# Fund Country Est. SWF/PPF AuM ($b)* AAA (%)**
1 GPIF Japan 2006 PPF 1,747 1%
2 NBIM Norway 1997 SWF 1,332 3%
3 CIC China 2007 SWF 1,222 25%
4 ADIA UAE - Abu Dhabi 1967 SWF 829 25%
5 SAFE IC China 1997 SWF 817 10%
6 NPS South Korea 1988 PPF 776 10%
7 GIC Singapore 1981 SWF 744 25%
8 FRTIB USA 1986 PPF 735 0%
9 APG Netherlands 1922 PPF 705 21%
10 KIA Kuwait 1953 SWF 693 18%
11 HKMA EF China - HK 1993 SWF 520 8%
12 CalPERS USA - CA 1932 PPF 480 18%
13 NSSF China 2000 SWF 452 14%
14 PIF Saudi Arabia 1971 SWF 430 56%
15 CPP Canada 1997 PPF 427 52%
16 QIA Qatar 2005 SWF 366 41%
17 CPF Singapore 1955 PPF 361 0%
18 PGGM Netherlands 1969 PPF 330 18%
19 CDPQ Canada - QC 1965 PPF 315 38%
20 CalSTRS USA - CA 1913 PPF 312 33%
21 AP1-7 Sweden 2001 PPF 306 18%
22 ICD UAE - Dubai 2006 SWF 302 65%
23 Temasek Singapore 1974 SWF 283 43%
24 NYC Compt USA - NY 1920 PPF 266 23%
25 NYSCRF USA - NY 1983 PPF 255 24%
26 SBA Florida USA - FL 1943 PPF 254 25%
27 GOSI+PPA Saudi Arabia 1951 PPF 250 33%
28 Mubadala UAE - Abu Dhabi 1984 SWF 243 48%
29 KWSP Malaysia 1951 PPF 237 6%
30 MN Netherlands 2014 PPF 208 15%
31 KIC South Korea 2005 SWF 201 15%
32 NWF Russia 2008 SWF 191 20%
33 OTPP Canada - ON 1917 PPF 184 51%
34 WSIB USA - WA 2005 PPF 181 38%
35 CDC France 1816 PPF 181 23%
36 Future Fund Australia 2006 SWF 178 40%
37 BLF Taiwan 2014 PPF 177 11%
38 AustralianSuper Australia 1999 PPF 169 21%
39 EPFO India 1952 PPF 169 5%
40 Texas TRS USA - TX 1937 PPF 164 41%
41 PSP Canada 1999 PPF 162 48%
42 BCI Canada - BC 1999 PPF 158 41%
43 PIC South Africa 2015 PPF 157 6%
44 Q+Sun Australia - QLD 1912 PPF 152 26%
45 MPFA China - HKSAR 1995 PPF 150 0%
46 ATP Denmark 1964 PPF 148 35%
47 PIFSS-Wafra Kuwait 1976 PPF 134 40%
48 MSBI USA - MN 1981 PPF 129 25%
49 NCRS USA - NC 1941 PPF 121 19%
50 SWIB USA - WI 1951 PPF 120 16%
51 BVK Germany 1995 PPF 120 47%
52 Aware Super Australia 2020 PPF 112 20%
53 ADQ UAE - Abu Dhabi 2018 SWF 110 58%
54 Amitim Israel 2011 PPF 100 25%
55 KLP Norway 1949 PPF 100 16%
56 AIMCo Canada - AB 1976 PPF 100 29%
57 Chikyoren Japan 1984 PPF 96 1%
58 NDF Saudi Arabia 2017 SWF 93 100%
59 TCorp Australia - NSW 1983 SWF 91 12%
60 EIA UAE 2007 SWF 86 21%
61 OMERS Canada - ON 1962 PPF 82 48%
62 HOOPP Canada - ON 1960 PPF 82 28%
63 PNB Malaysia 1978 SWF 80 8%
64 Alaska PFC USA - AK 1976 SWF 80 38%
65 UniSuper Australia 2000 PPF 75 10%
66 Northern LGPS UK 2017 PPF 73 20%
67 Kokkyoren Japan 2017 PPF 71 1%
68 KEVA Finland 1988 PPF 71 25%
69 QIC Australia - QLD 1991 SWF 69 29%
70 LIA Libya 2006 SWF 68 23%
71 Samruk Kazyna Kazakhstan 2008 SWF 66 62%
72 IMCO Canada - ON 2016 PPF 57 32%
73 NBK (NOF+NIC) Kazakhstan 2000 SWF 57 0%
74 Bpifrance France 2008 SWF 51 61%
75 PensionDanmark Denmark 1993 PPF 50 25%
