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, foreign exchange reserves, 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 reserves domestic and reserve foreign currencies such as the dollar, euro, pound sterling and yen. The names attributed to the management entities may include state-owned (federal, state and provincial) central banks, national monetary authorities, official investment companies, sovereign oil funds, pension 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 do not meet the SWF criteria.

RankCountryFundsAssets
USD billion		Origin
1 China[1][2][3][4]China-Africa Development Fund / China Investment Corporation / National Council for Social Security Fund / State Administration of Foreign Exchange2,750Non-commodity
2 Singapore[lower-alpha 1]Monetary Authority of Singapore / Government of Singapore Investment Corporation / Temasek Holdings / Central Provident Fund2,074Non-commodity
3 United Arab Emirates[lower-alpha 2]Abu Dhabi Developmental Holding Company[20] / Abu Dhabi Investment Authority / Dubai World / Emirates Investment Authority / Investment Corporation of Dubai / Mubadala Investment Company / Ras Al Khaimah Investment Authority / Sharjah Assets Management[21] / Fujairah Holdings[22]2,040Oil & Gas / Non-commodity
4 Norway[23]Government Pension Fund of Norway1,555Oil & Gas
5 Saudi Arabia[24][25]Public Investment Fund / National Development Fund1,345Oil & Gas
6 Kuwait[26]Kuwait Investment Authority / Gulf Investment Corporation / Wafra International Investment Company804Oil & Gas
7  Hong Kong[27][28][29][30][31] HK SAR Exchange Fund (HK MAS) / Hong Kong Investment Corporation / CNIC Corporation Limited (Guoxin International Investment Co., Ltd.) 576.1 Non-commodity
8 QatarQatar Investment Authority450Oil & Gas
9 AustraliaFuture Fund / Queensland Investment Corporation / Victorian Funds Management Corporation / New South Wales Treasury Corporation357Non-commodity
10 United States[lower-alpha 3]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		 322Oil & Gas / Non-commodity /
Minerals / Public Lands
11  South Korea[32][33] Korea Investment Corporation 181 Non-commodity
12 Russia[34][35]Russian National Wealth Fund / Russian Direct Investment Fund174Oil & Gas / Non-commodity
13 Iran[36]National Development Fund of Iran156.5Oil & Gas
14 KazakhstanSamruk-Kazyna[37] / National Investment Corporation155.1Oil & Gas
15  Malaysia[38][39][40][41] Khazanah Nasional / Permodalan Nasional Berhad / Lembaga Tabung Angkatan Tentera / Sarawak Sovereign Wealth Future Fund[42] 119 Non-commodity
16 Azerbaijan[43]Azerbaijan Investment Holding / State Oil Fund of Azerbaijan75Oil & Gas
18 Brunei[44]Brunei Investment Agency73Oil & Gas
19 Libya[45]Libyan Investment Authority66Oil & Gas
20 Oman[46]Oman Investment Authority41.5Oil & Gas
21 TurkeyTurkey Wealth Fund34Non-commodity
22 AustriaÖsterreichische Beteiligungs AG32Non-commodity
23 New ZealandNew Zealand Superannuation Fund27Non-commodity
24 ChileEconomic and Social Stabilization Fund / Pension Reserve Fund21Copper
25 Bahrain[47]Mumtalakat Holding Company18.6Oil & Gas
26 East Timor[48]Timor-Leste Petroleum Fund17Oil & Gas
27  Canada Alberta Investment Management Corporation / Alberta Heritage Savings Trust Fund 16 Oil & Gas
28 IndiaNational Investment and Infrastructure Fund, Tamil Nadu Industrial Development Corporation12.4Non-commodity
29 IrelandIreland Strategic Investment Fund12Non-commodity
30 ColombiaFondo de Ahorro y Estabilización Petrolera / Fideicomiso Fondo de Ahorro y Estabilización12Oil & Gas
31 PhilippinesMaharlika Investment Fund9.2Non-commodity
32  Pakistan Pakistan Sovereign Wealth Fund 8.0 Oil & Gas / Non-commodity
33 MexicoFondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo7Oil & Gas
34 Trinidad and TobagoThe Heritage and Stabilization Fund[49]6Oil & Gas
35 Indonesia[50]Indonesia Investment Authority5.5Non-commodity
36 PeruFiscal Stabilization Fund5Non-commodity
37 AngolaFundo Soberano de Angola5Oil & Gas
38 Botswana[51]Pula Fund4.9Diamonds
39 MongoliaFuture Heritage Fund[52] [53]/ Fiscal Stability Fund[54]4Minerals
40 NigeriaNigeria Sovereign Investment Authority / Bayelsa Development and Investment Corporation2Oil & Gas
41 GhanaGhana Petroleum Funds / Ghana Infrastructure Investment Fund2Oil & Gas
42 PanamaFondo de Ahorro de Panamá1.4Non-commodity
43 IsraelIsraeli Citizens' Fund1.24Gas & Minerals
44 VietnamState Capital Investment Corporation1.2Non-commodity
45 GabonFonds Gabonais d’Investissements Stratégiques1.0Oil & Gas
46 Egypt[55][56]The Sovereign Fund of Egypt0.6Non-commodity
47 BoliviaFondo para la Revolución Industrial Productiva0.4Non-commodity
48 KiribatiRevenue Equalization Reserve Fund0.4Phosphates
49 SenegalFonds Souverain d'Investissements Stratégiques0.1Non-commodity
50 MauritaniaNational des Revenus des Hydrocarbures0.1Oil & Gas
51 Equatorial GuineaRéserves pour Générations Futures0.1Oil & Gas

