The world’s oldest sovereign wealth fund was founded in 1953 by Kuwait. Since then, more than 100 sovereign wealth funds have been created worldwide, collectively managing assets worth $13.7 trillion. Many of the largest funds are managed by countries with substantial oil wealth, export surpluses, or foreign exchange reserves. Norway Government Pension Fund Global remains the world’s largest sovereign wealth fund with total assets surpassing $1.74 Trillion.
According to the Sovereign Wealth Fund Institute, the world’s 10 largest sovereign wealth funds collectively manage nearly $10 trillion in assets. Asia and the Middle East lead the rankings by holding 9 of the world’s largest investment funds. Asia dominates with five sovereign wealth funds, followed closely by the Middle East with four funds. Europe has only one fund in the top 10, but it is the largest globally.
What is the Sovereign Wealth Fund?
A sovereign wealth fund is an investment fund owned by a country to manage its savings. These funds are usually built from surplus money generated from oil revenues, trade surpluses, foreign currency reserves, etc. Governments invest this money in stocks, real estate, infrastructure, and other assets to grow their wealth over time. Many countries use sovereign wealth funds to diversify their economies and reduce reliance on a single industry.
The Largest Wealth Funds in the World
The table below represents the list of the top 10 largest sovereign wealth funds, ranked by their total assets.
| Rank | Profile | Total Assets | Country | Region |
|---|---|---|---|---|
| 1 | Norway Government Pension Fund Global | $1.74 Trillion | 🇳🇴 Norway | Europe |
| 2 | China Investment Corporation | $1.33 Trillion | 🇨🇳 China | Asia |
| 3 | SAFE Investment Company | $1.09 Trillion | 🇨🇳 China | Asia |
| 4 | Abu Dhabi Investment Authority | $1.06 Trillion | 🇦🇪 UAE | Middle East |
| 5 | Kuwait Investment Authority | $1.03 Trillion | 🇰🇼 Kuwait | Middle East |
| 6 | Public Investment Fund | $0.93 Trillion | 🇸🇦 Saudi Arabia | Middle East |
| 7 | GIC Private Limited | $800.8 Billion | 🇸🇬 Singapore | Asia |
| 8 | Badan Pengelola Investasi Daya Anagata Nusantara | $600 Billion | 🇮🇩 Indonesia | Asia |
| 9 | Qatar Investment Authority | $526.05 Billion | 🇶🇦 Qatar | Middle East |
| 10 | Hong Kong Monetary Authority Investment Portfolio | $514.35 Billion | 🇭🇰 Hong Kong | Asia |
The data is sourced from the Sovereign Wealth Fund Institute.
Growth and Trends in Global Wealth Funds
Asia and the Middle East are dominating the sovereign wealth fund landscape. However, Norway’s Government Pension Fund Global in Europe remains the largest globally. Meanwhile, China is quickly catching up to the top ranking with its two major funds—China Investment Corporation and SAFE Investment Company.
Saudi Arabia’s Public Investment Fund (PIF) in the Middle East is expanding rapidly. It has surpassed many older funds and is expected to reach the $1 trillion mark soon. Meanwhile, Indonesia is also emerging as a strong player with its Badan Pengelola Investasi Daya Anagata Nusantara fund, which manages over $0.60 trillion in assets.
Interestingly, the dominance of oil-backed funds is gradually being challanged by funds from non-resource-rich nations. For instance, Singapore’s GIC Private Limited and Hong Kong’s Monetary Authority Investment Portfolio grow their wealth through investments and trade surpluses rather than natural resources.
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Top 10 Largest Wealth Funds
Let’s take a deeper look into each of the top 10 sovereign wealth funds.
1. 🇳🇴 Norway Government Pension Fund Global
Established: 1990
Total Assets: $1.74 Trillion
This is the largest sovereign wealth fund in the world, managed by Norges Bank Investment Management. Norway created it to invest the country’s oil revenue to earn profit and secure its financial future. According to the Norges Bank Investment Management, the fund owns shares in over 8,500 companies worldwide, including big tech companies like Apple, Microsoft, and Google. Additionally, the fund is known for its ethical investment rules, which exclude companies involved in tobacco production or severe environmental damage activities.