76 VFMC Australia - VIC 1994 SWF 50 30%
77 BIA Brunei 1983 SWF 49 18%
78 PUBLICA Switzerland 2001 PPF 48 20%
79 Texas PSF USA - TX 1854 SWF 47 35%
80 PREVI Brazil 1904 PPF 46 5%
81 SOFAZ Azerbaijan 1999 SWF 44 9%
82 NZ Super Fund New Zealand 2001 SWF 42 20%
83 FTF Norway 2006 SWF 40 0%
84 TVF Turkey 2017 SWF 39 80%
85 CBUS Australia 1984 PPF 37 25%
86 HESTA Australia 1999 PPF 37 30%
87 Dubai Holding UAE - Dubai 2004 SWF 35 97%
88 New Mexico SIC USA - NM 1958 SWF 35 29%
89 KWAP Malaysia 2007 PPF 34 11%
90 FRR France 2001 PPF 32 5%
91 OIA Oman 1980 SWF 32 31%
92 RDIF Russia 2011 SWF 31 100%
93 Khazanah Malaysia 1993 SWF 31 29%
94 VER Finland 1990 PPF 27 11%
95 PMAC Japan 1954 PPF 26 0%
96 ADPF UAE - Abu Dhabi 2000 PPF 25 40%
97 WYO USA - WY 1974 SWF 25 12%
98 UFRD Uzbekistan 2006 SWF 23 34%
99 WVIMB USA - WV 1997 SWF 23 30%
100 KENFO Germany 2017 SWF 22 10%
101 AIH Azerbaijan 2021 SWF 22 100%
102 NDFI Iran 2011 SWF 21 82%
103 Bouwinvest Netherlands 2002 PPF 19 100%
104 Chile (ESSF+PRF) Chile 2007 SWF 19 0%
105 TL PF Timor-Leste 2005 SWF 19 4%
106 ND RIO USA - ND 1989 SWF 19 8%
107 OPTrust Canada - ON 1995 PPF 18 46%
108 Mumtalakat Bahrain 2006 SWF 18 79%
109 ISIF Ireland 2014 SWF 16 31%
110 Dubai World UAE - Dubai 2005 SWF 15 100%
111 GPF Thailand 1997 PPF 14 18%
112 Baiterek Kazakhstan 2014 SWF 14 100%
113 INA Indonesia 2020 SWF 12 100%
114 TSFE Egypt 2018 SWF 11 23%
115 CADF China 2007 SWF 10 41%
116 HCAP Greece 2016 SWF 7 95%
117 FRC Monaco 1962 SWF 6 70%
118 T&T HSF Trinidad and Tobago 2000 SWF 6 0%
119 CDP Equity Italy 2011 SWF 5 81%
120 NIIF India 2015 SWF 4 100%
121 Pula Fund Botswana 1994 SWF 4 0%
122 BBB IP UK 2014 SWF 4 100%
123 FAE+FAEP Colombia 1995 SWF 4 0%
124 NSIA Nigeria 2011 SWF 4 60%
125 Alabama USA - AL 1985 SWF 3 14%
126 FSDEA Angola 2012 SWF 3 22%
127 SFPI / FPIM Belgium 2006 SWF 2 60%
128 SCIC Vietnam 2006 SWF 2 100%
129 FEIP+FMPED Mexico 2000 SWF 2 0%
130 Ithmar Capital Morocco 2011 SWF 2 52%
131 FAP Panama 2012 SWF 1 0%
132 COFIDES Spain 1988 SWF 1 100%
133 FGIS Gabon 2012 SWF 1 100%
134 Palestine Palestine 2003 SWF 1 100%
135 FHRIF Australia - WA 2012 SWF 1.0 100%
136 GPF (GSF+GHF) Ghana 2011 SWF 0.8 0%
137 NIF Cyprus 2019 SWF 0.8 0%
138 RERF Kiribati 1956 SWF 0.7 0%
139 SFT Turkmenistan 2008 SWF 0.5 0%
140 FINPRO Bolivia 2015 SWF 0.4 100%
141 Agaciro Fund Rwanda 2012 SWF 0.2 6%
142 FSD Djibouti 2020 SWF 0.2 99%
143 Nauru Trust Fund Nauru 2015 SWF 0.1 12%
144 FSF Mongolia 2010 SWF 0.1 0%
145 FSGIP Cape Verde 2021 SWF 0.1 0%
146 FHF Mongolia 2019 SWF 0.1 0%
147 NRF Guyana 2019 SWF 0.1 0%
148 FONSIS Senegal 2012 SWF 0.1 100%
149 FEF Peru 1999 SWF 0 0%
150 NSF Taiwan 2000 SWF 0 0%

Source: Global SWF. Last updated December 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