Notes

  1. ↑ [5][6][7][8][9]
  2. ↑ [10][11][12][13][14][15][16][17][18][19]
  3. ↑ The United States maintains no such wealth funds at the federal-level.

    References

    1. ↑ "China Investment Corporation (CIC) - Sovereign Wealth Fund, China - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    2. ↑ "China-Africa Development Fund (CAD Fund) - Government Fund, China - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    3. ↑ "National Council for Social Security Fund (NSSF) - Sovereign Wealth Fund, China - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    4. ↑ "SAFE Investment Company (SAFE) - Government, China - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    5. ↑ "GIC Private Limited (GIC) - Sovereign Wealth Fund, Singapore - SWFI". www.swfinstitute.org. Retrieved 2022-12-08.
    6. ↑ "Temasek Holdings (Temasek) - Sovereign Wealth Fund, Singapore - SWFI". www.swfinstitute.org. Retrieved 2022-12-08.
    7. ↑ "Central Provident Fund (CPF) - Public Pension, Singapore - SWFI". www.swfinstitute.org. Retrieved 2022-12-08.
    8. ↑ "Monetary Authority of Singapore (MAS) - Central Bank, Singapore - SWFI". www.swfinstitute.org. Retrieved 2023-03-28.
    9. ↑ "MAS Transfers S$75 Billion Excess Official Foreign Reserves to the Government". www.mas.gov.sg. Retrieved 2022-12-08.
    10. ↑ "ADQ (UAE - Abu Dhabi) - Fund Profile -". globalswf.com. Retrieved 2023-09-07.
    11. ↑ "Abu Dhabi Investment Authority (ADIA) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2023-09-07.
    12. ↑ "ADPF (UAE - Abu Dhabi) - Fund Profile -". globalswf.com. Retrieved 2023-09-07.
    13. ↑ "Dubai World (UAE - Dubai) - Fund Profile -". globalswf.com. Retrieved 2023-09-07.
    14. ↑ "Emirates Investment Authority (EIA) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2023-09-07.
    15. ↑ "Mubadala Investment Company (Mubadala) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2023-09-07.
    16. ↑ SAMH. "Sharjah Asset Management – The Investment Arm of the Government of Sharjah". Archived from the original on 23 August 2021. Retrieved 23 August 2021.
    17. ↑ "RAK Investment Authority (RAK Investment Authority) - State Owned Enterprise, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2023-09-07.
    18. ↑ "Investment Corporation of Dubai (ICD) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2023-06-06.
    19. ↑ "GPSSA (UAE - Abu Dhabi) - Fund Profile -". globalswf.com. Retrieved 2023-09-07.
    20. ↑ "Abu Dhabi Developmental Holding Company (ADQ) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2024-01-06.
    21. ↑ "Sharjah Asset Management (Sharjah Asset Management) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2024-01-06.
    22. ↑ "Fujairah Holding (Fujairah Holding) - Sovereign Wealth Fund, United Arab Emirates - SWFI". www.swfinstitute.org. Retrieved 2024-01-13.
    23. ↑ "Norway Government Pension Fund Global (Norway GPFG) - Sovereign Wealth Funds, Norway - SWFI". www.swfinstitute.org. Retrieved 2022-06-12.
    24. ↑ "Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI". www.swfinstitute.org. Retrieved 2023-06-21.
    25. ↑ "Global SWF". globalswf.com. Retrieved 2023-09-09.
    26. ↑ "Kuwait Investment Authority (KIA) - Sovereign Wealth Fund, Kuwait - SWFI". www.swfinstitute.org. Archived from the original on 8 October 2020. Retrieved 2020-10-14.
    27. ↑ "Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    28. ↑ "Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    29. ↑ "Hong Kong Future Fund (Hong Kong Future Fund) - Sovereign Wealth Fund, Hong Kong - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    30. ↑ "Hong Kong finally gets its own sovereign wealth fund". chinadailyhk. Retrieved 2023-09-09.
