Sovereign wealth funds: 20 questions, answered

These are the questions people ask most about sovereign wealth funds. Each answer starts with the short version, then gives the context and the numbers behind it. Every figure comes from our own fund profiles and data files, with the source and the date it refers to. Where a fund does not publish a figure, we say so.

A note on size figures: funds report in different ways. Some publish audited assets, some publish a net portfolio value, and some publish nothing at all, so the only numbers available are estimates by others. We show the basis next to every number and we never add funds together across different bases. Our method is on the methodology page.

1. What is a sovereign wealth fund?

A sovereign wealth fund is a pool of money owned by a government and invested for the long term, usually in shares, bonds, property and private companies. The money comes from somewhere specific, most often oil and gas revenue, budget surpluses, foreign exchange reserves or the sale of state assets.

The idea is simple. A country, state or province has more money today than it needs to spend today, so it puts some of it to work for later. Norway saves oil revenue in its Government Pension Fund Global, which NBIM describes as the long-term management of revenue from Norway's oil and gas (source: https://www.nbim.no/en/ , as of 2026-09-30). Singapore's GIC manages the country's foreign reserves for the Government and says it does not own the assets it manages (source: https://www.gic.com.sg/uploads/2026/07/GIC_AR_2025-26_PRINT.pdf , as of 2026-07-24).

Where the line sits is not settled, and that matters. Public pension funds, central bank reserve portfolios, state holding companies and development banks all look similar from the outside. Rather than hide that grey zone, we label it. Our list holds 231 entities in 108 countries and territories, split into five groups: 78 core national funds, 56 sub-national funds (US states, Canadian provinces and others), 67 state holding or development funds, 5 central bank reserve arms and 25 funds that are proposed or not yet operating (source: our fund profiles).

For the longer explainer, see What is a sovereign wealth fund?.

2. What are the largest sovereign wealth funds in the world?

On the figures in our profiles, the largest are Norway's Government Pension Fund Global, China Investment Corporation, the Abu Dhabi Investment Authority, the Kuwait Investment Authority, Singapore's GIC, Saudi Arabia's PIF and the Qatar Investment Authority. The order depends on which figure you trust, because several of these funds do not publish their size.

Here is what each figure actually is:

Two very large pools are often listed next to these but sit in other groups on our site: Japan's GPIF, a public pension reserve fund, and SAFE Investment Company, which we treat as a central bank reserve arm.

The full ranking with basis labels is at largest sovereign wealth funds.

3. What are the biggest Gulf sovereign wealth funds?

The biggest Gulf funds are ADIA in Abu Dhabi, the Kuwait Investment Authority, Saudi Arabia's PIF and the Qatar Investment Authority. Behind them come Mubadala, the Investment Corporation of Dubai and ADQ, then Oman's OIA and Bahrain's Mumtalakat.

The Gulf is crowded. Our list holds 28 entities in the six GCC states: 15 in the United Arab Emirates, 5 in Kuwait, 4 in Saudi Arabia, 2 in Bahrain and 1 each in Qatar and Oman (source: our fund profiles). Many are holding companies rather than classic funds, so their headline numbers measure different things.

• ADIA, KIA and QIA do not publish assets. Every figure for them is a press estimate: about US$1.1tn, US$1tn and US$580bn respectively (see the sources in question 2).
• PIF publishes assets under management of SAR 3,396bn at 31 December 2025 (source: PIF Annual Report 2025, as of 2025-12-31).
• Mubadala reports AED 1,414bn (US$385bn) of assets under management at 31 December 2025 (source: https://www.mubadala.com/en/news/strong-performance-by-uae-portfolio-drives-mubadalas-growth-in-2025 , as of 2025-12-31).
• The Investment Corporation of Dubai and ADQ report consolidated total assets, which include the operating companies they own. ADQ's audited total assets were AED 996.8bn at 31 December 2025 (source: https://www.adq.ae/cdn-assets/documents/ADQ-Group-consolidated-FY25-signed-FS.pdf , as of 2025-12-31).
• Oman Investment Authority reports total assets of OMR 22.922bn for 2025 (source: https://www.oia.gov.om/uploads/OIA_Annual_Report_EN_Final_0de92e2bf6.pdf , as of 2025-12-31). Mumtalakat reports audited consolidated total assets of BHD 7.22bn at 31 December 2024 (source: https://ise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com/202506/b50111ea-fc8c-45f7-89f3-0fbee393610f.pdf , as of 2024-12-31).

