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The World's Biggest Sovereign Wealth Funds

Sovereign Wealth Funds’ assets under management have expanded significantly in the five years since the financial crisis.

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RankSWF NameSWF CountryAuM ($Bn)
AuM ($Bn)
1Government Pension Fund GlobalNorway$685.8$371.584.6%
2China Investment Corp.1China$575.2$200.0187.6%
3Abu Dhabi Investment Authority2U.A.E.$405.0$400.01.3%
4Kuwait Investment Authority3Kuwait$322.0$213.051.2%
5State Administration of Foreign Exchange2,4China$300.0$300.00.0%
7Saudi Arabian Monetary Agency2,4Saudi Arabia$200.0$100.0100.0%
8Qatar Investment Authority6Qatar$175.0$60.0191.7%
9Temasek Holdings7Singapore$173.3$134.129.2%
10Abu Dhabi Investment Council2,11U.A.E.$90.0
11National Wealth Fund8,11Russia$88.6
12Future Fund9Australia$85.6$52.363.7%
13Hong Kong Monetary Authority2,4,11China$70.0
14International Petroleum Investment Co.U.A.E.$65.2$20.5217.9%
15Libyan Investment Authority10Libya$65.0$40.062.5%
16Kazakhstan National Oil FundKazakhstan$57.8$21.0175.2%
17Korea Investment Corp.South Korea$56.6$15.5265.2%
18Mubadala Development Co.U.A.E.$55.2$10.0452.0%
19Alaska Permanent Fund Corp.U.S.A.$43.7$39.410.9%
20Khazanah Nasional Bhd.Malaysia$39.8$18.0120.9%
21Brunei Investment Agency2Brunei$39.0$35.011.4%
22State Oil Fund of the Republic of AzerbaijanAzerbaijan$34.1$2.51264.0%
23National Pensions Reserve FundIreland$19.4$30.9-37.2%
24New Zealand Superannuation FundNew Zealand$17.3$10.663.2%
25Alberta Heritage Savings Trust FundCanada$16.5$16.8-2.1%
26New Mexico State Investment Council12U.S.A.$15.2$15.3-0.7%
27Emirates Investment Authority2,11U.A.E.$15.0
28State General Reserve Fund of the
Sultanate of Oman2
29Petroleum Fund of Timor-LesteTimor-Leste$11.8$2.1467.3%
30Bahrain Mumtalakat Holding Co.Bahrain$10.9$14.1-22.7%
31Sanabil Investments2,11Saudi Arabia$6.9
32Oman Investment Fund2Oman$6.0$1.0500.0%
33Pension Reserve Fund8Chile$5.9$1.5293.3%
34Permanent Wyoming Mineral Trust FundU.S.A.$5.6$3.655.6%
35Pula FundBotswana$5.0$6.4-21.8%
36Fundo Soberano de Angola11Angola$5.0
37Heritage and Stabilization FundTrinidad and
38Alabama Trust Fund13U.S.A.$2.3$3.2-27.0%
39Fondo de Estabilización de los
Ingresos Petroleros
40Nigeria Sovereign Investment Authority11Nigeria$1.0
41Fondo de Ahorro y Estabilización Petrolera11Colombia$1.0
42North Dakota Legacy Fund11U.S.A.$0.7
43Revenue Equalization Reserve Fund14Kiribati$0.5$0.6-7.3%
44Western Australia Future Fund11Australia$0.3
45Future Generations Fund2,11Bahrain$0.3
46Ghana Petroleum Funds11Ghana$0.1
* All figures, unless otherwise specified, are for December 31, 2012.

1 These figures include both CIC’s foreign assets, held by CIC International ($190.2 billion), and its domestic assets managed by Central Huijin Investment ($356.9 billion). It also includes uncommitted cash and deposits ($22.3 billion) and other, unidentified assets ($5.8 billion). Previous Institutional Investor SWF rankings have included only foreign assets.

2 Institutional Investor's Sovereign Wealth Center estimate.

3 Assets as of March 31, 2012.

4 These "investment portfolios" form part of a larger central bank asset pool.

5 Formerly Government of Singapore Investment Corp.

6 International Monetary Fund estimate for end-2012. Institutional Investor's Sovereign Wealth Center estimate for end-2007.

7 Assets as of March 31, 2013 and March 31, 2008.

8 This fund is paired with a stabilization fund, which is not included in this ranking.

9 End-2007 assets are as of January 31, 2008. This includes the Future Fund's A$9.04 billion ($7.9 billion) of shares in then state-owned telecommunications provider Telstra Corp.

10 Assets are as of September 30, 2010, currently frozen under international sanctions.

11 These funds have become operational since 2007.

12 Excludes the assets of the pension funds managed by the New Mexico State Investment Council: Public Employees Retirement Association and New Mexico Educational Retirement Board.

13 2007 assets at June 31, 2007.

14 International Monetary Fund estimates, 2012 and 2007.

How We Compiled the Ranking

Institutional Investor’s fourth annual ranking of world’s largest sovereign wealth funds was conducted by II’s Sovereign Wealth Center, a new London-based research division that conducts regular analysis of sovereign wealth fund transactions and investment trends. The information for the ranking was drawn from funds’ published accounts and annual reports. Where official data was unavailable, SWC’s analysts worked with outside experts to develop estimates using available data points and industry knowledge.

This year, II expanded the total number of funds ranked from 25 to 46, capturing every sovereign wealth fund (including newly formed funds) currently investing assets. We also expanded the list to reflect the activities of three large central banks that manage diversified, profit-generating investment portfolios of foreign assets (as distinct from foreign exchange reserves used for currency stabilization): the Hong Kong Monetary Authority, Saudi Arabian Monetary Agency, and China’s State Administration of Foreign Exchange.

China Investment Corp. moved to No. 2 in the ranking, with $575.2 billion in assets under management, as a result of a decision to include both CIC’s foreign assets, held by CIC International ($190.2 billion), and its domestic assets managed by Central Huijin Investment ($356.9 billion). CIC’s investment total also includes uncommitted cash and deposits ($22.3 billion) and other, unidentified assets ($5.8 billion). Previous rankings had focused solely on CIC International’s portfolio.

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