Brookfield Investments Corporation [Member]</link:label>
    <link:label id="lab_bam_SubsidiariesOtherThanBrookfieldFinanceIncBrookfieldFinanceLLCandBrookfieldInvestmentsCorporationMember_documentation_en-US" xlink:label="lab_bam_SubsidiariesOtherThanBrookfieldFinanceIncBrookfieldFinanceLLCandBrookfieldInvestmentsCorporationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiaries Other Than Brookfield Finance Inc, Brookfield Finance LLC and Brookfield Investments Corporation [Member]</link:label>
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    <link:label id="lab_bam_FairValueMeasurementAbstract_e7a591c3-8457-46be-a25e-5ff17786e27b_terseLabel_en-US" xlink:label="lab_bam_FairValueMeasurementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement [Abstract]</link:label>
    <link:label id="lab_bam_FairValueMeasurementAbstract_label_en-US" xlink:label="lab_bam_FairValueMeasurementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement [Abstract]</link:label>
    <link:label id="lab_bam_FairValueMeasurementAbstract_documentation_en-US" xlink:label="lab_bam_FairValueMeasurementAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_FairValueMeasurementAbstract" xlink:href="bam-20211231.xsd#bam_FairValueMeasurementAbstract"/>
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    <link:label id="lab_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_b09fbe60-1c8d-44ee-8ace-48f5c4d5969e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">EQUITY ACCOUNTED INVESTMENTS</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of investments accounted for using equity method [text block]</link:label>
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    <link:label id="lab_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage_4c4b7641-6eb8-4d1e-8019-620c14cc441c_terseLabel_en-US" xlink:label="lab_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Generation Contracted under Power Purchase Agreements</link:label>
    <link:label id="lab_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage_label_en-US" xlink:label="lab_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Generation Contracted Under Power Purchase Agreements, Percentage</link:label>
    <link:label id="lab_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage_documentation_en-US" xlink:label="lab_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Generation Contracted Under Power Purchase Agreements, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage" xlink:href="bam-20211231.xsd#bam_TotalGenerationContractedUnderPowerPurchaseAgreementsPercentage"/>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_8ad65661-c566-4c67-ae31-46ffcaa66a54_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable"/>
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    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsAbstract_129c3b99-d55a-4cab-a703-31564efab4ae_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about intangible assets [abstract]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsAbstract_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about intangible assets [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:to="lab_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ValueofinsurancecontractsacquiredMember_ad161bba-aa9b-4d1d-b5d7-eb9bd9555fa7_terseLabel_en-US" xlink:label="lab_bam_ValueofinsurancecontractsacquiredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Value of insurance contracts acquired [Domain]</link:label>
    <link:label id="lab_bam_ValueofinsurancecontractsacquiredMember_label_en-US" xlink:label="lab_bam_ValueofinsurancecontractsacquiredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Value of insurance contracts acquired [Member]</link:label>
    <link:label id="lab_bam_ValueofinsurancecontractsacquiredMember_documentation_en-US" xlink:label="lab_bam_ValueofinsurancecontractsacquiredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Value of insurance contracts acquired [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ValueofinsurancecontractsacquiredMember" xlink:href="bam-20211231.xsd#bam_ValueofinsurancecontractsacquiredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ValueofinsurancecontractsacquiredMember" xlink:to="lab_bam_ValueofinsurancecontractsacquiredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OtherInvestmentPropertiesMember_b7ba7896-212e-48bb-87c9-1e937ae4d4c2_terseLabel_en-US" xlink:label="lab_bam_OtherInvestmentPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other investment properties</link:label>
    <link:label id="lab_bam_OtherInvestmentPropertiesMember_label_en-US" xlink:label="lab_bam_OtherInvestmentPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Investment Properties [Member]</link:label>
    <link:label id="lab_bam_OtherInvestmentPropertiesMember_documentation_en-US" xlink:label="lab_bam_OtherInvestmentPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Investment Properties [Member]</link:label>
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    <link:label id="lab_ifrs-full_ComprehensiveIncome_3a763bba-4af1-4a8e-998f-22c51e228137_totalLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income</link:label>
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    <link:label id="lab_bam_PreferredEquityHeldByThirdPartyInvestorInBrookfieldIndiaRealEstateTrustMember_d7b031b2-f26c-4bf7-baae-5cf8add8f87d_terseLabel_en-US" xlink:label="lab_bam_PreferredEquityHeldByThirdPartyInvestorInBrookfieldIndiaRealEstateTrustMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity held by third party investor in Brookfield India Real Estate Trust [Member]</link:label>
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    <link:label id="lab_bam_UnsecuredNotesDue2029Member_964a8306-139e-41b5-bdcb-69501ce700b2_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2029Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2029</link:label>
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    <link:label id="lab_bam_ClassALimitedVotingSharesMember_271b53bd-81fa-4b34-b2d0-fa3715784e22_terseLabel_en-US" xlink:label="lab_bam_ClassALimitedVotingSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class A Limited Voting Shares</link:label>
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    <link:label id="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_6a850192-298a-4887-a8b7-04d8fab4231e_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage increase in rate of compensation</link:label>
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    <link:label id="lab_bam_SolarGeneratingunitsMember_75e7f046-dd8f-4ac5-9da0-f038f07c37cc_terseLabel_en-US" xlink:label="lab_bam_SolarGeneratingunitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Solar Generating units [Member]</link:label>
    <link:label id="lab_bam_SolarGeneratingunitsMember_label_en-US" xlink:label="lab_bam_SolarGeneratingunitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Solar Generating units [Member]</link:label>
    <link:label id="lab_bam_SolarGeneratingunitsMember_documentation_en-US" xlink:label="lab_bam_SolarGeneratingunitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Solar Generating units [Member]</link:label>
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    <link:label id="lab_ifrs-full_OtherFinancialAssets_5b4b21fc-0828-4ab7-8cfd-7358aa4fd85e_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other financial assets</link:label>
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    <link:label id="lab_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember_4aa8365d-6da7-4c65-be40-36413b1c146f_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held to hedge liabilities arising from financing activities [member]</link:label>
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    <link:label id="lab_bam_CorporationsCapital_f73f972a-097a-430e-9fac-8f49be5b8585_terseLabel_en-US" xlink:label="lab_bam_CorporationsCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporation's Capital</link:label>
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    <link:label id="lab_ifrs-full_RevenueFromContractsWithCustomers_bcce0c32-bc4c-48d4-b79e-c81c9ee0fc3e_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from contracts with customers</link:label>
