Ranking - SWFs and PPFs

#	Investor	Country	Est.	Type	AuM ($b)*	Alternatives (%)**
1	PBoC	China	1948	CB	3,499	0%
2	NBIM	Norway	1997	SWF	1,743	2%
3	GPIF	Japan	2006	PPF	1,656	1%
4	SAFE IC	China	1997	SWF	1,358	22%
5	CIC	China	2007	SWF	1,332	25%
6	ECB	Eurosystem	1998	CB	1,319	0%
7	BoJ	Japan	1882	CB	1,231	0%
8	ADIA	UAE - Abu Dhabi	1967	SWF	1,110	32%
9	KIA	Kuwait	1953	SWF	969	23%
10	SNB	Switzerland	1907	CB	950	0%
11	PIF	Saudi Arabia	1971	SWF	925	37%
12	FRTIB	USA	1986	PPF	857	0%
13	GIC	Singapore	1981	SWF	847	33%
14	NPS	South Korea	1988	PPF	827	15%
15	RBI	India	1935	CB	639	0%
16	CBR	Russia	1990	CB	633	0%
17	APG	Netherlands	1922	PPF	618	25%
18	CBC	Taiwan	1924	CB	578	0%
19	CalPERS	USA - CA	1932	PPF	532	18%
20	HKMA EF	China - HKSAR	1993	CB	526	0%
21	QIA	Qatar	2005	SWF	524	41%
22	CPP	Canada	1997	PPF	472	55%
23	SAMA	Saudi Arabia	1952	CB	470	0%
24	CPF	Singapore	1955	PPF	456	0%
25	NSSF	China	2000	PPF	424	14%
26	BoK	South Korea	1950	CB	416	0%
27	ICD	UAE - Dubai	2006	SWF	380	65%
28	MAS	Singapore	1971	CB	379	0%
29	GOSI	Saudi Arabia	1958	PPF	374	33%
30	BCBr	Brazil	1964	CB	372	0%
31	CalSTRS	USA - CA	1913	PPF	352	33%
32	DB	Germany	1957	CB	345	0%
33	Mubadala	UAE - Abu Dhabi	1984	SWF	330	67%
34	CDPQ	Canada - QC	1965	PPF	330	42%
35	EPFO	India	1952	PPF	297	5%
36	BdF	France	1800	CB	288	0%
37	Temasek	Singapore	1974	SWF	288	53%
38	NYC Compt	USA - NY	1920	PPF	282	23%
39	KWSP / EPF	Malaysia	1951	PPF	280	11%
40	BoT	Thailand	1942	CB	268	0%
41	NYSCRF	USA - NY	1983	PPF	268	34%
42	PGGM	Netherlands	1969	PPF	266	18%
43	BdI	Italy	1893	CB	264	0%
44	SBA Florida	USA - FL	1943	PPF	262	25%
45	ADQ	UAE - Abu Dhabi	2018	SWF	251	45%
46	Fed	USA	1913	CB	251	0%
47	AustralianSuper	Australia	2006	PPF	246	21%
48	BLF	Taiwan	2014	PPF	238	11%
49	Banxico	Mexico	1925	CB	231	0%
50	BoI	Israel	1954	CB	220	0%
51	NBP	Poland	1945	CB	219	0%
52	KIC	South Korea	2005	SWF	207	17%
53	Future Fund	Australia	2006	SWF	204	40%
54	CBUAE	UAE	1980	CB	204	0%
55	ART	Australia - QLD	2022	PPF	200	26%
56	PSP	Canada	1999	PPF	196	53%
57	AP1-6	Sweden	1974	PPF	195	26%
58	BoE	UK	1694	CB	194	0%
59	TVF	Turkey	2017	SWF	190	80%
60	Texas TRS	USA - TX	1937	PPF	187	41%
61	OTPP	Canada - ON	1917	PPF	187	69%
62	MN	Netherlands	2014	PPF	187	15%
63	BCI	Canada - BC	1999	PPF	185	39%
64	Chikyoren	Japan	1984	PPF	183	1%
65	CDC	France	1816	PPF	182	4%
66	WSIB	USA - WA	2005	PPF	181	38%
67	Danantara	Indonesia	2025	SWF	172	77%
68	NDFI	Iran	2011	SWF	162	79%
69	TCMB	Turkey	1931	CB	159	0%
70	BI	Indonesia	1953	CB	156	0%
71	SWIB	USA - WI	1951	PPF	156	16%
72	CNB	Czech Republic	1993	CB	155	0%
73	MPFA	China - HKSAR	1995	PPF	151	0%
74	MSBI	USA - MN	1981	PPF	146	25%
75	PIC	South Africa	2015	PPF	142	6%
