Sovereign wealth funds (SWFs) are state-owned investment funds designed to manage a country’s savings and surplus revenues. They are typically built from oil revenues, trade surpluses, or foreign currency reserves, and invested in assets like stocks, real estate, infrastructure, and bonds to grow wealth over time. SWFs help countries diversify their economies and reduce dependence on a single revenue source.
As of 2025, the 10 largest sovereign wealth funds control nearly $10 trillion, with the majority based in Asia and the Middle East. Europe is represented only by Norway, which hosts the world’s largest fund. China has two major funds in the top three, totaling over $2.4 trillion.
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What is a Sovereign Wealth Fund?
A sovereign wealth fund is a government-owned investment fund used to manage national savings. Countries invest these funds in global markets to generate long-term returns, stabilize the economy, and prepare for future financial needs.
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Top 10 Largest Sovereign Wealth Funds (2025)
Rank Fund Assets Country Region
1 Norway Government Pension Fund Global $1.74T 🇳🇴 Norway Europe
2 China Investment Corporation $1.33T 🇨🇳 China Asia
3 SAFE Investment Company $1.09T 🇨🇳 China Asia
4 Abu Dhabi Investment Authority $1.06T 🇦🇪 UAE Middle East
5 Kuwait Investment Authority $1.03T 🇰🇼 Kuwait Middle East
6 Public Investment Fund $0.93T 🇸🇦 Saudi Arabia Middle East
7 GIC Private Limited $800.8B 🇸🇬 Singapore Asia
8 Badan Pengelola Investasi Daya Anagata Nusantara $600B 🇮🇩 Indonesia Asia
9 Qatar Investment Authority $526.05B 🇶🇦 Qatar Middle East
10 Hong Kong Monetary Authority Investment Portfolio $514.35B 🇭🇰 Hong Kong Asia
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Global Trends in Sovereign Wealth Funds
Regional dominance: Asia and the Middle East lead the SWF landscape. Norway remains Europe’s standout with the world’s largest fund.
China rising: With two major funds—China Investment Corporation and SAFE Investment Company—China is closing in on the top ranking.
Rapid growth: Saudi Arabia’s Public Investment Fund (PIF) is expanding fast, aiming to surpass $1 trillion. Indonesia is also emerging as a significant player.
Diversification: Non-oil countries like Singapore and Hong Kong are challenging traditional oil-backed funds, generating wealth through trade surpluses and investments rather than natural resources.
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Profiles of the Top 10 Funds
1. Norway Government Pension Fund Global
Established: 1990
Assets: $1.74T
Overview: The world’s largest sovereign wealth fund, managed by Norges Bank Investment Management. It invests Norway’s oil revenues in over 8,500 companies globally, including Apple, Microsoft, and Google, following strict ethical guidelines.
2. China Investment Corporation
Established: 2007
Assets: $1.33T
Overview: Manages China’s foreign exchange reserves, investing in banks, energy firms, and natural resources worldwide to maximize returns.
3. SAFE Investment Company
Assets: $1.09T
Overview: China’s second-largest fund focuses on financial stability and liquidity, playing a key role in stabilizing the Chinese yuan.
4. Abu Dhabi Investment Authority
Established: 1976
Assets: $1.06T
Overview: Invests Abu Dhabi’s oil wealth across stocks, bonds, private equity, and real estate to diversify the economy beyond oil.
5. Kuwait Investment Authority
Established: 1953
Assets: $1.03T
Overview: One of the oldest SWFs, managing Kuwait’s oil revenues and future generation funds to ensure long-term financial stability.
6. Public Investment Fund (Saudi Arabia)
Established: 1971
Assets: $0.93T
Overview: Key to Saudi Arabia’s Vision 2030, investing in tech, real estate, sports, and global projects to diversify the economy.
7. GIC Private Limited (Singapore)
Established: 1981
Assets: $800.8B
Overview: Manages Singapore’s foreign reserves, investing in real estate, private equity, and bonds to preserve financial stability.
8. Badan Pengelola Investasi Daya Anagata Nusantara (Indonesia)
Assets: $600B
Overview: Focuses on infrastructure, energy, and digital sectors, attracting global investments and supporting Indonesia’s economic growth.
9. Qatar Investment Authority
Established: 2005
Assets: $526.05B
Overview: Manages Qatar’s oil and gas surpluses, investing in real estate, technology, and luxury brands to reduce reliance on energy revenues.
10. Hong Kong Monetary Authority Investment Portfolio
Established: 1993
Assets: $514.35B
Overview: Manages Hong Kong’s monetary policy and financial stability, supporting the Hong Kong dollar and its financial system.
