|Rank||SWF Name||SWF Country||AuM ($Bn)|
|1||Government Pension Fund Global||Norway||$685.8||$371.5||84.6%|
|2||China Investment Corp.1||China||$575.2||$200.0||187.6%|
|3||Abu Dhabi Investment Authority2||U.A.E.||$405.0||$400.0||1.3%|
|4||Kuwait Investment Authority3||Kuwait||$322.0||$213.0||51.2%|
|5||State Administration of Foreign Exchange2,4||China||$300.0||$300.0||0.0%|
|7||Saudi Arabian Monetary Agency2,4||Saudi Arabia||$200.0||$100.0||100.0%|
|8||Qatar Investment Authority6||Qatar||$175.0||$60.0||191.7%|
|10||Abu Dhabi Investment Council2,11||U.A.E.||$90.0|||||
|11||National Wealth Fund8,11||Russia||$88.6|||||
|13||Hong Kong Monetary Authority2,4,11||China||$70.0|||||
|14||International Petroleum Investment Co.||U.A.E.||$65.2||$20.5||217.9%|
|15||Libyan Investment Authority10||Libya||$65.0||$40.0||62.5%|
|16||Kazakhstan National Oil Fund||Kazakhstan||$57.8||$21.0||175.2%|
|17||Korea Investment Corp.||South Korea||$56.6||$15.5||265.2%|
|18||Mubadala Development Co.||U.A.E.||$55.2||$10.0||452.0%|
|19||Alaska Permanent Fund Corp.||U.S.A.||$43.7||$39.4||10.9%|
|20||Khazanah Nasional Bhd.||Malaysia||$39.8||$18.0||120.9%|
|21||Brunei Investment Agency2||Brunei||$39.0||$35.0||11.4%|
|22||State Oil Fund of the Republic of Azerbaijan||Azerbaijan||$34.1||$2.5||1264.0%|
|23||National Pensions Reserve Fund||Ireland||$19.4||$30.9||-37.2%|
|24||New Zealand Superannuation Fund||New Zealand||$17.3||$10.6||63.2%|
|25||Alberta Heritage Savings Trust Fund||Canada||$16.5||$16.8||-2.1%|
|26||New Mexico State Investment Council12||U.S.A.||$15.2||$15.3||-0.7%|
|27||Emirates Investment Authority2,11||U.A.E.||$15.0|||||
|28||State General Reserve Fund of the|
Sultanate of Oman2
|29||Petroleum Fund of Timor-Leste||Timor-Leste||$11.8||$2.1||467.3%|
|30||Bahrain Mumtalakat Holding Co.||Bahrain||$10.9||$14.1||-22.7%|
|31||Sanabil Investments2,11||Saudi Arabia||$6.9|||||
|32||Oman Investment Fund2||Oman||$6.0||$1.0||500.0%|
|33||Pension Reserve Fund8||Chile||$5.9||$1.5||293.3%|
|34||Permanent Wyoming Mineral Trust Fund||U.S.A.||$5.6||$3.6||55.6%|
|36||Fundo Soberano de Angola11||Angola||$5.0|||||
|37||Heritage and Stabilization Fund||Trinidad and|
|38||Alabama Trust Fund13||U.S.A.||$2.3||$3.2||-27.0%|
|39||Fondo de Estabilización de los|
|40||Nigeria Sovereign Investment Authority11||Nigeria||$1.0|||||
|41||Fondo de Ahorro y Estabilización Petrolera11||Colombia||$1.0|||||
|42||North Dakota Legacy Fund11||U.S.A.||$0.7|||||
|43||Revenue Equalization Reserve Fund14||Kiribati||$0.5||$0.6||-7.3%|
|44||Western Australia Future Fund11||Australia||$0.3|||||
|45||Future Generations Fund2,11||Bahrain||$0.3|||||
|46||Ghana Petroleum Funds11||Ghana||$0.1|||||
|* All figures, unless otherwise specified, are for December 31, 2012.|
1 These figures include both CICs 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 Investors fourth annual ranking of worlds largest sovereign wealth funds was conducted by IIs 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, SWCs 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 Chinas 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 CICs foreign assets, held by CIC International ($190.2 billion), and its domestic assets managed by Central Huijin Investment ($356.9 billion). CICs 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 Internationals portfolio.