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    <link:label id="lab_bam_TransmissionstationstowersandrelatedfixturesMember_9ae4442d-5e50-4dc9-9134-ebe0848cfae4_terseLabel_en-US" xlink:label="lab_bam_TransmissionstationstowersandrelatedfixturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transmission stations, towers and related fixtures [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_TransmissionstationstowersandrelatedfixturesMember" xlink:to="lab_bam_TransmissionstationstowersandrelatedfixturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_VoluntaryChangesInAccountingPolicyMember_f116f178-61ae-4bfb-9ddf-514b1d2f99e9_terseLabel_en-US" xlink:label="lab_ifrs-full_VoluntaryChangesInAccountingPolicyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Voluntary changes in accounting policy [axis]</link:label>
    <link:label id="lab_ifrs-full_VoluntaryChangesInAccountingPolicyMember_label_en-US" xlink:label="lab_ifrs-full_VoluntaryChangesInAccountingPolicyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Voluntary changes in accounting policy [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_VoluntaryChangesInAccountingPolicyMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_VoluntaryChangesInAccountingPolicyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_VoluntaryChangesInAccountingPolicyMember" xlink:to="lab_ifrs-full_VoluntaryChangesInAccountingPolicyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwnersAbstract_eef0e7cd-4b8f-4dd7-a838-36e68b84baed_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwnersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwnersAbstract_label_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwnersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwnersAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwnersAbstract"/>
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    <link:label id="lab_dei_EntityCentralIndexKey_20af7405-bf8a-4fa8-83b0-b6201d769f14_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
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    <link:label id="lab_ifrs-full_Level1OfFairValueHierarchyMember_0dc192cd-c521-414c-bbba-183e836d0671_terseLabel_en-US" xlink:label="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level&#160;1</link:label>
    <link:label id="lab_ifrs-full_Level1OfFairValueHierarchyMember_label_en-US" xlink:label="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level 1 of fair value hierarchy [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DisclosureOfAssociatesAndJointVenturesTable_cd750860-7fb9-4e85-ae0e-58bfe90ba8bf_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfAssociatesAndJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Associates And Joint Ventures [Table]</link:label>
    <link:label id="lab_bam_DisclosureOfAssociatesAndJointVenturesTable_label_en-US" xlink:label="lab_bam_DisclosureOfAssociatesAndJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Associates And Joint Ventures [Table]</link:label>
    <link:label id="lab_bam_DisclosureOfAssociatesAndJointVenturesTable_documentation_en-US" xlink:label="lab_bam_DisclosureOfAssociatesAndJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Associates And Joint Ventures [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureOfAssociatesAndJointVenturesTable" xlink:href="bam-20211231.xsd#bam_DisclosureOfAssociatesAndJointVenturesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureOfAssociatesAndJointVenturesTable" xlink:to="lab_bam_DisclosureOfAssociatesAndJointVenturesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_64e6d43e-8a11-4eed-a80d-b964402f5339_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization</link:label>
    <link:label id="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortisation, intangible assets other than goodwill</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable_39fa8e46-ff43-42c6-a862-2c2c7a1ddbae_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of reconciliation of changes in goodwill [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of reconciliation of changes in goodwill [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable"/>
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    <link:label id="lab_ifrs-full_TypesOfInterestRatesAxis_39a82074-50e5-4044-abab-df4d97d1a30d_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfInterestRatesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInterestRatesAxis"/>
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    <link:label id="lab_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable_e0fce1ef-5a2c-4985-bdbd-cb8285a81d1c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of offsetting of financial assets [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of offsetting of financial assets [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:to="lab_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RenewablePowerMember_70e1c0ae-605d-48d2-bef1-3748904476ec_terseLabel_en-US" xlink:label="lab_bam_RenewablePowerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable Power</link:label>
    <link:label id="lab_bam_RenewablePowerMember_4cf7a4fb-20b4-401b-8acd-dc1a3fd71865_verboseLabel_en-US" xlink:label="lab_bam_RenewablePowerMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable Power</link:label>
    <link:label id="lab_bam_RenewablePowerMember_label_en-US" xlink:label="lab_bam_RenewablePowerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable Power [Member]</link:label>
    <link:label id="lab_bam_RenewablePowerMember_documentation_en-US" xlink:label="lab_bam_RenewablePowerMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Renewable Power [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_RenewablePowerMember" xlink:href="bam-20211231.xsd#bam_RenewablePowerMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_bb09408f-c958-47bb-94a2-810c3490492e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable"/>
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    <link:label id="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_6579e6f5-722d-4a86-9db4-273d7f6dcb49_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expense arising from equity-settled share-based payment transactions</link:label>
    <link:label id="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_label_en-US" xlink:label="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expense from equity-settled share-based payment transactions</link:label>
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    <link:label id="lab_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock_2c036981-ea72-44bd-9d52-be3f35561e85_terseLabel_en-US" xlink:label="lab_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of accounts receivable and other</link:label>
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    <link:label id="lab_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock_documentation_en-US" xlink:label="lab_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure Of Trades Receivable And Other [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock" xlink:href="bam-20211231.xsd#bam_DisclosureOfTradesReceivableAndOtherTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock" xlink:to="lab_bam_DisclosureOfTradesReceivableAndOtherTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory_b83cc4bf-15f4-4591-a463-b8443f972026_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OTHER INFORMATION</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of additional information [text block]</link:label>
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    <link:label id="lab_dei_TradingSymbol_9fbb1690-24c7-43b1-8ccc-c50df77f8b5c_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol"/>
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    <link:label id="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory_e31a8d3c-c3dd-477e-80c5-7a5753682eb3_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of related party [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of related party [text block]</link:label>