Because an asset pool and a consolidated group balance sheet are different things, we do not rank these on one scale without a label. The comparison table is at Gulf sovereign wealth funds.

4. Does the United States have a sovereign wealth fund?

Not at the federal level. A plan has been ordered, but no federal fund has been created and no law has been passed (source: https://www.whitehouse.gov/presidential-actions/2025/02/a-plan-for-establishing-a-united-states-sovereign-wealth-fund/ , as of 2025-02-03).

Here is the public record:

1. On 3 February 2025 President Trump signed the executive order "A Plan for Establishing a United States Sovereign Wealth Fund". It directed the Secretary of the Treasury and the Secretary of Commerce to submit a plan within 90 days covering funding, investment strategy, structure, governance and legal questions. The order itself creates no fund.
2. The White House fact sheet issued the same day said the federal government directly holds US$5.7 trillion of assets. That is context for the idea, not money in a fund (source: https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-orders-plan-for-a-united-states-sovereign-wealth-fund/ , as of 2025-02-03).
3. H.R.3116, the American Sovereign Wealth Fund Exploration Act, was introduced in the House on 30 April 2025 and referred to the Financial Services Committee. Its recorded status is "Introduced" (source: https://www.congress.gov/bill/119th-congress/house-bill/3116/all-actions , as of 2025-04-30).

What the US does have is a large set of state-level funds. Our list holds 31 US entities, 29 of them sub-national, including the Alaska Permanent Fund and the Texas Permanent School Fund (source: our fund profiles). See question 16 for those.

We track the federal question with a dated status log on the US sovereign wealth fund page and on the profile for the proposed US fund.

5. How many sovereign wealth funds are there?

It depends on what you count. Our list holds 231 state-owned investment entities in 108 countries and territories. Of those, 78 are core national sovereign wealth funds (source: our fund profiles).

Here is how the count builds up:

Source: our fund profiles.

Published counts from other organisations differ for the same reason: each one draws the line in a different place. Some include public pension funds and central bank reserves. Some leave out holding companies and state-level funds. Some include funds that have been announced but hold no money yet. There are 25 proposed or not yet operating funds on our list, such as the Canada Strong Fund and the proposed US federal fund.

By region, our list has Asia 46, North America 43 (37 of them sub-national), Africa 38, Europe 35, the Middle East 34, Latin America and the Caribbean 21, and Australia and the Pacific 14. The United States has the most entities of any country (31), followed by the United Arab Emirates (15) and Canada (12) (source: our fund profiles).

You can sort and filter the full list at list of sovereign wealth funds, and see how the layers are defined on our tiers page and methodology page.

6. What is the UK National Wealth Fund, and is it a sovereign wealth fund?

The UK National Wealth Fund is a state-owned policy bank, not a classic sovereign wealth fund. It finances infrastructure, supply chains and businesses with capital from HM Treasury, rather than investing surplus national savings (source: https://www.nationalwealthfund.org.uk/media/npfm1lea/national-wealth-fund-limited-annual-report-and-accounts-2025-2026.pdf , as of 2026-03-31).