2. 🇨🇳 China Investment Corporation
Established: 2007
Total Assets: $1.33 Trillion
This fund was created to manage China’s huge foreign exchange reserves and invest them in global markets for financial return. Over the years, China Investment Corporation has grown into a major global investor, holding major stakes in banks, energy firms, and natural resource initiatives.
3. 🇨🇳 SAFE Investment Company
Established: —
Total Assets: $1.09 Trillion
SAFE Investment Company is China’s second-largest wealth fund and third-largest globally. It focuses on managing the country’s foreign exchange reserves to ensure financial stability and liquidity. Additionally, it plays a key role in stabilizing the Chinese yuan.
4. 🇦🇪 Abu Dhabi Investment Authority
Established: 1976
Total Assets: $1.06 Trillion
This fund was created to invest Abu Dhabi’s oil wealth and help diversify its economy beyond oil. It is one of the world’s largest sovereign wealth funds, owned by the Emirate of Abu Dhabi on behalf of the government. Over the decades, it has expanded into stocks, bonds, private equity, and real estate sectors, which makes it one of the largest investors globally.
5. 🇰🇼 Kuwait Investment Authority
Established: 1953
Total Assets: $1.03 Trillion
This is one of the oldest sovereign wealth funds in the world, valued at more than US$1 trillion. It was created to manage Kuwait‘s oil revenues and to achieve a long-term investment return on the financial reserves. Today, it manages the state’s reserve and the state’s future generation fund, also known as the “Ajyal Fund.”. The fund aims to provide an alternative to Kuwait’s oil-dependent economy to ensure the country’s future prosperity.
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6. 🇸🇦 Public Investment Fund
Established: 1971
Total Assets: $0.93 Trillion
This Public Investment Fund is the third largest in the Middle East and the sixth largest globally. The main purpose of this fund is to support Saudi Arabia’s Vision 2030, which is the country’s plan to diversify its economy away from oil. It has been expanding rapidly and is expected to reach the $1 trillion quickly. The fund actively invests in tech companies, real estate, sports, and major global projects.
7. 🇸🇬 GIC Private Limited
Established: 1981
Total Assets: $800.8 Billion
GIC Private Limited is Asia’s third-largest and seventh-largest sovereign wealth fund globally. It was established by the Government of Singapore to manage the country’s foreign reserves and strengthen their international purchasing power. The fund invests in more than 40 countries worldwide in real estate, private equity, and bond sectors to preserve and secure Singapore’s financial future.
8. 🇮🇩 Badan Pengelola Investasi Daya Anagata Nusantara
Established: —
Total Assets: $600 Billion
This is Indonesia’s sovereign wealth fund that is relatively new but growing fast. It is fourth largest in Asia and eighth largest globally. The fund focuses on infrastructure, energy, and digital sectors to attract global investment in Indonesia.
9. 🇶🇦 Qatar Investment Authority
Established: 2005
Total Assets: $526.05 Billion
Qatar Investment Authority was created to manage the oil and natural gas surpluses of the government of Qatar. It aims to protect and grow Qatar’s financial assets while promoting economic diversification. The fund predominantly invests in real estate, technology, and luxury brands in Europe, Asia-Pacific, and the US. It is a key part of Qatar’s strategy to minimize risk from the country’s reliance on energy prices and reduce dependence on oil and gas.
10. 🇭🇰 Hong Kong Monetary Authority Investment Portfolio
Established: 1993
Total Assets: $514.35 Billion
The Hong Kong Monetary Authority Investment Portfolio is the fifth-largest investment fund in Asia and tenth-largest globally. The main purpose of this fund is to manage the country’s monetary policy and ensure monetary stability. It plays a key role in supporting the Hong Kong dollar and stabilize its financial system.
Conclusion
The world’s largest sovereign wealth funds manage trillions of dollars across the globe. Norway ranks among the top with its Government Pension Fund Global, which holds over $1.7 trillion in assets. However, China is quickly catching up with two major funds, including China Investment Corporation and SAFE Investment Company. Meanwhile, oil-rich Middle Eastern countries like the UAE, Kuwait, Saudi Arabia, and Qatar have established some of the largest and most influential wealth funds in the world.
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