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    <link:label id="lab_ifrs-full_InvestmentAccountedForUsingEquityMethod_983ce0e9-a913-48d1-9f98-9f02e395c514_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity accounted investments</link:label>
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    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_9bd547c1-09c4-4e53-9612-db43829a820d_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">1 to 3 Years</link:label>
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    <link:label id="lab_ifrs-full_ChangesInEquity_76106fce-3382-4603-9c6e-3dc667ec8344_totalLabel_en-US" xlink:label="lab_ifrs-full_ChangesInEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total change in period</link:label>
    <link:label id="lab_ifrs-full_ChangesInEquity_label_en-US" xlink:label="lab_ifrs-full_ChangesInEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) in equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ChangesInEquity" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ChangesInEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ChangesInEquity" xlink:to="lab_ifrs-full_ChangesInEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ShareholderdistributionsAbstract_e8a469a8-e859-4425-b074-5181dbcba888_terseLabel_en-US" xlink:label="lab_bam_ShareholderdistributionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholder distributions</link:label>
    <link:label id="lab_bam_ShareholderdistributionsAbstract_label_en-US" xlink:label="lab_bam_ShareholderdistributionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholder distributions [Abstract]</link:label>
    <link:label id="lab_bam_ShareholderdistributionsAbstract_documentation_en-US" xlink:label="lab_bam_ShareholderdistributionsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholder distributions [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ShareholderdistributionsAbstract" xlink:href="bam-20211231.xsd#bam_ShareholderdistributionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ShareholderdistributionsAbstract" xlink:to="lab_bam_ShareholderdistributionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty_13260f29-3967-43fe-a163-c8539bcc051c_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions through business combinations, investment property</link:label>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions through business combinations, investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty" xlink:to="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsInvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CashSettledShareBasedPaymentArrangementMember_4aa5c289-017c-4592-bc11-3eed45927e2f_terseLabel_en-US" xlink:label="lab_bam_CashSettledShareBasedPaymentArrangementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash-Settled Share-Based Payment Arrangement</link:label>
    <link:label id="lab_bam_CashSettledShareBasedPaymentArrangementMember_label_en-US" xlink:label="lab_bam_CashSettledShareBasedPaymentArrangementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash-Settled Share-Based Payment Arrangement [Member]</link:label>
    <link:label id="lab_bam_CashSettledShareBasedPaymentArrangementMember_documentation_en-US" xlink:label="lab_bam_CashSettledShareBasedPaymentArrangementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash-Settled Share-Based Payment Arrangement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CashSettledShareBasedPaymentArrangementMember" xlink:href="bam-20211231.xsd#bam_CashSettledShareBasedPaymentArrangementMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CashSettledShareBasedPaymentArrangementMember" xlink:to="lab_bam_CashSettledShareBasedPaymentArrangementMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_b7d292e6-4299-47d6-adae-1cb7d295f34b_totalLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NYSECommonClassASharesMember_a0b01386-d441-4ad0-b2b6-5c20f3746e00_terseLabel_en-US" xlink:label="lab_bam_NYSECommonClassASharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NYSE Common Class A Shares</link:label>
    <link:label id="lab_bam_NYSECommonClassASharesMember_label_en-US" xlink:label="lab_bam_NYSECommonClassASharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NYSE Common Class A Shares [Member]</link:label>
    <link:label id="lab_bam_NYSECommonClassASharesMember_documentation_en-US" xlink:label="lab_bam_NYSECommonClassASharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NYSE Common Class A Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NYSECommonClassASharesMember" xlink:href="bam-20211231.xsd#bam_NYSECommonClassASharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NYSECommonClassASharesMember" xlink:to="lab_bam_NYSECommonClassASharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PlanAssetsAtFairValue_f997d68a-f9c6-4911-88ba-762fced40c34_terseLabel_en-US" xlink:label="lab_ifrs-full_PlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plan assets</link:label>
    <link:label id="lab_ifrs-full_PlanAssetsAtFairValue_label_en-US" xlink:label="lab_ifrs-full_PlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plan assets, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PlanAssetsAtFairValue" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PlanAssetsAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PlanAssetsAtFairValue" xlink:to="lab_ifrs-full_PlanAssetsAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock_013e6596-4cb0-4cd2-97ae-0d9676f11ab7_terseLabel_en-US" xlink:label="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of renumeration of directors and other key management personnel of the company</link:label>
    <link:label id="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock_label_en-US" xlink:label="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of renumeration of directors and other key management personnel of the company [Table Text Block]</link:label>
    <link:label id="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock_documentation_en-US" xlink:label="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of renumeration of directors and other key management personnel of the company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock" xlink:href="bam-20211231.xsd#bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock" xlink:to="lab_bam_ScheduleOfRenumerationOfDirectorsAndOtherKeyManagementPersonnelOfTheCompanyTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis_cbade91b-fc97-4807-b2e0-7ce09a05126d_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Categories of financial liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Categories of financial liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsReceived_2d0b6c18-1101-4312-8a59-a0f1ef39a769_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsReceived" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions received</link:label>
    <link:label id="lab_ifrs-full_DividendsReceived_label_en-US" xlink:label="lab_ifrs-full_DividendsReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends received</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsReceived" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsReceived"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsReceived" xlink:to="lab_ifrs-full_DividendsReceived" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate_74aaceee-99e7-4f97-9caf-fad5b130c996_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-recourse borrowings</link:label>
    <link:label id="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_RevolvingFacilities_9af3baf9-6f79-4d4d-ad33-49babe2ab59e_terseLabel_en-US" xlink:label="lab_bam_RevolvingFacilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revolving facilities</link:label>
    <link:label id="lab_bam_RevolvingFacilities_label_en-US" xlink:label="lab_bam_RevolvingFacilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revolving facilities</link:label>
