Norges Bank Investment Management
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2025 Top 121 Sovereign Wealth Funds

Which are the top 121 sovereign wealth funds in 2025?  Caproasia Institute has released the list of top sovereign wealth funds in 2025.  Which are the top sovereign wealth funds in 2025?  Which are the largest sovereign wealth funds in 2025?  Where are the largest sovereign wealth funds?  Which country & region are they from? Caproasia Institute – See below for the latest list of top 121 sovereign wealth funds in the world in 2025.  Sovereign Wealth Fund (SWF) is a country-owned investment fund.

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” Largest Sovereign Wealth Fund is Norway Government Pension Fund Global (Norges Bank IM), Norway – $1.78 trillion “

 

 

2025 List of Top Sovereign Wealth Funds

Norges Bank Investment Management

Top 10 Largest Sovereign Wealth Funds

  1. Norway Government Pension Fund Global (Norges Bank IM), Norway – $1.78 trillion
  2. China Investment Corporation (CIC), China – $1.3 trillion
  3. China State Administration of Foreign Exchange (SAFE), China – $1.23 trillion
  4. Abu Dhabi Investment Authority (ADIA), UAE – $1.05 trillion
  5. Kuwait Investment Authority (KIA), Kuwait – $1 trillion
  6. Public Investment Fund (PIF), Saudi Arabia – $925 billion
  7. GIC, Singapore – $850 billion
  8. Qatar Investment Authority (QIA), Qatar – $530 billion
  9. Hong Kong Monetary Authority Investment Portfolio, Hong Kong – $516 billion
  10. SAMA Foreign Holdings, Saudi Arabia – $498 billion

 

No. of Sovereign Wealth Funds by Region

  • North America – 16
  • Latin America – 10
  • Europe – 19
  • Middle East – 22
  • Africa – 17
  • Asia – 27
  • Australia & Pacific – 10
  • Total121

 

 

