# Fund Country Est. SWF/PPF AuM ($b)* AAA (%)**
1 GPIF Japan 2006 PPF 1,592 1%
2 NBIM Norway 1997 SWF 1,128 3%
3 CIC China 2007 SWF 1,046 29%
4 SAFE China 1997 SWF 743 10%
5 ADIA UAE - Abu Dhabi 1967 SWF 710 22%
6 NPS South Korea 1988 PPF 663 12%
7 APG Netherlands 1922 PPF 603 29%
8 KIA Kuwait 1953 SWF 559 18%
9 HKMA China (HK) 1993 SWF 540 20%
10 GIC Singapore 1981 SWF 488 20%
11 SAMA Saudi Arabia 1952 SWF 448 0%
12 CalPERS USA 1932 PPF 389 20%
13 NSSF China 2000 PPF 376 14%
14 PIF Saudi Arabia 1971 SWF 360 60%
15 QIA Qatar 2005 SWF 345 41%
16 CPP Canada 1997 PPF 341 48%
17 ICD UAE - Dubai 2006 SWF 305 65%
18 PGGM Netherlands 1969 PPF 282 17%
19 CalSTRS USA 1913 PPF 246 32%
20 CDPQ Canada 1965 PPF 244 36%
21 AP1-7 Sweden 2001 PPF 238 17%
22 Mubadala UAE - Abu Dhabi 1984 SWF 232 63%
23 NYSCRF USA 1983 PPF 216 25%
24 Temasek Singapore 1974 SWF 215 44%
25 SBA USA 1943 PPF 204 26%
26 NWF Russia 2008 SWF 174 20%
27 KIC South Korea 2005 SWF 157 15%
28 Future Fund Australia 2006 SWF 150 35%
29 OTPP Canada 1917 PPF 149 52%
30 ATP Denmark 1964 PPF 148 38%
31 AustralianSuper Australia 1999 PPF 125 21%
32 BCI Canada 1999 PPF 121 41%
33 PSP Canada 1999 PPF 120 49%
34 PIC South Africa 2015 PPF 106 6%
35 SoftBank IA Japan 2017 SWF 101 86%
36 QIC Australia 1991 SWF 93 34%
37 AIMCo Canada 2008 PPF 91 29%
38 OMERS Canada 1962 PPF 85 61%
39 UNJSPF Global 1949 PPF 74 14%
40 HOOPP Canada 1960 PPF 72 27%
41 NDFI Iran 2011 SWF 68 82%
42 LIA Libya 2006 SWF 67 44%
43 Alaska PFC USA 1976 SWF 65 33%
44 EIA UAE - Abu Dhabi 2007 SWF 63 26%
45 Samruk Kazyna Kazakhstan 2008 SWF 62 62%
46 KEVA Finland 1988 PPF 60 26%
47 NBK Kazakhstan 2012 SWF 57 0%
48 Silk Road Fund China 2014 SWF 54 94%
49 IMCO Canada 2016 PPF 54 40%
50 Texas PSF USA 1854 SWF 48 41%
51 BIA Brunei 1983 SWF 45 18%
52 SOFAZ Azerbaijan 1999 SWF 43 13%
53 VFMC Australia 1994 SWF 41 30%
54 PensionDanmark Denmark 1993 PPF 40 25%
55 FRR France 2001 PPF 37 5%
56 Dubai Holding UAE - Dubai 2004 SWF 35 97%
57 TVF Turkey 2017 SWF 34 80%
58 Bpifrance France 2008 SWF 33 61%
59 Khazanah Malaysia 1993 SWF 33 50%
60 KWAP Malaysia 2007 PPF 33 18%
61 NZ Super Fund New Zealand 2003 SWF 31 22%
62 OIA Oman 1980 SWF 31 31%
63 RDIF Russia 2011 SWF 31 100%
64 WB PF Global 1948 PPF 30 50%
65 New Mexico SIC USA 1958 SWF 29 29%
66 Wafra Kuwait 1994 SWF 24 55%
67 VER Finland 1990 PPF 23 10%
68 WYO USA 1974 SWF 23 13%
69 Chile ESSF-PRF Chile 2007 SWF 21 0%
70 WVIMB USA 1997 SWF 21 32%
71 AIIB Global 2016 SWF 20 100%
72 Mumtalakat Bahrain 2006 SWF 19 79%
73 TL PF Timor-Leste 2005 SWF 18 4%
74 OPTrust Canada 1995 PPF 17 61%
75 IDB Invest Global 2017 SWF 14 100%
76 Dubai World UAE - Dubai 2005 SWF 13 100%
77 ISIF Ireland 2014 SWF 12 35%
78 TSFE Egypt 2018 SWF 11 23%
79 IFC AMC Global 2009 SWF 10 100%
80 CADF China 2007 SWF 10 41%
81 APICORP Global 1975 SWF 8 64%
82 FMPED-FEIP Mexico 2000 SWF 7 0%
83 T&T HSF Trinidad & Tobago 2000 SWF 6 0%
84 FSDEA Angola 2012 SWF 5 22%
85 Pula Fund Botswana 1994 SWF 5 0%
86 NIIF India 2015 SWF 4 100%
87 CDP Equity Italy 2011 SWF 4 81%
88 NSIA Nigeria 2011 SWF 2 60%
89 Ithmar Capital Morocco 2011 SWF 2 52%
90 FAP Panama 2012 SWF 1 0%
91 SCIC Vietnam 2006 SWF 1 3%
92 COFIDES Spain 1988 SWF 1 100%
93 FGIS Gabon 2012 SWF 1 100%
94 Palestine Palestine 2003 SWF 1 100%
95 NIF Cyprus 2019 SWF 0.8 0%
96 Agaciro Fund Rwanda 2012 SWF 0.2 6%
97 FHF Mongolia 2019 SWF 0.1 0%
98 Nauru Trust Fund Nauru 1968 SWF 0.1 12%
99 FONSIS Senegal 2012 SWF 0.1 100%
100 NRF Guyana 2019 SWF 0.1 0%

Source: Global SWF. Last updated November 2020

* Assets under management: Latest end-year USD figure if available, estimation otherwise

** Allocation to Alternative Assets, incl. real estate, infrastructure, private equity and hedge funds