    <link:label id="lab_bam_RevolvingFacilities_documentation_en-US" xlink:label="lab_bam_RevolvingFacilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revolving facilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_RevolvingFacilities" xlink:href="bam-20211231.xsd#bam_RevolvingFacilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_RevolvingFacilities" xlink:to="lab_bam_RevolvingFacilities" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DilutedShares_011a29cf-4aaa-484f-a570-31beeeeb06f2_totalLabel_en-US" xlink:label="lab_bam_DilutedShares" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total diluted shares (in shares)</link:label>
    <link:label id="lab_bam_DilutedShares_label_en-US" xlink:label="lab_bam_DilutedShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diluted Shares</link:label>
    <link:label id="lab_bam_DilutedShares_documentation_en-US" xlink:label="lab_bam_DilutedShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diluted Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DilutedShares" xlink:href="bam-20211231.xsd#bam_DilutedShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DilutedShares" xlink:to="lab_bam_DilutedShares" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement_40770fa4-6603-413e-a299-21b08d377fb0_verboseLabel_en-US" xlink:label="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unexercised options and other share-based plans (in shares)</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement_label_en-US" xlink:label="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Unexercised And Other Share-Based Plans Arrangement</link:label>
    <link:label id="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement_documentation_en-US" xlink:label="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Share Options Unexercised And Other Share-Based Plans Arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement" xlink:href="bam-20211231.xsd#bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement" xlink:to="lab_bam_NumberOfShareOptionsUnexercisedAndOtherShareBasedPlansArrangement" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OperatingExpense_e0767f7b-d155-4d22-8c25-6d34cc518ea8_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Direct costs</link:label>
    <link:label id="lab_ifrs-full_OperatingExpense_50fcb95d-12e9-4e7e-8ceb-5c58c2b1df3e_totalLabel_en-US" xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_OperatingExpense_label_en-US" xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OperatingExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OperatingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OperatingExpense" xlink:to="lab_ifrs-full_OperatingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DepositFromRelatedPartiesRepaid_71158963-d340-49bc-8def-d605875f022a_terseLabel_en-US" xlink:label="lab_bam_DepositFromRelatedPartiesRepaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposit From Related Parties Repaid</link:label>
    <link:label id="lab_bam_DepositFromRelatedPartiesRepaid_label_en-US" xlink:label="lab_bam_DepositFromRelatedPartiesRepaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposit From Related Parties Repaid</link:label>
    <link:label id="lab_bam_DepositFromRelatedPartiesRepaid_documentation_en-US" xlink:label="lab_bam_DepositFromRelatedPartiesRepaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposit From Related Parties Repaid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DepositFromRelatedPartiesRepaid" xlink:href="bam-20211231.xsd#bam_DepositFromRelatedPartiesRepaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DepositFromRelatedPartiesRepaid" xlink:to="lab_bam_DepositFromRelatedPartiesRepaid" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfCashFlowsAbstract_22510965-93c9-4c06-9a1a-80d37c925c8e_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:to="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DepositsFromRelatedPartyArranged_a6e5353d-b770-4154-abc0-8e2c3ef2ffa4_terseLabel_en-US" xlink:label="lab_bam_DepositsFromRelatedPartyArranged" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposits From Related Party</link:label>
    <link:label id="lab_bam_DepositsFromRelatedPartyArranged_label_en-US" xlink:label="lab_bam_DepositsFromRelatedPartyArranged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposits From Related Party Arranged</link:label>
    <link:label id="lab_bam_DepositsFromRelatedPartyArranged_documentation_en-US" xlink:label="lab_bam_DepositsFromRelatedPartyArranged" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposits From Related Party Arranged</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DepositsFromRelatedPartyArranged" xlink:href="bam-20211231.xsd#bam_DepositsFromRelatedPartyArranged"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DepositsFromRelatedPartyArranged" xlink:to="lab_bam_DepositsFromRelatedPartyArranged" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate_35c01c8c-8b5d-488a-97a7-1bd5708292c9_terseLabel_en-US" xlink:label="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment properties</link:label>
    <link:label id="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Property Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Property Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate" xlink:href="bam-20211231.xsd#bam_InvestmentPropertyRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate" xlink:to="lab_bam_InvestmentPropertyRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CarryingAmountMember_bb3a10e0-4c80-49b0-9962-8186586d8d7f_terseLabel_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:label id="lab_ifrs-full_CarryingAmountMember_label_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CarryingAmountMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CarryingAmountMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CarryingAmountMember" xlink:to="lab_ifrs-full_CarryingAmountMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_da83a2d1-ad09-4235-b347-0c3a80ae069d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ContractualCapitalCommitments_8df7036a-d0d9-4ac6-8081-44c71f5a2ebc_terseLabel_en-US" xlink:label="lab_ifrs-full_ContractualCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contractual capital commitments</link:label>
    <link:label id="lab_ifrs-full_ContractualCapitalCommitments_label_en-US" xlink:label="lab_ifrs-full_ContractualCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contractual capital commitments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ContractualCapitalCommitments" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContractualCapitalCommitments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContractualCapitalCommitments" xlink:to="lab_ifrs-full_ContractualCapitalCommitments" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions_de08fb89-650a-4458-9704-e57006c3cc62_terseLabel_en-US" xlink:label="lab_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sales of property and other assets, related party transactions</link:label>
    <link:label id="lab_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sales of property and other assets, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:to="lab_ifrs-full_SalesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Noncurrentassetsofassociateorjointventure_450c611b-883e-4c4d-b621-d74bcc060fb4_terseLabel_en-US" xlink:label="lab_bam_Noncurrentassetsofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets</link:label>
    <link:label id="lab_bam_Noncurrentassetsofassociateorjointventure_label_en-US" xlink:label="lab_bam_Noncurrentassetsofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets of associate or joint venture</link:label>
    <link:label id="lab_bam_Noncurrentassetsofassociateorjointventure_documentation_en-US" xlink:label="lab_bam_Noncurrentassetsofassociateorjointventure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-current assets of associate or joint venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Noncurrentassetsofassociateorjointventure" xlink:href="bam-20211231.xsd#bam_Noncurrentassetsofassociateorjointventure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Noncurrentassetsofassociateorjointventure" xlink:to="lab_bam_Noncurrentassetsofassociateorjointventure" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory_1b3e2f2c-7254-4acd-9ce9-e77e29691a92_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying and fair values of financial liabilities</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of fair value measurement of liabilities [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_DispositionAbstract_1bbce193-aa74-47d5-acc9-5d19ad61d4db_terseLabel_en-US" xlink:label="lab_bam_DispositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dispositions</link:label>
