A sovereign wealth fund (SWF) is a fund owned by a state (or a political subdivision of a federal state) composed of financial assets such as stocks, bonds, property or other financial instruments. Sovereign wealth funds are entities that manage the national savings for the purposes of investment. The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations which are typically held in domestic and different reserve currencies such as the dollar, euro and yen. The names attributed to the management entities may include central banks, official investment companies, sovereign oil funds, among others.
Some countries may have more than one SWF. Also, while the United States does not have a federal sovereign wealth fund, several of its states have their own SWFs. The list does not include pension funds that don't meet the SWF criteria.
Rank | Country | Funds | Assets USD billion |
Origin |
---|---|---|---|---|
1 | ![]() |
China-Africa Development Fund / China Investment Corporation / National Council for Social Security Fund / SAFE Investment Company | 2,395 | Non-commodity |
2 | ![]() |
Abu Dhabi Developmental Holding Company / Abu Dhabi Investment Authority / Dubai World / Emirates Investment Authority / Investment Corporation of Dubai / Mubadala Investment Company / Ras Al Khaimah Investment Authority / Sharjah Assets Management | 1,889 | Oil & Gas / Non-commodity |
4 | ![]() |
Government Pension Fund of Norway | 1,388 | Oil & Gas |
5 | ![]() |
Government of Singapore Investment Corporation / Temasek Holdings | 1,057 | Non-commodity |
6 | ![]() |
Public Investment Fund / National Development Fund | 837 | Oil & Gas |
7 | ![]() |
Kuwait Investment Authority / Gulf Investment Corporation / Wafra International Investment Company | 804 | Oil & Gas |
8 | ![]() |
Qatar Investment Authority | 450 | Oil & Gas |
9 | ![]() |
Future Fund / Queensland Investment Corporation / Victorian Funds Management Corporation / New South Wales Treasury Corporation | 357 | Non-commodity |
10 | ![]() |
State-level entities Alaska Permanent Fund / New Mexico State Investment Council / Permanent Wyoming Mineral Trust Fund / Utah School and Institutional Trust Funds Office / Idaho Endowment Fund Investment Board / Texas Permanent School Fund / Texas Permanent University Fund / Alabama Trust Fund / North Dakota Legacy Fund / Louisiana Education Quality Trust Fund / Oregon Common School Fund / West Virginia Future Fund |
322 | Oil & Gas / Non-commodity / Minerals / Public Lands |
11 | ![]() |
Korea Investment Corporation | 181 | Non-commodity |
12 | ![]() |
Russian National Wealth Fund / Russian Direct Investment Fund | 174 | Oil & Gas / Non-commodity |
13 | ![]() |
Samruk-Kazyna / National Investment Corporation | 156 | Oil & Gas |
14 | ![]() |
National Development Fund of Iran | 150 | Oil & Gas |
15 | ![]() |
Khazanah Nasional / National Trust Fund of Malaysia / Permodalan Nasional Berhad | 110 | Non-commodity |
16 | ![]() |
Azerbaijan Investment Holding / State Oil Fund of Azerbaijan | 75 | Oil & Gas |
17 | ![]() |
Libyan Investment Authority | 66 | Oil & Gas |
18 | ![]() |
Brunei Investment Agency | 55 | Oil & Gas |
19 | ![]() |
Oman Investment Authority | 41.5 | Oil & Gas |
20 | ![]() |
Turkey Wealth Fund | 34 | Non-commodity |
21 | ![]() |
Österreichische Beteiligungs AG | 32 | Non-commodity |
22 | ![]() |
New Zealand Superannuation Fund | 27 | Non-commodity |
23 | ![]() |
Indonesia Investment Authority | 24.6 | Non-commodity |
24 | ![]() |
Economic and Social Stabilization Fund / Pension Reserve Fund | 21 | Copper |
25 | ![]() |
Mumtalakat Holding Company | 18.6 | Oil & Gas |
26 | ![]() |
Timor-Leste Petroleum Fund | 18 | Oil & Gas |
27 | ![]() |
Alberta Investment Management Corporation / Alberta Heritage Savings Trust Fund | 16 | Oil & Gas |
28 | ![]() |
National Investment and Infrastructure Fund, Tamil Nadu Industrial Development Corporation | 12.4 | Non-commodity |
29 | ![]() |
Ireland Strategic Investment Fund | 12 | Non-commodity |
30 | ![]() |
Fondo de Ahorro y Estabilización Petrolera / Fideicomiso Fondo de Ahorro y Estabilización | 12 | Oil & Gas |
31 | ![]() |
Maharlika Investment Fund | 9.2 | Non-commodity |
32 | ![]() |
Pakistan Sovereign Wealth Fund | 8.0 | Oil & Gas / Non-commodity |
32 | ![]() |
Hong Kong Investment Corporation | 7.9 | Non-commodity |
33 | ![]() |
Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo | 7 | Oil & Gas |
34 | ![]() |
The Heritage and Stabilization Fund | 6 | Oil & Gas |
35 | ![]() |
Fiscal Stabilization Fund | 5 | Non-commodity |
36 | ![]() |
Fundo Soberano de Angola | 5 | Oil & Gas |
37 | ![]() |
Pula Fund | 4.9 | Diamonds |
38 | ![]() |
Future Heritage Fund / Fiscal Stability Fund | 4 | Minerals |
39 | ![]() |
Nigeria Sovereign Investment Authority / Bayelsa Development and Investment Corporation | 2 | Oil & Gas |
40 | ![]() |
Ghana Petroleum Funds / Ghana Infrastructure Investment Fund | 2 | Oil & Gas |
41 | ![]() |
Fondo de Ahorro de Panamá | 1.4 | Non-commodity |
42 | ![]() |
Israeli Citizens' Fund | 1.24 | Gas & Minerals |
43 | ![]() |
State Capital Investment Corporation | 1.2 | Non-commodity |
44 | ![]() |
Fonds Gabonais d’Investissements Stratégiques | 1.0 | Oil & Gas |
45 | ![]() |
The Sovereign Fund of Egypt | 0.6 | Non-commodity |
46 | ![]() |
Fondo para la Revolución Industrial Productiva | 0.4 | Non-commodity |
47 | ![]() |
Revenue Equalization Reserve Fund | 0.4 | Phosphates |
48 | ![]() |
Fonds Souverain d'Investissements Stratégiques | 0.1 | Non-commodity |
49 | ![]() |
National des Revenus des Hydrocarbures | 0.1 | Oil & Gas |
50 | ![]() |
Réserves pour Générations Futures | 0.1 | Oil & Gas |
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