The facts from our UK National Wealth Fund profile:

• It began in 2021 as the UK Infrastructure Bank. On 14 October 2024 the Chancellor announced it would operate as the National Wealth Fund with a broader mandate (source: https://www.gov.uk/government/news/chancellor-announces-new-plans-to-secure-uk-investment , as of 2024-10-14).
• Its core capitalisation is GBP 27.8 billion, and its target is to help bring in over GBP 100 billion of finance by 2031. That is capital available to deploy, not assets under management.
• Separately, HM Treasury gave it up to GBP 36.6 billion of extra capacity for financing the Sizewell C nuclear power station.
• Between 2021 and 31 March 2026 it committed GBP 46.1 billion to 77 projects, with the Sizewell C loan the largest part.
• Oliver Holbourn has been Chief Executive since November 2025, succeeding John Flint. Chris Grigg is Chair.
• It is based in Leeds and describes itself on gov.uk as an executive non-departmental public body sponsored by HM Treasury (source: https://www.gov.uk/government/organisations/national-wealth-fund , as of 2026-05-28).
• It does not appear on the IFSWF members list (source: https://ifswf.org/our-members ).

On our site it sits in the state holding and development group with a development bank flag. We keep it on the list because it appears on other published lists and because people search for it as the UK's sovereign wealth fund. The UK does not have a resource-funded national savings fund on our list.

The UK's other state investors on our list are on the United Kingdom country page.

7. What is the Canada Strong Fund?

The Canada Strong Fund is a planned federal sovereign wealth fund announced on 27 April 2026, with an initial federal contribution of C$25 billion. It has been announced, not yet established, and has no board, chief executive or investments as of September 2026 (source: https://www.pm.gc.ca/en/news/news-releases/2026/04/27/prime-minister-carney-announces-canada-strong-fund-canadas-first , as of 2026-04-27).

What we know from our Canada Strong Fund profile:

• Prime Minister Mark Carney announced it, and the Government of Canada describes it as "Canada's first national sovereign wealth fund".
• The government intends to set it up as an arm's-length Crown corporation reporting through the Minister of Finance and National Revenue, with further details on mandate and structure to follow.
• Ottawa has said ordinary Canadians will be offered a retail product to invest alongside the fund, with a consultation on how it works. No terms have been published.
• On 3 September 2026 the Finance Minister's office told iPolitics the seed money was "booked" but not yet borrowed, and that the transition team was still working to set up a board and CEO (source: https://www.ipolitics.ca/2026/09/03/ottawa-has-yet-to-borrow-the-seed-money-for-canada-strong-fund-as-rates-climb/ , as of 2026-09-03).

The C$25 billion is an announced contribution, not assets under management.

Canada already has 12 entities on our list, including provincial funds and CPP Investments, which manages pension money and which we class as a pension reserve fund (source: our fund profiles).

We follow each step on the new sovereign wealth funds tracker.

8. Which Asian countries have sovereign wealth funds?

Most of the larger Asian economies have at least one state investment fund, though not all of them call it a sovereign wealth fund. Our list holds 46 entities in Asia, 20 of them core national funds (source: our fund profiles).

A few of the names people ask about:

• China. China Investment Corporation reported total assets of US$1.567 trillion at the end of 2024 (source: https://www.china-inv.cn/chinainven/xhtml/Media/2024EN.pdf , as of 2024-12-31). China also has SAFE Investment Company and other state vehicles.
• Singapore. GIC and Temasek. See question 9.
• South Korea. Korea Investment Corporation reports US$232.0 billion at the end of 2025 (source: https://www.kic.kr/annual-report/2025/en/sub0101.html , as of 2025-12-31).
• Malaysia. Khazanah Nasional reports total assets on a realisable value basis of RM156bn at the end of 2025 (source: https://www.khazanah.com.my/wp-content/uploads/KAR-2026_Presentation-Deck-ENG.pdf , as of 2025-12-31).
• Indonesia. Two funds. The Indonesia Investment Authority is a co-investment fund founded in 2021. Danantara was set up by Law No. 1 of 2025 to manage state investments and state-owned company assets. Its published size figures are official statements and estimates rather than audited fund accounts, and its profile sets each one out with its source.
• India. India's national entry on our list is the National Investment and Infrastructure Fund. It is not a savings fund built from surpluses. It works as a government-anchored asset manager with US$5+ billion of equity commitments across four strategies (source: https://niifindia.in/news/government-of-india-approves-additional-inr-30000-crore-allocation-to-niif-taking-total-allocation-to-inr-60000-crore/ , as of 2026-06-29).
• Japan. GPIF is a public pension reserve fund, not a sovereign wealth fund in our grouping. Japan also has a proposed fund on our pipeline list.