    <link:label id="lab_bam_DispositionAbstract_label_en-US" xlink:label="lab_bam_DispositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposition [Abstract]</link:label>
    <link:label id="lab_bam_DispositionAbstract_documentation_en-US" xlink:label="lab_bam_DispositionAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposition [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_DispositionAbstract" xlink:href="bam-20211231.xsd#bam_DispositionAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_DispositionAbstract" xlink:to="lab_bam_DispositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Series24ClassAPreferredSharesMember_1fb32091-4342-46d3-8b05-44d7a80c0fa8_terseLabel_en-US" xlink:label="lab_bam_Series24ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 24 Class A Preferred Shares</link:label>
    <link:label id="lab_bam_Series24ClassAPreferredSharesMember_label_en-US" xlink:label="lab_bam_Series24ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 24 Class A Preferred Shares [Member]</link:label>
    <link:label id="lab_bam_Series24ClassAPreferredSharesMember_documentation_en-US" xlink:label="lab_bam_Series24ClassAPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series 24 Class A Preferred Shares [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Series24ClassAPreferredSharesMember" xlink:href="bam-20211231.xsd#bam_Series24ClassAPreferredSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Series24ClassAPreferredSharesMember" xlink:to="lab_bam_Series24ClassAPreferredSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty_f7ec6735-5bb4-4f00-9c7d-47dded1a70a9_terseLabel_en-US" xlink:label="lab_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additions from acquisitions, investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsFromAcquisitionsInvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty" xlink:to="lab_ifrs-full_AdditionsFromAcquisitionsInvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_NonControllingInterestPreferredEquity_3884b4c7-ba57-42df-bb44-0f9e629217de_terseLabel_en-US" xlink:label="lab_bam_NonControllingInterestPreferredEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interest - preferred equity</link:label>
    <link:label id="lab_bam_NonControllingInterestPreferredEquity_label_en-US" xlink:label="lab_bam_NonControllingInterestPreferredEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interest - preferred equity</link:label>
    <link:label id="lab_bam_NonControllingInterestPreferredEquity_documentation_en-US" xlink:label="lab_bam_NonControllingInterestPreferredEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-controlling interest - preferred equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NonControllingInterestPreferredEquity" xlink:href="bam-20211231.xsd#bam_NonControllingInterestPreferredEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_NonControllingInterestPreferredEquity" xlink:to="lab_bam_NonControllingInterestPreferredEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ForeignExchangeContractsMember_52b0b8ea-49c5-4368-ae00-49bd021016a3_terseLabel_en-US" xlink:label="lab_bam_ForeignExchangeContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign exchange</link:label>
    <link:label id="lab_bam_ForeignExchangeContractsMember_label_en-US" xlink:label="lab_bam_ForeignExchangeContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Exchange Contracts [Member]</link:label>
    <link:label id="lab_bam_ForeignExchangeContractsMember_documentation_en-US" xlink:label="lab_bam_ForeignExchangeContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Exchange Contracts [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ForeignExchangeContractsMember" xlink:href="bam-20211231.xsd#bam_ForeignExchangeContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ForeignExchangeContractsMember" xlink:to="lab_bam_ForeignExchangeContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesAxis_0ac656a1-0274-4f2a-bc5d-b685abcebc76_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_WeightedAverageExercisePriceOfShareOptionsGrantedAndReinvestedInShareBasedPaymentArrangement_6c7e54ea-d9c1-4554-a0e1-9202ee70beca_terseLabel_en-US" xlink:label="lab_bam_WeightedAverageExercisePriceOfShareOptionsGrantedAndReinvestedInShareBasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted Average Exercise Price Of Share Options Granted And Reinvested (in dollars per share)</link:label>
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    <link:label id="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired_9889753f-368d-48a8-b7d8-c3a7cfc7678a_terseLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of interests acquired</link:label>
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    <link:label id="lab_bam_OtherAsiaMember_d4c12a2c-aa06-4268-a8e3-072b0f903933_terseLabel_en-US" xlink:label="lab_bam_OtherAsiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Asia</link:label>
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    <link:label id="lab_ifrs-full_WeightedAverageShares_33fb9674-0fed-41aa-b1d8-8d9566a87797_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average - common shares</link:label>
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    <link:label id="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_b318cb0d-774e-468c-af2c-8d4acaa8ce57_terseLabel_en-US" xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
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    <link:label id="lab_bam_SouthAmericanelectricitytransmissionoperationsMember_1c1f1324-b4ce-43ac-8ad3-f86d71156ec8_terseLabel_en-US" xlink:label="lab_bam_SouthAmericanelectricitytransmissionoperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Chilean electricity transmission operations</link:label>
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    <link:label id="lab_dei_AuditorFirmId_6d234f6e-eefa-4b8b-88d7-be180dac8707_terseLabel_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Firm ID</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems_f302788d-5808-434b-aa9e-2afe0f9d31e5_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of geographical areas [line items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract_1986934d-b07e-459f-a099-ebcd91ea588c_terseLabel_en-US" xlink:label="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal repayments</link:label>
    <link:label id="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract_label_en-US" xlink:label="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal Repayments For Financial Liabilities [Abstract]</link:label>
    <link:label id="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract_documentation_en-US" xlink:label="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal Repayments For Financial Liabilities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract" xlink:href="bam-20211231.xsd#bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract" xlink:to="lab_bam_PrincipalRepaymentsForFinancialLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComputerSoftwareMember_ddba5743-5479-4aae-a003-576c4c8e36f3_terseLabel_en-US" xlink:label="lab_ifrs-full_ComputerSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Computer software [member]</link:label>
    <link:label id="lab_ifrs-full_ComputerSoftwareMember_label_en-US" xlink:label="lab_ifrs-full_ComputerSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Computer software [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComputerSoftwareMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComputerSoftwareMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComputerSoftwareMember" xlink:to="lab_ifrs-full_ComputerSoftwareMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Repaymentofleaseliability_65b989da-f978-484d-b289-78d9e4b7d95e_negatedTerseLabel_en-US" xlink:label="lab_bam_Repaymentofleaseliability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment of lease liabilities</link:label>
