A sovereign wealth fund (SWF) is a fund owned by a state (or a political subdivision of a federal state) composed of financial assets such as stocks, bonds, property or other financial instruments. Sovereign wealth funds are entities that manage the national savings for the purposes of investment. The accumulated funds may have their origin in, or may represent, foreign currency deposits, foreign exchange reserves, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations which are typically held in reserves domestic and reserve foreign currencies such as the dollar, euro, pound sterling and yen. The names attributed to the management entities may include state-owned (federal, state and provincial) central banks, national monetary authorities, official investment companies, sovereign oil funds, pension funds, among others.
Some countries may have more than one SWF. Also, while the United States does not have a federal sovereign wealth fund, several of its states have their own SWFs. The list does not include pension funds that do not meet the SWF criteria.
Country | Funds | Assets USD billion | Origin |
---|---|---|---|
China [1] [2] [3] [4] [5] | China-Africa Development Fund / China Investment Corporation / National Council for Social Security Fund / State Administration of Foreign Exchange / CNIC Corporation Limited (Guoxin International Investment Co., Ltd.) | 2,750 | Non-commodity |
United Arab Emirates [a] | Abu Dhabi Developmental Holding Company [16] / Abu Dhabi Investment Authority / Dubai World / Emirates Investment Authority / Investment Corporation of Dubai / Mubadala Investment Company / Ras Al Khaimah Investment Authority / Sharjah Assets Management [17] / Fujairah Holdings [18] | 2,304 | Oil & Gas / Non-commodity |
Singapore [b] | Monetary Authority of Singapore / Government of Singapore Investment Corporation / Temasek Holdings / Central Provident Fund | 2,074 | Non-commodity |
Norway [24] | Government Pension Fund of Norway | 1,555 | Oil & Gas |
Saudi Arabia [25] [26] | Public Investment Fund / National Development Fund | 1,345 | Oil & Gas |
Kuwait [27] | Kuwait Investment Authority / Gulf Investment Corporation / Wafra International Investment Company | 804 | Oil & Gas |
Hong Kong [28] [29] [30] [31] | HK SAR Exchange Fund (HK MAS) / Hong Kong Investment Corporation [c] | 576 | Non-commodity |
Qatar | Qatar Investment Authority | 450 | Oil & Gas |
Australia | Future Fund / Queensland Investment Corporation / Victorian Funds Management Corporation / New South Wales Treasury Corporation | 357 | Non-commodity |
United States [d] | State-level entities Alaska Permanent Fund / New Mexico State Investment Council / Permanent Wyoming Mineral Trust Fund / Utah School and Institutional Trust Funds Office / Idaho Endowment Fund Investment Board / Texas Permanent School Fund / Texas Permanent University Fund / Alabama Trust Fund / North Dakota Legacy Fund / Louisiana Education Quality Trust Fund / Oregon Common School Fund / West Virginia Future Fund | 322 | Oil & Gas / Non-commodity / Minerals / Public Lands |
Turkey [32] | Turkey Wealth Fund | 302 | Non-commodity |
South Korea [33] [34] | Korea Investment Corporation | 181 | Non-commodity |
Russia [35] [36] | Russian National Wealth Fund / Russian Direct Investment Fund | 174 | Oil & Gas / Non-commodity |
Iran [37] | National Development Fund of Iran | 156.5 | Oil & Gas |
Kazakhstan | Samruk-Kazyna [38] / National Investment Corporation | 155.1 | Oil & Gas |
Ethiopia [39] | Ethiopian Investment Holdings | 150.0 | Non-commodity |
Malaysia [40] [41] [42] [43] | Khazanah Nasional / Permodalan Nasional Berhad / Lembaga Tabung Angkatan Tentera / Sarawak Sovereign Wealth Future Fund [44] | 119 | Non-commodity |
Azerbaijan [45] | Azerbaijan Investment Holding / State Oil Fund of Azerbaijan | 75 | Oil & Gas |
Brunei [46] | Brunei Investment Agency | 73 | Oil & Gas |
Tanzania | Natural Gas Revenue Fund | 66.4 | Oil & Gas |
Libya [47] | Libyan Investment Authority | 38.8 | Oil & Gas |
Oman [48] | Oman Investment Authority | 41.5 | Oil & Gas |
Austria | Österreichische Beteiligungs AG | 32 | Non-commodity |
New Zealand | New Zealand Superannuation Fund | 27 | Non-commodity |
Ireland [49] [50] | Ireland Strategic Investment Fund / Future Ireland Fund | 25.2 | Non-commodity |
Chile | Economic and Social Stabilization Fund / Pension Reserve Fund | 21 | Copper |
Bahrain [51] | Mumtalakat Holding Company | 18.6 | Oil & Gas |
East Timor [52] | Timor-Leste Petroleum Fund | 17 | Oil & Gas |
Canada | Alberta Investment Management Corporation / Alberta Heritage Savings Trust Fund | 16 | Oil & Gas |
India | National Investment and Infrastructure Fund, Tamil Nadu Industrial Development Corporation | 12.4 | Non-commodity |
Colombia | Fondo de Ahorro y Estabilización Petrolera / Fideicomiso Fondo de Ahorro y Estabilización | 12 | Oil & Gas |
Italy | CDP Equity, Fondo nazionale del Made in Italy | 11 | Oil & Gas / Non-commodity |
Philippines | Maharlika Investment Fund | 9.2 | Non-commodity |
Pakistan | Pakistan Sovereign Wealth Fund | 8.0 | Oil & Gas / Non-commodity |
Mexico | Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo | 7 | Oil & Gas |
Trinidad and Tobago | The Heritage and Stabilization Fund [53] | 6 | Oil & Gas |
Indonesia [54] | Indonesia Investment Authority | 5.6 | Non-commodity |
Peru | Fiscal Stabilization Fund | 5 | Non-commodity |
Angola | Fundo Soberano de Angola | 5 | Oil & Gas |
Botswana [55] | Pula Fund | 4.9 | Diamonds |
Mongolia | Future Heritage Fund [56] [57] / Fiscal Stability Fund [58] | 4 | Minerals |
Denmark | Danish Growth Fund / Export and Investment Fund of Denmark [59] | 4 | Non-commodity |