    31. ↑ "CNIC Corporation Limited (Guoxin International Investment Co., Ltd.) - Sovereign Wealth Fund, Hong Kong - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    32. ↑ "Korea Investment Corporation (KIC) - Sovereign Wealth Fund, South Korea - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    33. ↑ "National Pension Service of Korea (NPS) - Sovereign Wealth Fund, South Korea - SWFI". www.swfinstitute.org. Retrieved 2022-12-22.
    34. ↑ "Russian Direct Investment Fund (RDIF) - Sovereign Wealth Fund, Russia - SWFI". www.swfinstitute.org. Retrieved 2024-01-02.
    35. ↑ "National Welfare Fund (National Wealth Fund) - Sovereign Wealth Fund, Russia - SWFI". www.swfinstitute.org. Retrieved 2024-01-02.
    36. ↑ "National Development Fund of Iran (NDFI) - Sovereign Wealth Fund, Iran - SWFI". www.swfinstitute.org. Retrieved 2024-01-02.
    37. ↑ "Samruk-Kazyna (Samruk Kazyna) - Sovereign Wealth Fund, Kazakhstan - SWFI". www.swfinstitute.org. Retrieved 2024-01-06.
    38. ↑ "Khazanah Nasional (Khazanah) - Sovereign Wealth Fund, Malaysia - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    39. ↑ "Permodalan Nasional (PNB) - Government Fund, Malaysia - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    40. ↑ "Sarawak Sovereign Wealth Future Fund (Sarawak Sovereign Wealth Future Fund) - Sovereign Wealth Fund, Malaysia - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    41. ↑ "Lembaga Tabung Angkatan Tentera (Malaysia's Armed Forces Fund Board) - Public Pension, Malaysia - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    42. ↑ "Sarawak Sovereign Wealth Future Fund (Sarawak Sovereign Wealth Future Fund) - Sovereign Wealth Fund, Malaysia - SWFI". www.swfinstitute.org. Retrieved 2024-01-06.
    43. ↑ "State Oil Fund of Azerbaijan (SOFAZ) - Sovereign Wealth Fund, Azerbaijan - SWFI". www.swfinstitute.org. Retrieved 2020-09-17.
    44. ↑ "Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    45. ↑ "Libyan Investment Authority (LIA) - Sovereign Wealth Fund, Libya - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    46. ↑ Narayanan, Archana (2022-11-14). "Oman's Sovereign Wealth Fund Boosts Assets to $41.5 Billion". Bloomberg. Retrieved 2023-06-29.
    47. ↑ "Mumtalakat Holding (Mumtalakat) - Sovereign Wealth Fund, Bahrain - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    48. ↑ "Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) - Sovereign Wealth Fund, East Timor - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    49. ↑ "Heritage and Stabilization Fund (Heritage and Stabilization Fund) - Sovereign Wealth Fund, Trinidad and Tobago - SWFI". www.swfinstitute.org. Retrieved 2024-01-06.
    50. ↑ "Indonesia Investment Authority (Indonesia Investment Authority) - Sovereign Wealth Fund, Indonesia - SWFI". www.swfinstitute.org. Retrieved 2023-12-27.
    51. ↑ "Pula Fund (Pula Fund) - Sovereign Wealth Fund, Botswana - SWFI". www.swfinstitute.org. Retrieved 2020-09-15.
    52. ↑ "Future Heritage Fund | International Forum of Sovereign Wealth Funds". www.ifswf.org. Retrieved 2024-01-06.
    53. ↑ "FHF-FSF (Mongolia) - Fund Profile -". globalswf.com. Retrieved 2024-01-06.
    54. ↑ "Mongolia Fiscal Stability Fund (Mongolia Fiscal Stability Fund) - Sovereign Wealth Fund, Mongolia - SWFI". www.swfinstitute.org. Retrieved 2024-01-06.
    55. ↑ "Egypt's TSFE attracts $3.3 billion in investments from Arab sovereign funds in 2022". Ahram. 24 August 2022. Retrieved 6 September 2022.
    56. ↑ "Egypt targets adding LE50-60B of exploited assets at disposal of Sovereign Fund". Egypt today. 8 June 2020. Retrieved 6 September 2022.
    1. SWF Institute - Organization dedicated to analyzing Sovereign Wealth Funds and Public Pension Funds
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