    <link:label id="lab_bam_Repaymentofleaseliability_label_en-US" xlink:label="lab_bam_Repaymentofleaseliability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment of lease liability</link:label>
    <link:label id="lab_bam_Repaymentofleaseliability_documentation_en-US" xlink:label="lab_bam_Repaymentofleaseliability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment of lease liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Repaymentofleaseliability" xlink:href="bam-20211231.xsd#bam_Repaymentofleaseliability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Repaymentofleaseliability" xlink:to="lab_bam_Repaymentofleaseliability" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_ImpairmentMember_a7a90604-eef2-4a87-a628-7b22c3834dc9_netLabel_en-US" xlink:label="lab_bam_ImpairmentMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment and provisions</link:label>
    <link:label id="lab_bam_ImpairmentMember_label_en-US" xlink:label="lab_bam_ImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment [Member]</link:label>
    <link:label id="lab_bam_ImpairmentMember_documentation_en-US" xlink:label="lab_bam_ImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_ImpairmentMember" xlink:href="bam-20211231.xsd#bam_ImpairmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_ImpairmentMember" xlink:to="lab_bam_ImpairmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OptionPricingModelMember_92a22cf0-fbb4-4b10-a99c-50abec5b724d_terseLabel_en-US" xlink:label="lab_ifrs-full_OptionPricingModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Black-Scholes model</link:label>
    <link:label id="lab_ifrs-full_OptionPricingModelMember_label_en-US" xlink:label="lab_ifrs-full_OptionPricingModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Option pricing model [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OptionPricingModelMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OptionPricingModelMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OptionPricingModelMember" xlink:to="lab_ifrs-full_OptionPricingModelMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_a34d9112-028d-4b82-9f4d-b7159efc4427_terseLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable assets acquired (liabilities assumed)</link:label>
    <link:label id="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_0307fd91-3dff-411e-92df-b6eae64923a7_totalLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net assets acquired</link:label>
    <link:label id="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_label_en-US" xlink:label="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable assets acquired (liabilities assumed)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_UnsecuredNotesDue2047Member_fa985cf9-c1de-43d3-bda4-54b5550f0f0a_terseLabel_en-US" xlink:label="lab_bam_UnsecuredNotesDue2047Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2047</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2047Member_label_en-US" xlink:label="lab_bam_UnsecuredNotesDue2047Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2047 [Member]</link:label>
    <link:label id="lab_bam_UnsecuredNotesDue2047Member_documentation_en-US" xlink:label="lab_bam_UnsecuredNotesDue2047Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unsecured Notes Due 2047 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_UnsecuredNotesDue2047Member" xlink:href="bam-20211231.xsd#bam_UnsecuredNotesDue2047Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_UnsecuredNotesDue2047Member" xlink:to="lab_bam_UnsecuredNotesDue2047Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems_c647ad09-79f9-4bcb-8598-4e640b7a24c0_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:to="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities_0fd8f092-e9c2-4ab1-b08d-295db6fa2dbe_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities</link:label>
    <link:label id="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities_label_en-US" xlink:label="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities" xlink:to="lab_ifrs-full_GainsLossesRecognisedInOtherComprehensiveIncomeFairValueMeasurementLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CostOfSales_cb376873-b70c-42ea-9ce3-b4ea2d3caa77_terseLabel_en-US" xlink:label="lab_ifrs-full_CostOfSales" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cost of sales</link:label>
    <link:label id="lab_ifrs-full_CostOfSales_label_en-US" xlink:label="lab_ifrs-full_CostOfSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cost of sales</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CostOfSales" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfSales"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CostOfSales" xlink:to="lab_ifrs-full_CostOfSales" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived_120a7133-b64b-4385-81d3-c87afc23482f_terseLabel_en-US" xlink:label="lab_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Undiscounted finance lease payments to be received</link:label>
    <link:label id="lab_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived_label_en-US" xlink:label="lab_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Undiscounted finance lease payments to be received</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:to="lab_ifrs-full_UndiscountedFinanceLeasePaymentsToBeReceived" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_EUR_c47e42e8-f80d-4110-9328-ae7f5d7092ad_terseLabel_en-US" xlink:label="lab_currency_EUR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">European Union euros</link:label>
    <link:label id="lab_currency_EUR_label_en-US" xlink:label="lab_currency_EUR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Euro Member Countries, Euro</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_EUR" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_EUR"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_EUR" xlink:to="lab_currency_EUR" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_a77ec9d7-c4d7-4409-afe6-da6b3ffacc17_terseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unused tax losses [member]</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_label_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unused tax losses [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnusedTaxLossesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UnusedTaxLossesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UnusedTaxLossesMember" xlink:to="lab_ifrs-full_UnusedTaxLossesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentMember_d848ebaf-0c81-4a4f-bac6-8751c7d98301_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current [member]</link:label>
    <link:label id="lab_ifrs-full_CurrentMember_label_en-US" xlink:label="lab_ifrs-full_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentMember" xlink:to="lab_ifrs-full_CurrentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_CashAndCashEquivalents1Member_f56e2138-5f91-4f4e-be5e-c3d8409d0863_terseLabel_en-US" xlink:label="lab_bam_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash And Cash Equivalents1</link:label>
    <link:label id="lab_bam_CashAndCashEquivalents1Member_f4dee571-825d-4b9c-b3db-2b0b899be1b8_verboseLabel_en-US" xlink:label="lab_bam_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_bam_CashAndCashEquivalents1Member_label_en-US" xlink:label="lab_bam_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash And Cash Equivalents1 [Member]</link:label>