The full regional view is on Asia sovereign wealth funds.

9. What is the difference between GIC and Temasek?

Both are owned by the Government of Singapore, but they do different jobs. GIC manages Singapore's foreign reserves on behalf of the Government and does not own those assets. Temasek is an investment company that owns its portfolio, pays tax and pays dividends to its single shareholder, the Minister for Finance.

Sources: GIC Annual Report 2025/26, https://www.gic.com.sg/uploads/2026/07/GIC_AR_2025-26_PRINT.pdf (as of 2026-07-24); Reuters, https://www.reuters.com/world/asia-pacific/singapores-gic-banks-hedge-funds-weather-market-volatility-rides-ai-boom-2026-07-23/ (as of 2026-07-24); Temasek Review 2026, https://www.temasekreview.com.sg/performance-and-portfolio.html (as of 2026-03-31).

The return figures are not like for like. GIC reports a time-weighted return in US dollars. Temasek reports a total shareholder return in Singapore dollars that includes dividends paid to its shareholder. Temasek also moved to full mark-to-market valuation in its 2026 financial year.

One practical link: under the Constitution the Budget can draw up to half of the expected long-term real return on net assets that GIC manages and MAS owns, plus net investment income from Temasek, GIC and MAS's other investments, in its annual Budget (source: GIC Annual Report 2025/26, as of 2026-07-24).

More side-by-side comparisons are on our compare page.

10. Which African countries have sovereign wealth funds?

More than you might expect, and the number is still growing. Our list holds 38 entities in Africa: 15 core national funds, 9 state holding or development funds, 3 sub-national funds, 1 central bank reserve arm and 10 that are proposed or not yet operating (source: our fund profiles). That pipeline is the largest of any region.

Some of the funds people ask about:

• Nigeria. The Nigeria Sovereign Investment Authority manages oil revenue above the budget benchmark. It reported net asset value of US$3.40bn at 31 December 2025 (source: https://nsia.com.ng/nsia-announced-audited-financial-results-for-the-2025-financial-year/ , as of 2025-12-31).
• Botswana. The Pula Fund is the long-term tranche of the country's foreign reserves, held by the Bank of Botswana: BWP 27.9bn at the end of 2025 (source: https://www.bankofbotswana.bw/sites/default/files/publications/Annual%20Report%202025.pdf , as of 2025-12-31). A separate Botswana Sovereign Wealth Fund company was incorporated on 27 May 2025 (source: https://dailynews.gov.bw/news-detail/90943 ) and had not deployed capital or received its seed capital (source: https://guardiansun.co.bw/news/botswana-sovereign-wealth-fund-yet-to-deploy-capital/news , as of 2026-08-28).
• Ghana. The Ghana Petroleum Funds, a stabilisation fund and a heritage fund, held US$1,643.66 million together at 30 June 2026 (source: https://www.bog.gov.gh/wp-content/uploads/2026/08/Semi-Annual-Report-H1-2026.pdf , as of 2026-06-30).
• Angola. The Fundo Soberano de Angola reported total assets of US$4.716bn at the end of 2025 (source: https://www.ifswf.org/assessment/fsdea-2025 , as of 2025-12-31).
• Kenya. The Sovereign Wealth Fund Act was assented on 8 July 2026 and commenced on 24 July 2026. No assets have been published (source: https://new.kenyalaw.org/akn/ke/act/2026/25 , as of 2026-07-24).
• South Africa. No fund yet. The Development Bank of Southern Africa has started a feasibility study (profile; source: https://www.sundaytimes.timeslive.co.za/business/news/2026-09-05-development-bank-of-southern-africa-moves-to-launch-sa-sovereign-wealth-fund/ , as of 2026-09-05).

