# Fund Country Est. SWF/PPF AuM ($b)* AAA (%)**
1 GPIF Japan 2006 PPF 1,725 1%
2 NBIM Norway 1997 SWF 1,365 3%
3 CIC China 2007 SWF 1,222 25%
4 ADIA UAE - Abu Dhabi 1967 SWF 829 25%
5 NPS South Korea 1988 PPF 817 10%
6 SAFE IC China 1997 SWF 817 10%
7 GIC Singapore 1981 SWF 744 25%
8 APG Netherlands 1922 PPF 705 21%
9 KIA Kuwait 1953 SWF 693 18%
10 HKMA EF China (HK) 1993 SWF 520 8%
11 CalPERS USA 1932 PPF 469 18%
12 NSSF China 2000 SWF 452 14%
13 PIF Saudi Arabia 1971 SWF 430 60%
14 CPP Canada 1997 PPF 419 48%
15 QIA Qatar 2005 SWF 366 41%
16 PGGM Netherlands 1969 PPF 330 18%
17 CDPQ Canada 1965 PPF 315 36%
18 CalSTRS USA 1913 PPF 309 33%
19 AP1-7 Sweden 2001 PPF 306 19%
20 ICD UAE - Dubai 2006 SWF 302 65%
21 Temasek Singapore 1974 SWF 283 44%
22 NYSCRF USA 1983 PPF 255 25%
23 SBA Florida USA 1943 PPF 250 26%
24 Mubadala UAE - Abu Dhabi 1984 SWF 243 72%
25 NWF Russia 2008 SWF 186 20%
26 Future Fund Australia 2006 SWF 185 40%
27 OTPP Canada 1917 PPF 184 51%
28 KIC South Korea 2005 SWF 183 15%
29 BLF Taiwan 2014 PPF 177 11%
30 AustralianSuper Australia 1999 PPF 169 21%
31 Texas TRS USA 1937 PPF 164 37%
32 PSP Canada 1999 PPF 162 47%
33 BCI Canada 1999 PPF 158 41%
34 ATP Denmark 1964 PPF 148 38%
35 ADQ UAE - Abu Dhabi 2018 SWF 110 58%
36 PIC South Africa 2015 PPF 106 6%
37 AIMCo Canada 1976 PPF 100 29%
38 QIC Australia 1991 SWF 93 34%
39 TCorp Australia 1983 SWF 91 12%
40 OMERS Canada 1962 PPF 82 48%
41 Alaska PFC USA 1976 SWF 82 37%
42 HOOPP Canada 1960 PPF 82 30%
43 KEVA Finland 1988 PPF 71 26%
44 EIA UAE - Abu Dhabi 2007 SWF 69 44%
45 LIA Libya 2006 SWF 68 31%
46 Samruk Kazyna Kazakhstan 2008 SWF 66 62%
47 NBK (NOF+NIC) Kazakhstan 2000 SWF 63 0%
48 IMCO Canada 2016 PPF 57 40%
49 Bpifrance France 2008 SWF 51 61%
50 VFMC Australia 1994 SWF 50 30%
51 BIA Brunei 1983 SWF 49 18%
52 PensionDanmark Denmark 1993 PPF 48 25%
53 Texas PSF USA 1854 SWF 47 41%
54 SOFAZ Azerbaijan 1999 SWF 44 9%
55 NZ Super Fund New Zealand 2001 SWF 42 17%
56 TVF Turkey 2017 SWF 39 80%
57 Dubai Holding UAE - Dubai 2004 SWF 35 97%
58 OIA Oman 1980 SWF 35 31%
59 New Mexico SIC USA 1958 SWF 35 29%
60 KWAP Malaysia 2007 PPF 34 18%
61 FRR France 2001 PPF 32 5%
62 RDIF Russia 2011 SWF 31 100%
63 Khazanah Malaysia 1993 SWF 31 29%
64 Wafra Kuwait 1994 PPF 27 55%
65 VER Finland 1990 PPF 26 10%
66 WYO USA 1974 SWF 25 13%
67 UFRD Uzbekistan 2006 SWF 23 34%
68 WVIMB USA 1997 SWF 23 32%
69 NDFI Iran 2011 SWF 21 82%
70 Chile (ESSF+PRF) Chile 2007 SWF 19 0%
71 TL PF Timor-Leste 2005 SWF 19 4%
72 ND RIO USA 1989 SWF 19 8%
73 OPTrust Canada 1995 PPF 18 46%
74 Mumtalakat Bahrain 2006 SWF 18 79%
75 ISIF Ireland 2014 SWF 16 31%
76 Dubai World UAE - Dubai 2005 SWF 15 100%
77 TSFE Egypt 2018 SWF 11 23%
78 CADF China 2007 SWF 10 41%
79 INA Indonesia 2020 SWF 8 100%
80 T&T HSF Trinidad & Tobago 2000 SWF 6 0%
81 CDP Equity Italy 2011 SWF 5 81%
82 NIIF India 2015 SWF 4 100%
83 Pula Fund Botswana 1994 SWF 4 0%
84 NSIA Nigeria 2011 SWF 4 60%
85 FSDEA Angola 2012 SWF 3 22%
86 SCIC Vietnam 2006 SWF 2 100%
87 Ithmar Capital Morocco 2011 SWF 2 52%
88 FEIP+FMPED Mexico 2000 SWF 2 0%
89 FAP Panama 2012 SWF 1 0%
90 COFIDES Spain 1988 SWF 1 100%
91 FGIS Gabon 2012 SWF 1 100%
92 Palestine Palestine 2003 SWF 1 100%
93 GPF (GSF+GHF) Ghana 2011 SWF 0.8 0%
94 NIF Cyprus 2019 SWF 0.8 0%
95 Agaciro Fund Rwanda 2012 SWF 0.2 6%
96 FSD Djibouti 2020 SWF 0.2 100%
97 Nauru Trust Fund Nauru 2015 SWF 0.1 12%
98 NRF Guyana 2019 SWF 0.1 0%
99 FHF Mongolia 2019 SWF 0.1 0%
100 FONSIS Senegal 2012 SWF 0.1 100%

Source: Global SWF. Last updated September 2021

* 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