    <link:label id="lab_bam_CashAndCashEquivalents1Member_documentation_en-US" xlink:label="lab_bam_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash And Cash Equivalents1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CashAndCashEquivalents1Member" xlink:href="bam-20211231.xsd#bam_CashAndCashEquivalents1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_CashAndCashEquivalents1Member" xlink:to="lab_bam_CashAndCashEquivalents1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComponentsOfEquityAxis_60a4d36e-5973-4ead-adca-ccb59a78a2b2_terseLabel_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:label id="lab_ifrs-full_ComponentsOfEquityAxis_label_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComponentsOfEquityAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfEquityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfEquityAxis" xlink:to="lab_ifrs-full_ComponentsOfEquityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_OwnershipDomain_85ce3be7-161f-44fe-8533-e6df01659439_terseLabel_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:label id="lab_srt_OwnershipDomain_label_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipDomain" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_OwnershipDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipDomain" xlink:to="lab_srt_OwnershipDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_f2de5cef-895c-4153-8ac0-12f9de813eea_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average exercise price of share options expired in share-based payment arrangement</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_label_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average exercise price of share options expired in share-based payment arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:to="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_Sharebasedawardsholdperiod_b96457e4-b6c2-40e3-857e-1259638f2d6d_terseLabel_en-US" xlink:label="lab_bam_Sharebasedawardsholdperiod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share based awards, hold period</link:label>
    <link:label id="lab_bam_Sharebasedawardsholdperiod_label_en-US" xlink:label="lab_bam_Sharebasedawardsholdperiod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share based awards, hold period</link:label>
    <link:label id="lab_bam_Sharebasedawardsholdperiod_documentation_en-US" xlink:label="lab_bam_Sharebasedawardsholdperiod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share based awards, hold period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_Sharebasedawardsholdperiod" xlink:href="bam-20211231.xsd#bam_Sharebasedawardsholdperiod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_Sharebasedawardsholdperiod" xlink:to="lab_bam_Sharebasedawardsholdperiod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesExplanatory_4f8d5db7-352d-4572-809c-763d08374916_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of voting interests and carrying value of investments in joint ventures</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of joint ventures [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfJointVenturesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_9d23ccb1-8edb-467b-b052-765511b06b36_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for income tax [text block]</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Description of accounting policy for income tax [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_bb7909d1-daae-4543-ab38-1cbb123f9dd7_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortized Cost</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets at amortised cost, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:to="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals_f445f086-a4ff-4884-b964-655db18966af_negatedTerseLabel_en-US" xlink:label="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposals, net of additions</link:label>
    <link:label id="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals_label_en-US" xlink:label="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchases, Fair Value Measurement, Assets, Net Of Disposals</link:label>
    <link:label id="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals_documentation_en-US" xlink:label="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchases, Fair Value Measurement, Assets, Net Of Disposals</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals" xlink:href="bam-20211231.xsd#bam_PurchasesFairValueMeasurementAssetsNetOfDisposals"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals" xlink:to="lab_bam_PurchasesFairValueMeasurementAssetsNetOfDisposals" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_PowerhousesMember_a555a2a6-3921-4e7e-8c04-e85333a36357_terseLabel_en-US" xlink:label="lab_bam_PowerhousesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Powerhouses [Member]</link:label>
    <link:label id="lab_bam_PowerhousesMember_label_en-US" xlink:label="lab_bam_PowerhousesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Powerhouses [Member]</link:label>
    <link:label id="lab_bam_PowerhousesMember_documentation_en-US" xlink:label="lab_bam_PowerhousesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Powerhouses [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_PowerhousesMember" xlink:href="bam-20211231.xsd#bam_PowerhousesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PowerhousesMember" xlink:to="lab_bam_PowerhousesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory_191c75b3-aeeb-4ce6-bd6f-40c1731c20ab_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of non-controlling interests [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of non-controlling interests [text block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BusinessCombinationsMember_7a90c9cd-e802-424e-af21-f04ab8723a4d_terseLabel_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total&#160;</link:label>
    <link:label id="lab_ifrs-full_BusinessCombinationsMember_label_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business combinations [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BusinessCombinationsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BusinessCombinationsMember" xlink:to="lab_ifrs-full_BusinessCombinationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_US1558US2039Member_73c4b09c-b058-40b5-8595-60c2fa921c95_terseLabel_en-US" xlink:label="lab_bam_US1558US2039Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$15.58 - US$20.39 [Member]</link:label>
    <link:label id="lab_bam_US1558US2039Member_label_en-US" xlink:label="lab_bam_US1558US2039Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$15.58 - US$20.39 [Member]</link:label>
    <link:label id="lab_bam_US1558US2039Member_documentation_en-US" xlink:label="lab_bam_US1558US2039Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US$15.58 - US$20.39</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_US1558US2039Member" xlink:href="bam-20211231.xsd#bam_US1558US2039Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_US1558US2039Member" xlink:to="lab_bam_US1558US2039Member" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_SubsidiaryBorrowingsMember_42b4b2a6-18c8-4d87-9fab-10dc5e7315a8_terseLabel_en-US" xlink:label="lab_bam_SubsidiaryBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary borrowings</link:label>
    <link:label id="lab_bam_SubsidiaryBorrowingsMember_label_en-US" xlink:label="lab_bam_SubsidiaryBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Borrowings [Member]</link:label>
    <link:label id="lab_bam_SubsidiaryBorrowingsMember_documentation_en-US" xlink:label="lab_bam_SubsidiaryBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiary Borrowings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_SubsidiaryBorrowingsMember" xlink:href="bam-20211231.xsd#bam_SubsidiaryBorrowingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_SubsidiaryBorrowingsMember" xlink:to="lab_bam_SubsidiaryBorrowingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract_a24dd69a-126b-4fae-aef5-216a01e74efe_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Attributable to:</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income attributable to [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OwnershipChangesMember_a4b760aa-14ec-4ea9-b7dc-0158b6b61e12_terseLabel_en-US" xlink:label="lab_bam_OwnershipChangesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership Changes1&#160;</link:label>