76	NYS TRS	USA - NY	1913	PPF	137	26%
77	PIFSS-Wafra	Kuwait	1955	PPF	137	40%
78	NDF	Saudi Arabia	2017	SWF	132	100%
79	BoC	Canada	1935	CB	124	0%
80	BVK	Germany	1995	PPF	124	47%
81	NCRS	USA - NC	1941	PPF	123	19%
82	Aware Super	Australia	2020	PPF	120	20%
83	AIMCo	Canada - AB	1976	PPF	118	29%
84	NWF RU	Russia	2008	SWF	117	20%
85	BNM	Malaysia	1959	CB	116	0%
86	PFA DK	Denmark	1917	PPF	116	39%
87	Ohio PERS	USA - OH	1935	PPF	115	23%
88	Virginia RS	USA - VA	1942	PPF	114	34%
89	AP7	Sweden	2000	PPF	110	4%
90	NPST	India	2008	PPF	110	0%
91	MassPRIM	USA - MA	1983	PPF	109	35%
92	Alecta	Sweden	1917	PPF	109	22%
93	BdE	Spain	1782	CB	107	0%
94	BSP	Philippines	1993	CB	107	0%
95	Georgia TRS	USA - GA	1943	PPF	106	3%
96	ATP Groep	Denmark	1964	PPF	106	35%
97	PFA JP	Japan	1967	PPF	103	0%
98	EIA	UAE	2007	SWF	102	21%
99	KLP	Norway	1949	PPF	100	16%
100	Oregon PERF	USA - OR	1946	PPF	100	49%
101	DN	Denmark	1818	CB	99	0%
102	Amitim	Israel	2011	PPF	98	25%
103	OMERS	Canada - ON	1962	PPF	98	56%
104	Michigan ORS	USA - MI	1942	PPF	97	47%
105	Ohio STF	USA - OH	1919	PPF	95	31%
106	NJ DoI	USA - NJ	1950	PPF	95	28%
107	CBIraq	Iraq	1947	CB	95	0%
108	London CIV	UK	2015	PPF	93	17%
109	UniSuper	Australia	2000	PPF	92	10%
110	NB	Norway	1816	CB	89	0%
111	HOOPP	Canada - ON	1960	PPF	85	30%
112	BCRP	Peru	1922	CB	83	0%
113	SBV	Vietnam	1951	CB	83	0%
114	BoA	Algeria	1962	CB	81	0%
115	Alaska PFC	USA - AK	1976	SWF	81	41%
116	LACERA	USA - CA	1937	PPF	81	35%
117	CBL	Libya	1956	CB	81	0%
118	DIF	UAE - Dubai	2024	SWF	80	56%
119	Samruk Kazyna	Kazakhstan	2008	SWF	79	62%
120	BNR	Romania	1880	CB	78	0%
121	PNB	Malaysia	1978	SWF	78	8%
122	SSO	Thailand	1990	PPF	77	0%
123	Penn PSERS	USA - PA	1917	PPF	75	35%
124	TCorp	Australia - NSW	1983	SWF	75	12%
125	Illinois STRS	USA - IL	1939	PPF	74	24%
126	HostPlus	Australia	1987	PPF	73	45%
127	KEVA	Finland	1988	PPF	73	25%
128	DH	UAE - Dubai	2004	SWF	72	93%
129	DNB	Netherlands	1814	CB	72	0%
130	BCPP	UK	2018	PPF	72	12%
131	QIC	Australia - QLD	1991	SWF	70	29%
132	Kokkyoren	Japan	2017	PPF	69	0%
133	LIA	Libya	2006	SWF	68	23%
134	Maryland SRA	USA - MD	1941	PPF	68	30%
135	PKA	Denmark	1954	PPF	65	8%
136	SRB	Sweden	1668	CB	65	0%
137	NF-NIC	Kazakhstan	2000	SWF	65	5%
138	COPERA	USA - CO	1931	PPF	65	20%
139	BIA	Brunei	1983	SWF	65	18%
140	SARB	South Africa	1921	CB	64	0%
141	BanRep	Colombia	1923	CB	63	0%
142	CBUS	Australia	1984	PPF	63	25%
143	RBA	Australia	1959	CB	62	0%
144	SOFAZ	Azerbaijan	1999	SWF	60	8%
145	IMCO	Canada - ON	2016	PPF	59	44%
146	New Mexico SIC	USA - NM	1958	SWF	58	29%
147	Texas PSF	USA - TX	1854	SWF	57	35%
148	NLGPS	UK	2019	PPF	57	20%
149	HESTA	Australia	1999	PPF	56	30%
150	Bpifrance	France	2008	SWF	56	61%