The regional page is Africa sovereign wealth funds.

11. How do sovereign wealth funds work, and how do they make money?

A sovereign wealth fund takes money the state does not need to spend now, invests it in markets and private assets, and earns returns from dividends, interest, rent and rising asset values. Most then follow a rule that says how much the government may take out each year.

There are three parts to it.

Money in. Across the 231 entities on our list, the main funding sources are state equity or privatisation (70), oil and gas (67), fiscal surpluses or borrowing (29), minerals (19), foreign exchange reserves (11) and land, royalty or trust income (9). Another 26 rely mainly on other sources, such as pension contributions (source: our fund profiles).

Investing. Norway's fund held 72.1% in equities, 25.8% in fixed income and the rest in unlisted property and renewable infrastructure at 30 June 2026 (source: https://www.nbim.no/en/news-and-insights/the-press/press-releases/2026/record-high-krone-return-in-the-first-half-of-the-year/ , as of 2026-06-30). The Alaska Permanent Fund spreads money across eight asset classes, with 35% in public equities and 16% in private equity (source: https://apfc.org/wp-content/uploads/2026/09/2026-APFC-Annual-Report-Web-FINAL.pdf , as of 2026-06-30).

Returns and money out. NBIM reports that the Norwegian fund returned 6.64% a year since 1998, measured in its currency basket to the end of 2025 (source: https://www.nbim.no/en/news-and-insights/reports/2025/annual-report-2025/web-report-annual-report-2025/ , as of 2025-12-31). Norway's fiscal rule limits yearly spending from the fund to the expected real return, set at 3% (source: https://www.regjeringen.no/contentassets/f143d0a97dae41e38658800102dcd6d8/en-gb/pdfs/meld-st-7-20252026-excecutive-summary.pdf , as of 2026). Alaska draws 5% of market value each year under its percent-of-market-value rule, which pays for the dividend and state services (source: APFC Annual Report 2026, as of 2026-06-30). Singapore's Constitution lets the Government spend up to 50% of the long-term expected real return on net assets managed by GIC and owned by MAS, plus net investment income from Temasek and the others, in its annual Budget (source: https://www.gic.com.sg/uploads/2026/07/GIC_AR_2025-26_PRINT.pdf , as of 2026-07-24).

More detail and worked examples are on how sovereign wealth funds work.

12. Are sovereign wealth funds good or bad?

That is a policy judgement, and we leave it to readers. What we can do is show what the record says, both the benefits funds can point to and the gaps that worry their critics.

What funds can point to. Some funds pay out large, documented sums. The Alaska Permanent Fund reports US$119.8bn of total earnings over its life, of which US$51.4bn was paid out to Alaskans through dividends and public services and US$68.4bn was kept for future generations (source: https://apfc.org/wp-content/uploads/2026/09/2026-APFC-Annual-Report-Web-FINAL.pdf , as of 2026-06-30). Norway's fiscal rule caps yearly spending from its fund at the expected real return, 3%, which is designed to keep the capital intact (source: https://www.regjeringen.no/contentassets/f143d0a97dae41e38658800102dcd6d8/en-gb/pdfs/meld-st-7-20252026-excecutive-summary.pdf , as of 2026).

What critics point to. Many funds tell the public very little. On our 10-item disclosure check across all 231 profiles, 57.6% publish no long-term return, 42.4% publish no annual return and 26.0% do not publish total assets (source: our fund profiles). Three of the largest Gulf funds, ADIA, KIA and QIA, do not disclose their assets at all, so every size figure for them is an estimate.

Who owns them. A government owns each fund, sometimes through a ministry, a central bank or a state company. The details differ: GIC is wholly owned by the Government of Singapore and manages assets it does not own, while PIF reports to Saudi Arabia's Council of Economic and Development Affairs (source: https://www.pif.gov.sa/en/who-we-are/our-leadership/ , as of 2026-09-30).