    <link:label id="lab_bam_OwnershipChangesMember_b527e990-8ed5-4e41-a06b-5f531d9b1b3f_verboseLabel_en-US" xlink:label="lab_bam_OwnershipChangesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership changes</link:label>
    <link:label id="lab_bam_OwnershipChangesMember_label_en-US" xlink:label="lab_bam_OwnershipChangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership Changes [Member]</link:label>
    <link:label id="lab_bam_OwnershipChangesMember_documentation_en-US" xlink:label="lab_bam_OwnershipChangesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership Changes [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OwnershipChangesMember" xlink:href="bam-20211231.xsd#bam_OwnershipChangesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OwnershipChangesMember" xlink:to="lab_bam_OwnershipChangesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_ba80fce6-8222-40b5-9d1a-37bbab9292e2_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of share-based payment arrangements [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Types of share-based payment arrangements [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_bam_OregonWindPortfolioMember_741bedd9-0a5d-47b5-a419-dc26ced34eae_terseLabel_en-US" xlink:label="lab_bam_OregonWindPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Oregon Wind Portfolio</link:label>
    <link:label id="lab_bam_OregonWindPortfolioMember_label_en-US" xlink:label="lab_bam_OregonWindPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Oregon Wind Portfolio [Member]</link:label>
    <link:label id="lab_bam_OregonWindPortfolioMember_documentation_en-US" xlink:label="lab_bam_OregonWindPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Oregon Wind Portfolio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_OregonWindPortfolioMember" xlink:href="bam-20211231.xsd#bam_OregonWindPortfolioMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_OregonWindPortfolioMember" xlink:to="lab_bam_OregonWindPortfolioMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_2b5c50e2-0dc4-41c9-972c-77911f321c6e_verboseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SUBSIDIARIES</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of subsidiaries [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"/>
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    <link:label id="lab_bam_CanadianTermDebtMaturingOnJanuary282026Member_7f1e3ed5-cfd2-41ed-a671-4f29a7fbc5df_terseLabel_en-US" xlink:label="lab_bam_CanadianTermDebtMaturingOnJanuary282026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Canadian Term Debt Maturing On January 28, 2026</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory_c98dda73-2e85-4fda-96ce-2aab25470a71_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of interests in subsidiaries [text block]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of interests in subsidiaries [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory"/>
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    <link:label id="lab_bam_NonCurrentMember_ecb8ab87-42c8-4126-8eab-4a6b51cf11d6_terseLabel_en-US" xlink:label="lab_bam_NonCurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-Current [Member]</link:label>
    <link:label id="lab_bam_NonCurrentMember_label_en-US" xlink:label="lab_bam_NonCurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-Current [Member]</link:label>
    <link:label id="lab_bam_NonCurrentMember_documentation_en-US" xlink:label="lab_bam_NonCurrentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-Current [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_NonCurrentMember" xlink:href="bam-20211231.xsd#bam_NonCurrentMember"/>
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    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsInSharebasedPaymentArrangementExercisedDuringPeriodAtDateOfExercise2019_b55c1da5-f5d1-4c13-a970-4411d0b62548_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsInSharebasedPaymentArrangementExercisedDuringPeriodAtDateOfExercise2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise</link:label>
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    <link:label id="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements_94202479-1d0f-4561-8dbf-26e3eda209b4_negatedTerseLabel_en-US" xlink:label="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value changes</link:label>
    <link:label id="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements_d2845534-bdb6-4dcd-8fb3-b9afc741f723_verboseLabel_en-US" xlink:label="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value changes in net income</link:label>
    <link:label id="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements_label_en-US" xlink:label="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (Losses) Recognised In Profit Or Loss, Fair Value Measurements</link:label>
    <link:label id="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements_documentation_en-US" xlink:label="lab_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (Losses) Recognised In Profit Or Loss, Fair Value Measurements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements" xlink:href="bam-20211231.xsd#bam_GainsLossesRecognisedInProfitOrLossFairValueMeasurements"/>
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    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillMember_4b3205e4-558e-4b5b-865c-0ef81d677183_terseLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets other than goodwill [member]</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillMember_label_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible assets other than goodwill [member]</link:label>
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    <link:label id="lab_bam_CoreOfficeMember_a57ff0e7-0fab-4781-be6a-7a964f9765d5_terseLabel_en-US" xlink:label="lab_bam_CoreOfficeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core office</link:label>
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    <link:label id="lab_bam_CoreOfficeMember_documentation_en-US" xlink:label="lab_bam_CoreOfficeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core Office [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_bam_CoreOfficeMember" xlink:href="bam-20211231.xsd#bam_CoreOfficeMember"/>
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    <link:label id="lab_ifrs-full_OtherCurrentFinancialAssets_89f0b1c8-cadc-4c96-9826-8974227661a1_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_OtherCurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other current financial assets</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_3661a332-9ac7-4a9a-802b-2b0d5c8d2059_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">HELD FOR SALE</link:label>
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    <link:label id="lab_ifrs-full_DisposalsPropertyPlantAndEquipment_61e0b2eb-2f75-4c68-b3d2-fbb168d45a6d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposals, property, plant and equipment</link:label>
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    <link:label id="lab_ifrs-full_AllOtherSegmentsMember_3f4e4ca7-7e49-4e78-9ffd-4d3c5e3e5a5c_terseLabel_en-US" xlink:label="lab_ifrs-full_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsAbstract_65cb3c27-9238-4286-92e4-f646639a657b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of detailed information about business combination [abstract]</link:label>
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    <link:label id="lab_bam_PurchasesFairValueMeasurementLiabilitiesNetOfDisposals_3f8b9e48-fb5f-4d6d-9a31-bff74868ec95_negatedTerseLabel_en-US" xlink:label="lab_bam_PurchasesFairValueMeasurementLiabilitiesNetOfDisposals" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposals, net of additions</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bam_PurchasesFairValueMeasurementLiabilitiesNetOfDisposals" xlink:to="lab_bam_PurchasesFairValueMeasurementLiabilitiesNetOfDisposals" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_COP_107258cf-954d-4a5c-9551-e967d676dc3c_terseLabel_en-US" xlink:label="lab_currency_COP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Colombian pesos</link:label>
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