Nigeria | Nigeria Sovereign Investment Authority / Bayelsa Development and Investment Corporation | 2 | Oil & Gas |
Ghana | Ghana Petroleum Funds / Ghana Infrastructure Investment Fund | 2 | Oil & Gas |
Israel [60] | Israeli Citizens' Fund | 1.83 | Gas & Minerals |
Panama | Fondo de Ahorro de Panamá | 1.4 | Non-commodity |
Vietnam | State Capital Investment Corporation | 1.2 | Non-commodity |
Gabon | Fonds Gabonais d’Investissements Stratégiques | 1.0 | Oil & Gas |
Egypt [61] | The Sovereign Fund of Egypt | 11.9 | Non-commodity |
Bolivia | Fondo para la Revolución Industrial Productiva | 0.4 | Non-commodity |
Kiribati | Revenue Equalization Reserve Fund | 0.4 | Phosphates |
Senegal | Fonds Souverain d'Investissements Stratégiques | 0.1 | Non-commodity |
Mauritania | National des Revenus des Hydrocarbures | 0.1 | Oil & Gas |
Equatorial Guinea | Réserves pour Générations Futures | 0.1 | Oil & Gas |
Norges Bank is the central bank of Norway. It is responsible for managing the Government Pension Fund of Norway, which is the world's largest sovereign wealth fund, as well as the bank's own foreign exchange reserves.
The Abu Dhabi Investment Authority is a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates, founded to invest funds on behalf of the Government of Abu Dhabi. It manages the emirate's excess oil reserves and is estimated to manage $1,057 billion. ADIA is one of the largest sovereign wealth funds in the world.
The Saudi Central Bank, previously known as the Saudi Arabian Monetary Authority, established in 1952, is the central bank of the Kingdom of Saudi Arabia. Despite the name change in 2020, the Saudi Central Bank has continued to use the same acronym (SAMA).
The Kuwait Investment Authority (KIA) is the State owned sovereign wealth fund of the State of Kuwait, managing the state's reserve and the state's future generation fund, also known as "Ajyal Fund".
A sovereign wealth fund (SWF), or sovereign investment fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reserves held by the central bank.
Mubadala Investment Company PJSC, or simply Mubadala, is a state-owned global investment firm that acts as one of the sovereign wealth funds of the government of Abu Dhabi. The company was established in 2017 when then-named Mubadala Development Company and the International Petroleum Investment Company (IPIC) merged. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, New York, San Francisco and Beijing.
The Libyan Investment Authority is a government-managed sovereign wealth fund and holding company headquartered in Tripoli, Libya. It was established on August 28, 2006, by Decree 208 of the General People's Committee of Libya (GPC), after the lifting of economic sanctions that had previously precluded foreign investment in Libya. The LIA oversees and manages investments in various areas including agriculture, real estate, infrastructure, oil and gas and in shares and bonds. It is Africa's largest sovereign wealth fund. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds. As of 2019, the date of its last valuation, the fund owns US$68 billion in assets.
The Korea Investment Corporation is a sovereign wealth fund established by the government of South Korea in 2005. Its mission is to preserve and enhance the long-term purchasing power of South Korea's sovereign wealth through efficient management of public funds in the international financial markets. KIC manages assets entrusted by the Government, the Bank of Korea, and other public funds as defined under the National Finance Act. KIC directly invests the entrusted assets or re-entrusts the assets to external managers. As of December 2023, KIC has $189.4 billion assets under management.
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The National Council for Social Security Fund (SSF) is a public institution under the Ministry of Finance of China. It is responsible for the investment and operation of the National Social Security Fund.
The Sovereign Wealth Fund Institute is an American corporation analyzing public asset owners such as sovereign wealth funds and other long-term governmental investors. Initially, the Sovereign Wealth Fund Institute focused solely on sovereign wealth funds. It has branched out to cover all types of public institutional investors. The institute sells its subscription and API/datafeed services as a financial data vendor but provides information to the media as well.
The Oman Investment Fund is a sovereign wealth fund, established in 2006 in accordance with a royal decree of His Majesty the Sultan of Oman. The fund makes medium to long-term investments, globally and domestically, to diversify the government of Oman's asset base and create a pool of sustainable cash flow. As of December 2024, the fund's assets under management are estimated at approximately US$50 billion.
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Events from the year 1976 in the United Arab Emirates.
National Investment Corporation of the National Bank of Kazakhstan (NIC) is a Kazakhstan government owned investment corporation that was established in October 2012 to preserve and enhance the long-term purchasing power of Kazakhstan’s foreign exchange reserves. The National Fund investments in less liquid high yielding asset classes.
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The International Forum of Sovereign Wealth Funds (IFSWF) is a nonprofit international group of sovereign wealth funds managers which was established in 2009. It is based in London, England.
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