Our transparency study is at the ten disclosure walls.

13. Can you invest in a sovereign wealth fund?

Not directly. Sovereign wealth funds are owned by governments and do not take money from individual investors. There are a few indirect routes and one planned exception, but none of them gives you a share of the fund itself.

What exists today, from our profiles:

1. Listed companies a fund controls. Some funds hold large stakes in listed companies that anyone can buy on a stock exchange. For example, PIF lists eight listed local subsidiaries in its audited 2025 accounts, including stc at 62.00% and Saudi National Bank at 37.24% (source: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/our-financials/financial-statements/pdfs/consolidated-financial-statements-2025.pdf , as of 2025-12-31). Owning one of those shares means owning that company, not the fund.
2. A planned retail product in Canada. The government said the Canada Strong Fund will have a retail investment product so individual Canadians can take part. The design was under consultation and no terms had been published (source: https://www.pm.gc.ca/en/news/news-releases/2026/04/27/prime-minister-carney-announces-canada-strong-fund-canadas-first , as of 2026-04-27).
3. State-linked unit trusts. Malaysia's Permodalan Nasional Berhad is a state-linked investor funded mostly by retail unitholders, with eligibility that depends on the unit trust. It is not a classic sovereign wealth fund (source: https://www.pnb.com.my/sites/default/files/2026-08/1_PNB%20IAR%2025_EN.pdf , as of 2025-12-31).

For professional fund managers the route is different: some funds hire outside managers through published programmes. See question 20.

Nothing on this site is investment advice.

More practical questions are covered in our guides.

14. How big is Saudi Arabia's PIF, and what does it own?

PIF reported assets under management of SAR 3,396 billion at 31 December 2025, about US$906 billion at the riyal's 3.75 peg. Its consolidated total assets, which include the companies it controls, were SAR 4,541 billion, about US$1.21 trillion (source: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/annual-reports/reports/pif-annual-report-2025-english-hyperlinked.pdf , as of 2025-12-31).

Those two numbers measure different things. Assets under management is the fund-level figure. Total assets is the group balance sheet, including banks and telecoms that PIF consolidates. Lists that use one or the other will differ by about a third for the same fund (our arithmetic: a ratio of 1.34).

Key facts from our PIF profile:

• Founded in 1971 by Royal Decree M/24 and restructured in 2015, when it moved under the Council of Economic and Development Affairs (source: https://www.pif.gov.sa/en/who-we-are/our-history/ , as of 2026-09-30).
• Leadership. Crown Prince Mohammed bin Salman chairs the board, and the Governor is Yasir Al-Rumayyan (source: https://www.pif.gov.sa/en/who-we-are/our-leadership/ ).
• Shape. The 2025 annual report gives 211 portfolio companies, a split of about 76% local, 20% international and 4% treasury, and 3,321 staff.
• Holdings. Listed subsidiaries include stc, Saudi National Bank, Maaden, Tadawul Group, Elm and MBC Group. Unlisted subsidiaries include giga-project companies such as NEOM, Red Sea Global, Qiddiya and ROSHN (source: consolidated financial statements 2025, as of 2025-12-31).
• Funding. The state transferred Saudi Aramco shares to PIF and its companies in 2022, 2023 and March 2024 (source: https://www.pif.gov.sa/en/news-and-insights/newswire/2024/hrh-crown-prince-announces-completion-of-the-transfer-of/ , as of 2024-03-07).
• Strategy. The board approved a 2026 to 2030 strategy on 15 April 2026 (source: https://www.pif.gov.sa/en/strategy-and-impact/our-strategy/ , as of 2026-04-15).

PIF is not an IFSWF member but has published its own Santiago Principles self-assessment.

15. How do you get a job at a sovereign wealth fund?

Apply through the fund's own careers page. That is where openings and graduate or national talent programmes are posted, and it is the only route we point to.