151	REST	Australia	1988	PPF	55	27%
152	QCB	Qatar	1973	CB	53	0%
153	VFMC	Australia - VIC	1994	SWF	53	30%
154	FGS	Argentina	2008	PPF	52	0%
155	ADPF	UAE - Abu Dhabi	2000	PPF	51	40%
156	OIA	Oman	1980	SWF	50	31%
157	PensionDanmark	Denmark	1993	PPF	49	25%
158	GPSSA	UAE	1999	PPF	49	40%
159	PUBLICA	Switzerland	2001	PPF	48	20%
160	PREVI	Brazil	1904	PPF	48	5%
161	NBK	Kazakhstan	1993	CB	48	0%
162	CBK	Kuwait	1969	CB	47	0%
163	EIH	Ethiopia	2022	SWF	46	100%
164	Bcentral	Chile	1925	CB	46	0%
165	MNB	Hungary	1924	CB	46	0%
166	NZ Super Fund	New Zealand	2001	SWF	46	20%
167	KTCU	South Korea	1971	PPF	45	56%
168	BNB	Bulgaria	1879	CB	45	0%
169	CBE	Egypt	1961	CB	45	0%
170	CBU	Uzbekistan	1991	CB	45	0%
171	ESSS	Indonesia	1977	PPF	44	5%
172	CSC	Australia	1976	PPF	43	28%
173	GPF	Thailand	1997	PPF	42	18%
174	NBB	Belgium	1850	CB	42	0%
175	KWAP	Malaysia	2007	PPF	42	11%
176	Bportugal	Portugal	1846	CB	41	0%
177	Texas MRS	USA - TX	1947	PPF	41	49%
178	NBU	Ukraine	1839	CB	39	0%
179	Texas PUF	USA - TX	1876	SWF	38	59%
180	AIH	Azerbaijan	2021	SWF	37	100%
181	BKAM	Morocco	1959	CB	37	0%
182	CBN	Nigeria	1958	CB	37	0%
183	NWF UK	UK	2024	SWF	36	100%
184	OENB	Austria	1816	CB	36	0%
185	BVV	Germany	1909	PPF	35	1%
186	FTF	Norway	2006	SWF	35	0%
187	NBSr	Serbia	1884	CB	34	0%
188	RBNZ	New Zealand	1934	CB	33	0%
189	CDG	Morocco	1959	PPF	33	33%
190	OBAG	Austria	1967	SWF	33	27%
191	GSIS	Philippines	1936	PPF	32	5%
192	Khazanah	Malaysia	1993	SWF	32	29%
193	GRSIA	Qatar	2002	PPF	31	11%
194	AMCM	China - MSAR	1999	CB	31	0%
195	Wyoming STO	USA - WY	1975	SWF	31	12%
196	Baiterek	Kazakhstan	2014	SWF	30	100%
197	BCRA	Argentina	1935	CB	29	0%
198	Aramco PF	Saudi Arabia	2017	PPF	29	33%
199	RDIF	Russia	2011	SWF	28	100%
200	BdL	Lebanon	1964	CB	28	0%
201	BB	Bangladesh	1971	CB	26	0%
202	KENFO	Germany	2017	SWF	26	10%
203	CBIran	Iran	1960	CB	26	0%
204	VER	Finland	1990	PPF	25	11%
205	FDC	Luxembourg	2004	PPF	25	5%
206	BanGuat	Guatemala	1945	CB	24	0%
207	FRR	France	2001	PPF	23	5%
208	NBC	Cambodia	1954	CB	23	0%
209	CBJ	Jordan	1964	CB	21	0%
210	PFR	Poland	2016	SWF	20	95%
211	Bouwinvest	Netherlands	2002	PPF	20	100%
212	BCU	Uruguay	1967	CB	19	0%
213	TL PF	Timor Leste	2005	SWF	19	4%
214	OPTrust	Canada - ON	1995	PPF	19	53%
215	ISIF	Ireland	2014	SWF	19	31%
216	CBO	Oman	1974	CB	18	0%
217	SP	Finland	1811	CB	18	0%
218	Mumtalakat	Bahrain	2006	SWF	18	79%
219	SK CIC	Canada - SK	1947	SWF	17	100%
220	NRB	Nepal	1956	CB	17	0%
221	UFRD	Uzbekistan	2006	SWF	17	34%
222	BCEAO	West African System	1959	CB	16	0%
223	TtE	Greece	1927	CB	16	0%
224	POBA	South Korea	1975	PPF	15	58%
225	BCRD	Dominican Republic	1947	CB	15	0%
226	BEAC	Central African System	1972	CB	15	0%
227	BNA	Angola	1926	CB	15	0%