2025 List of Top Sovereign Wealth Funds

Rank Sovereign Wealth Fund  AUM 2025 Country Region
1 Norway Government Pension Fund Global (Norges Bank) $1.78 trillion Norway Europe
2 China Investment Corporation (CIC) $1.3 trillion China Asia
3 China State Administration of Foreign Exchange (SAFE) $1.23 trillion China Asia
4 Abu Dhabi Investment Authority (ADIA) $1.05 trillion UAE Middle East
5 Kuwait Investment Authority (KIA) $1 trillion Kuwait Middle East
6 Public Investment Fund (PIF) $925 billion Saudi Arabia Middle East
7 GIC $850 billion Singapore Asia
8 Qatar Investment Authority (QIA) $530 billion Qatar Middle East
9 Hong Kong Monetary Authority Investment Portfolio $516 billion Hong Kong Asia
10 SAMA Foreign Holdings $498 billion Saudi Arabia Middle East
11 National Council for Social Security Fund $424 billion China Asia
12 Investment Corporation of Dubai $353 billion UAE Middle East
13 Mubadala Investment Company $330 billion UAE Middle East
14 Temasek Holdings $288 billion Singapore Asia
15 Abu Dhabi Developmental Holding Company (ADQ) $225 billion UAE Middle East
16 Korea Investment Corporation (KIC) $200 billion South Korea Asia
17 Turkey Wealth Fund (TWF) $200 billion Turkey Middle East
18 National Welfare Fund $155 billion Russia Europe
19 Ethiopian Investment Holdings $150 billion Ethiopia Africa
20 National Development Fund of Iran $150 billion Iran Middle East
21 Future Fund $144 billion Australia Australia & Pacific
22 National Development Fund (NDF) $132 billion Saudi Arabia Middle East
23 Alberta Investment Management Corporation (AIMCo) $118 billion Canada North America
24 Emirates Investment Authority (EIA) $90 billion UAE Middle East
25 Alaska Permanent Fund Corporation (APFC) $80 billion United States North America
26 Dubai World $80 billion UAE Middle East
27 Brunei Investment Agency (BIA) $78 billion Brunei Asia
28 University of Texas Investment Mgmt Company (UTIMCO) $78 billion United States North America
29 Permodalan Nasional Berhad (PNB) $78 billion Malaysia Asia
30 Samruk-Kazyna $73 billion Kazakhstan Asia
31 Queensland Investment Corporation (QIC) $70 billion Australia Australia & Pacific
32 Libyan Investment Authority $70 billion Libya Africa
33 NSW Treasury Corporation (T-Corp) $68 billion Australia Australia & Pacific
34 National Fund of Kazakhstan (NFRK) $62 billion Kazakhstan Asia
35 Texas Permanent School Fund (TPSF) $62 billion United States North America
36 State Oil Fund of Azerbaijan (SOFAZ) $61 billion Azerbaijan Europe
37 Victorian Funds Management Corporation $58 billion Australia Australia & Pacific
38 New Mexico State Investment Council (NMSIC) $54 billion United States North America
39 Oman Investment Authority $50 billion Oman Middle East
40 NZ Super Fund $43 billion New Zealand Australia & Pacific
41 CNIC Corporation (Guoxin International Investment) $33 billion Hong Kong Asia
42 Hong Kong Future Fund $33 billion Hong Kong Asia
43 Wyoming State Loan & Investment Board $30 billion United States North America
44 Österreichische Beteiligungs $30 billion Norway Europe
45 Azerbaijan Investment Holding $29 billion Azerbaijan Asia
46 Russian Direct Investment Fund $28 billion Russia Europe
47 Nuclear Waste Disposal Fund (KENFO) $27 billion Germany Europe
48 Fund for Reconstruction & Development of Uzbekistan $23 billion Uzbekistan Asia
49 Khazanah Nasional $19 billion Malaysia Asia
50 Timor-Leste Petroleum Fund $18 billion Timor-Leste Australia & Pacific
51 Mumtalakat Holding $18 billion Bahrain Middle East
52 NSW Generations Fund (NGF) $17 billion Australia Australia & Pacific
53 Revenue Regulation Fund (Fond de Regulation des Recettes) $16 billion Algeria Africa
54 Ireland Strategic Investment Fund (ISIF) $16 billion Ireland Europe
55 Federal Holding & Investment Company (SFPIM) $16 billion Belgium Europe
56 Sociedad Estatal de Participaciones Industriales (SEPI) $14 billion Spain Europe
57 Crown Investments Corporation of Saskatchewan $13 billion Canada North America
58 Malta Government Investments $12 billion Malta Europe
59 Sovereign Fund of Egypt (TSFE) $12 billion Egypt Middle East
60 North Dakota Legacy Fund $11 billion United States North America
61 Slovenian Sovereign Holding (SSH) $11 billion Slovenia Europe
62 Indonesia Investment Authority $10.5 billion Indonesia Asia
63 Chile Pension Reserve Fund $9.4 billion Chile Latin America
64 Maharlika Investment Fund (MIF) $9 billion Philippines Asia
65 Hong Kong Investment Corporation $8 billion Hong Kong Asia
66 Pakistan Sovereign Wealth Fund $8 billion Pakistan Middle East
67 Solidium $8 billion Finland Europe
68 Monaco Constitutional Reserve Fund $8 billion Monaco Europe
69 Hellenic Corporation of Assets and Participations (HCAP) $7 billion Greece Europe
70 Heritage & Stabilization Fund $5.7 billion Trinidad & Tobago Latin America
71 Social & Economic Stabilization Fund $5.1 billion Chile Latin America
72 Kumpulan Wang Amanah Negara (KWAN) $4.5 billion Malaysia Asia
73 Colombia Savings & Stabilization Fund $4.3 billion Columbia Latin America
74 Pula Fund $4 billion Botswana Africa
75 Oesterreichische Beteiligungs AG $4 billion Austria Europe
76 Japan Investment Corporation $3.6 billion Japan Asia
77 Alabama Trust Fund $3.5 billion United States North America
78 Regional Investment Company of Wallonia (SRIW) $3.4 billion Belgium Europe
79 Druk Holding & Investment (DHI) $3.4 billion Bhutan Asia
80 Idaho Endowment Fund Investment Board $3.2 billion United States North America
81 Utah SITFO $3 billion United States North America
82 Royal Bafokeng Holdings $2.7 billion Royal Bafokeng Nation Africa
83 Fundo Soberano de Angola (FSDEA) $2.2 billion Angola Africa
84 Fondo de Ahorro de Panama $2.6 billion Panama Latin America
85 Nigeria Sovereign Investment Authority $2.6 billion Nigeria Africa
86 Fondo Mexicano del Petroleo $2.2 billion Mexico Latin America
87 Mauritius Investment Corporation $2 billion Mauritius Africa
88 Sharjah Asset Management $2 billion UAE Middle East
89 Vietnam State Capital Investment Corporation $2 billion Vietnam Asia
90 Fórum de Fundos Soberanos Brasileiros $2 billion Brazil Latin America
91 Fonds Gabonais d’Investissements Stratégiques (FGIS) $1.8 billion Gabon Africa
92 Sarawak Sovereign Wealth Future Fund $1.8 billion Malaysia Asia
93 Oklahoma Tobacco Settlement Endowment Trust $1.7 billion United States North America
94 Sentosa Development Corporation $1.5 billion Singapore Asia
95 Louisiana Education Quality Trust Fund (LEQTF) $1.4 billion United States North America
96 Colorado Public School Fund Investment Board $1.3 billion United States North America
97 Mexico Budgetary Income Stabilization Fund $1.3 billion Mexico Latin America
98 Israeli Citizens Fund (ICF) $1.4 billion Israel Middle East
99 Senegal FONSIS $1.2 billion Senegal Africa
100 Chinggis Fund (Mongolia Future Heritage Fund) $1.1 billion Mongolia Asia
101 Armenian National Interests Fund $1 billion Armenia Asia
102 Palestine Investment Fund $1 billion Palestine Middle East
103 National Development & Social Fund (Malta) $730 million Malta Europe
104 Kiribati Revenue Equalization Reserve Fund $730 million Kiribati Australia & Pacific
105 Bahrain Future Generations Reserve Fund $680 million Bahrain Middle East
106 Ghana Heritage Fund $650 million Ghana Africa
107 Guyana Natural Resource Fund $650 million Guyana Latin America
108 Ghana Stabilisation Fund $640 million Ghana Africa
109 Fujairah Holding $500 million UAE Middle East
110 Luxembourg Intergenerational Sovereign Fund $490 million Luxembourg Europe
111 Native Hawaiian Trust Fund $440 million United States North America
112 Fund for Productive Industrial Revolution (FINPRO) $420 million Bolivia Latin America
113 Ghana Infrastructure Investment Fund $345 million Ghana Africa
114 Sovereign Fund of the Republic of Kosovo $330 million Kosovo Europe
115 Agaciro Development Fund $240 million Rwanda Africa
116 Little Red River Cree Nation Sovereign Wealth Fund $190 million Canada North America
117 Fonds Souverain de Djibouti (FSD) $170 million Djibouti Africa
118 Nauru Intergenerational Trust Fund $160 million Nauru Australia & Pacific
119 Sovereign Fund of Mozambique $114 million Mozambique Africa
120 Sovereign Wealth Fund of Papua New Guinea (SWF) $60 million Papua New Guinea Australia & Pacific
121 Welwitschia Fund $23 million Namibia Africa

 

Source: Caproasia Institute

 

 

2025 Rankings:

2024 Rankings:




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