Top 10 Countries with the Largest Sovereign Wealth Funds in 2025

As global economies navigate geopolitical tensions, energy transitions, and digital transformation, sovereign wealth funds (SWFs) have emerged as powerful financial vehicles that help nations secure long-term prosperity. These state-owned investment entities manage surplus revenues, often from natural resources or foreign reserves and invest in diversified global assets ranging from real estate to tech startups.

In 2025, the top SWFs collectively manage over $10 trillion in assets, with the largest funds shaping capital markets and long-term financial strategies across the globe. This article explores the top 10 countries with the largest sovereign wealth funds, analyzing their strategic objectives, origins, and global impact.

1. Norway – Government Pension Fund Global (GPFG)

Norway holds the title of managing the world’s largest sovereign wealth fund, the Government Pension Fund Global (GPFG). Established in 1990, the GPFG is funded by the country’s surplus revenues from oil and gas exports.

Strategic Vision and Investments

Managed by Norges Bank Investment Management, the fund’s primary objective is to invest Norway’s energy wealth for the benefit of future generations. With assets exceeding $1.74 trillion, the GPFG holds stakes in over 9,000 companies across more than 70 countries.

Its portfolio includes equities (70%), fixed income (25%), and real estate and renewable infrastructure (5%). The GPFG is also known for its emphasis on ethical investment, sustainability, and environmental, social, and governance (ESG) criteria.

2. China – China Investment Corporation (CIC)

Established in 2007, the China Investment Corporation (CIC) was formed to manage part of the country’s massive foreign exchange reserves and enhance returns through global diversification.

Global Diversification and Innovation

With assets approaching $1.33 trillion, CIC invests in public equities, fixed income securities, private equity, and infrastructure. The fund plays a crucial role in supporting China’s Belt and Road Initiative, financing infrastructure and energy projects across Asia, Africa, and Europe.

The CIC is a core pillar of China’s push to move away from a dollar-dominated reserve portfolio and exert greater financial influence worldwide.

3. China – SAFE Investment Company

Alongside CIC, China also operates the State Administration of Foreign Exchange (SAFE) Investment Company, which controls another $1.23 trillion in foreign assets.

Reserve Management Strategy

SAFE is responsible for managing China’s official foreign exchange reserves—the largest in the world. It prioritizes capital preservation, liquidity, and moderate returns, deploying capital in global sovereign bonds, equities, and strategic sectors.

While more conservative than CIC, SAFE’s scale makes it a quiet but influential force in global bond and equity markets.

4. United Arab Emirates – Abu Dhabi Investment Authority (ADIA)

The Abu Dhabi Investment Authority (ADIA) is the principal investment arm of the UAE government, with assets totaling around $1.05 trillion in 2025.

Oil Wealth Turned Global Capital

Founded in 1976, ADIA channels the UAE’s oil revenues into a globally diversified portfolio that spans public equities, real estate, private equity, infrastructure, and alternative assets. ADIA maintains a long-term investment horizon, making it a cornerstone of economic resilience for Abu Dhabi.

The fund’s discreet but powerful influence has been felt in major real estate markets from New York to London, and it continues to support green energy transition efforts.

5. Kuwait – Kuwait Investment Authority (KIA)

Established in 1953, the Kuwait Investment Authority (KIA) is the oldest sovereign wealth fund in the world and a critical pillar of Kuwait’s economic planning.

Preserving Wealth for Future Generations

With assets reaching $1.03 trillion, KIA manages both the General Reserve Fund (for budgetary purposes) and the Future Generations Fund (for long-term stability). The fund invests in global equities, bonds, infrastructure projects, and emerging markets.

KIA’s conservative but strategic approach aims to ensure that Kuwait remains economically stable post-oil era.

6. Saudi Arabia – Public Investment Fund (PIF)

The Public Investment Fund (PIF) of Saudi Arabia has gained global prominence due to its role in the country’s Vision 2030 economic diversification strategy.

A Catalyst for Transformation

In 2025, PIF manages assets of around $925 billion, investing not only in global blue-chip companies but also in futuristic sectors such as electric vehicles, space tech, NEOM smart city, and tourism.

Through investments in companies like Lucid Motors, Uber, and SoftBank, the PIF is reshaping Saudi Arabia’s economic identity while asserting its role in technology and energy transitions.

7. Singapore – GIC Private Limited

GIC, formerly the Government of Singapore Investment Corporation, manages approximately $800 billion in assets. It is one of the most respected and professionally run sovereign funds in the world.

Global Reach, Strategic Focus

GIC focuses on long-term investments in real estate, infrastructure, equities, and alternative assets. Its portfolio is globally diversified and heavily geared toward risk-adjusted returns, rather than short-term performance.

Singapore also operates Temasek Holdings, a state-owned investment company with a separate mandate and strategy.

8. Qatar – Qatar Investment Authority (QIA)

The Qatar Investment Authority (QIA) holds assets totaling $526 billion in 2025. Established in 2005, it is the investment arm of the State of Qatar, funded by the nation’s natural gas surplus.

Global Prestige and Diversification

QIA is known for its high-profile stakes in Barclays, Volkswagen, Harrods, Credit Suisse, and London real estate. The fund supports Qatar’s ambition to diversify its economy while enhancing the country’s global economic footprint.

9. Hong Kong – HKMA Investment Portfolio

The Hong Kong Monetary Authority (HKMA) manages the Exchange Fund, which acts like a sovereign wealth fund, with assets around $516 billion.

Monetary Stability and Reserve Growth

Its primary role is to support the Hong Kong dollar’s currency peg, manage foreign reserves, and ensure monetary stability. Over time, it has diversified into private equity and real estate to boost returns.

The fund reflects Hong Kong’s strategy of using sovereign assets to maintain financial stability amid regional and global volatility.

10. Saudi Arabia – SAMA Foreign Holdings

The Saudi Arabian Monetary Authority (SAMA) manages another fund alongside PIF, focused on foreign reserves and liquidity management. Known as SAMA Foreign Holdings, it controls around $498 billion in 2025.

Reserve Protection and Market Stability

While SAMA is more conservative and focused on short-term liquidity and capital protection, its size and role in supporting Saudi Arabia’s monetary framework make it a key actor in regional finance.

Largest Sovereign Wealth Funds by Country (2025)