Team sizes vary a lot, which tells you how many roles there are. From the funds' own reports:

A few details worth knowing. ADIA says AI, data and quantitative roles made up more than half of its 2024 new hires. The Emirates Investment Authority publishes an Investment Leadership Program for UAE National talent (source: https://www.eia.gov.ae/our-investments/our-portfolio/ ). Smaller funds can be much leaner: Hong Kong Investment Corporation had 53 positions in April 2025 and Norway's Folketrygdfondet had 63 employees at the end of 2025. Some funds have no staff of their own at all, such as Malaysia's KWAN, where Bank Negara Malaysia administers the investments (sources: the Hong Kong Investment Corporation and Folketrygdfondet profiles).

One caution: several funds, including GIC, warn about people who falsely claim to act in their name. Use the official website.

Each fund's profile links to its official website. Find one in the full list.

16. Which US states have sovereign wealth funds?

Quite a few. Our list holds 29 US sub-national funds, most of them permanent funds built from oil, gas, mineral or land revenue. The largest on our list are Alaska, New Mexico and Texas (source: our fund profiles).

Some of the best known, with each fund's own figure:

• Alaska. The Alaska Permanent Fund held US$91.9 billion at 30 June 2026, audited (source: https://apfc.org/wp-content/uploads/2026/09/2026-APFC-Annual-Report-Web-FINAL.pdf , as of 2026-06-30). The 2026 dividend was US$1,000 per person plus a US$200 energy relief payment, paid from 1 October 2026 (source: https://alaskabeacon.com/2026/09/30/permanent-fund-dividends-will-be-distributed-to-alaskans-starting-this-week/ , as of 2026-09-30).
• New Mexico. The State Investment Council reported US$74.63 billion of managed net assets at 31 July 2026, unaudited (source: https://www.ssp.nm.gov/documents/investment/118600.pdf , as of 2026-07-31).
• Texas. The Texas Permanent School Fund reported a net position of US$60.619 billion at 31 August 2025, audited. Its roots go back to the Texas Constitution of 1845 (source: https://texaspsf.org/wp-content/uploads/2026/06/2025-acfr-texas-permanent-school-fund-corporation_a11y.pdf , as of 2025-08-31).
• North Dakota. The Legacy Fund reported US$15.10 billion at 30 June 2026, preliminary and unaudited (source: https://www.rio.nd.gov/sites/www/files/documents/assets/202606finlegacy.pdf , as of 2026-06-30).
• Wyoming. The Permanent Wyoming Mineral Trust Fund reported a market value of US$13.02 billion at 30 June 2026 (source: https://statetreasurer.wyo.gov/wp-content/uploads/2026/08/Packet-06302026.pdf , as of 2026-06-30).

These figures have different bases and dates, so we do not add them up. Our count includes the smaller school and land trusts as well, such as those in Arizona, Idaho and Oregon.

The full table is at US state sovereign wealth funds.

17. What is the difference between a sovereign wealth fund and a pension fund?

A public pension fund holds money set aside to pay pensions, so it has a clear future bill to meet. A sovereign wealth fund usually has no such bill. It invests national savings, resource revenue or reserves for broad goals set by the government. The line blurs in practice, which is why some pension funds show up in sovereign fund rankings.

Two of the largest state pools on many lists are pension funds:

• GPIF manages Japan's public pension reserves and had JPY 293.6 trillion at 31 March 2026 (source: https://www.gpif.go.jp/en/performance/73509681gpif/annual_report_summary_2025_en.pdf , as of 2026-03-31).
• CPP Investments manages Canada Pension Plan money and reported C$793.3 billion of net assets at 31 March 2026 (source: https://www.newswire.ca/news-releases/cpp-investments-net-assets-total-793-3-billion-at-2026-fiscal-year-end-814459989.html , as of 2026-03-31).