228	Himaya	Oman	2023	PPF	15	40%
229	BCCR	Costa Rica	1950	CB	14	0%
230	NBSl	Slovakia	1993	CB	14	0%
231	Chile ESSF-PRF	Chile	2006	SWF	14	0%
232	SIO-MPF	Bahrain	1976	PPF	13	30%
233	CBIreland	Ireland	1943	CB	12	0%
234	SDH / SSH	Slovenia	1993	SWF	12	75%
235	ND LF	USA - ND	2010	SWF	12	8%
236	SBP	Pakistan	1947	CB	11	0%
237	CDP Equity	Italy	2011	SWF	11	81%
238	SFPIM	Belgium	2006	SWF	11	60%
239	CBAR	Azerbaijan	1992	CB	11	0%
240	INA	Indonesia	2020	SWF	11	26%
241	BCP	Paraguay	1952	CB	10	0%
242	BCV	Venezuela	1939	CB	10	0%
243	CADF	China	2007	SWF	10	41%
244	CBKy	Kenya	1966	CB	10	0%
245	BCE	Ecuador	1927	CB	9	0%
246	BCT	Tunisia	1958	CB	9	0%
247	NBRB	Belarus	1990	CB	9	0%
248	BdM	Mozambique	1975	CB	8	0%
249	BoM	Mauritius	1967	CB	8	0%
250	SCIC	Vietnam	2006	SWF	8	100%
251	HKIC	China - HKSAR	2023	SWF	8	0%
252	Solidium	Finland	1991	SWF	8	100%
253	BCH	Honduras	1950	CB	7	0%
254	BeS	Albania	1992	CB	7	0%
255	SBI	Iceland	1961	CB	7	0%
256	GrowthFund	Greece	2016	SWF	6	95%
257	BoG	Ghana	1957	CB	6	0%
258	CBB	Bahrain	2006	CB	6	0%
259	CBTT	Trinidad & Tobago	1964	CB	6	0%
260	LiB	Lithuania	1990	CB	6	0%
261	T&T HSF	Trinidad & Tobago	2000	SWF	6	0%
262	COFIDES	Spain	1988	SWF	6	100%
263	LaB	Latvia	1993	CB	5	0%
264	BBB IP	UK	2014	SWF	5	100%
265	NIIF	India	2015	SWF	5	100%
266	MB	Mongolia	1991	CB	5	0%
267	BCBo	Bolivia	1928	CB	5	0%
268	FEIP+FMPED	Mexico	2000	SWF	5	0%
269	KWAN / NTF	Malaysia	1988	SWF	5	0%
270	FAE+FAEP	Colombia	1995	SWF	4	0%
271	Pula Fund	Botswana	1994	SWF	4	0%
272	DHI	Bhutan	2007	SWF	3	90%
273	FEF	Peru	1999	SWF	3	0%
274	HNB	Croatia	1990	CB	3	0%
275	SAM	UAE - Sharjah	2008	SWF	3	85%
276	NRF	Guyana	2019	SWF	3	0%
277	FAP	Panama	2012	SWF	3	0%
278	NSIA	Nigeria	2011	SWF	2	60%
279	Sarawak	Malaysia	2024	SWF	2	0%
280	MGI	Malta	2015	SWF	2	100%
281	Maharlika	Philippines	2023	SWF	2	0%
282	FSDEA	Angola	2012	SWF	2	22%
283	CIF	Israel	2022	SWF	2	0%
284	FFSB	Brazil	2021	SWF	2	0%
285	ECCB	East Caribbean System	1983	CB	2	0%
286	TSFE	Egypt	2018	SWF	2	23%
287	FGIS	Gabon	2012	SWF	2	100%
288	Ithmar Capital	Morocco	2011	SWF	2	52%
289	GHF+GSF	Ghana	2011	SWF	1	0%
290	FONSIS	Senegal	2012	SWF	1	100%
291	Chinggis Fund	Mongolia	2025	SWF	1	0%
292	MIC	Mauritius	2020	SWF	1	100%
293	Palestine	Palestine	2003	SWF	1.0	100%
294	FGR	Bahrain	2006	SWF	0.9	36%
295	NIF	Cyprus	2019	SWF	0.8	0%
296	FSI	Guinea	2013	SWF	0.7	100%
297	GIIF	Ghana	2016	SWF	0.3	100%
298	Agaciro Fund	Rwanda	2012	SWF	0.3	6%
299	FSD	Djibouti	2020	SWF	0.2	100%
300	Nauru	Nauru	2015	SWF	0.2	12%

Source: Global SWF. Last updated April 2025

* Assets under management: Latest period USD figure if available, estimation otherwise

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