We keep both on our list so you can find them, and class them as pension reserve funds in the state holding and development group rather than count them as core sovereign wealth funds. Across our 231 entities, 8 are classed mainly as pension reserve funds and 5 more list pension reserves as a secondary role (source: our fund profiles).

The name can mislead. Norway's Government Pension Fund Global is funded by petroleum revenue, and spending from it follows a fiscal rule, so we class it as a sovereign wealth fund.

The same logic applies to other neighbours. A central bank reserve portfolio is managed mainly for liquidity. A development bank lends to projects at home. A state holding company owns and runs businesses. We show each of these as a separate group so you can compare like with like.

More on where the lines fall is in what is a sovereign wealth fund?.

18. How much is Norway's sovereign wealth fund worth?

Norway's Government Pension Fund Global was worth NOK 22,683 billion at 30 June 2026, about US$2,285 billion on our conversion. It is the largest fund on our list that publishes its own value (source: https://www.nbim.no/en/investments/the-funds-value/ , as of 2026-06-30).

The details from our Norway profile:

• Currency. NBIM reports in kroner, not dollars. Our dollar figure uses the ECB reference rate of NOK 9.9267 per US dollar for 30 June 2026 (source: https://api.frankfurter.dev/v1/2026-06-30?base=USD&symbols=NOK , as of 2026-06-30). Dollar figures elsewhere vary because they convert on other dates.
• Growth. The value was NOK 21,268 billion at the end of 2025, and it first passed NOK 20,000 billion in 2024.
• Holdings. At 30 June 2026 the fund held 72.1% in equities, 25.8% in fixed income and the rest in unlisted property and renewable infrastructure (source: https://www.nbim.no/en/news-and-insights/the-press/press-releases/2026/record-high-krone-return-in-the-first-half-of-the-year/ , as of 2026-06-30).
• Return. NBIM reports an annual return of 6.64% since 1998, measured in the fund's currency basket to the end of 2025 (source: https://www.nbim.no/en/news-and-insights/reports/2025/annual-report-2025/web-report-annual-report-2025/ , as of 2025-12-31).
• Team. NBIM had 678 staff at the end of 2025.

The fund belongs to the state, not to individual citizens. Money reaches Norwegians through the state budget, and the fiscal rule caps yearly spending from the fund at the expected real return, set at 3% (source: https://www.regjeringen.no/contentassets/f143d0a97dae41e38658800102dcd6d8/en-gb/pdfs/meld-st-7-20252026-excecutive-summary.pdf , as of 2026).

19. What are the Santiago Principles?

The Santiago Principles are a voluntary set of 24 generally accepted principles and practices (often shortened to GAPP) for how sovereign wealth funds should be run and how open they should be. They were framed in 2008 through an IMF initiative. Members of the International Forum of Sovereign Wealth Funds (IFSWF) commit to them: our Indonesia Investment Authority profile, for example, records its associate membership from 24 May 2021 and full membership from 20 September 2022, each with a commitment to the principles.

How this shows up in our profiles:

• Self-assessments. Funds publish a report saying how they meet each principle. PIF published one reporting all 24 as implemented, even though it is not an IFSWF member (source: https://www.pif.gov.sa/-/media/project/pif-corporate/pif-corporate-site/our-investments/governance-and-investments/pdf/santiago-principles-self-assessment-report.pdf , as of 2024-04). The Kuwait Investment Authority published one in November 2022 (source: https://www.kia.gov.kw/wp-content/uploads/2022/11/ISFWF-Santiago-Principles-Self-Assessment-KIA-2022.pdf , as of 2022).
• Origins. Our KIA profile records that the IFSWF grew out of the Kuwait Declaration of April 2009, which KIA led. Temasek says it supported the IMF initiative that framed the principles in 2008.
• Membership. On our list, 41 entities are IFSWF full members and 8 are associates. 182 are not members (source: our fund profiles). Membership is a commitment to the principles, but it does not guarantee a high level of public disclosure.

Does signing up go with publishing more? On our own 10-item disclosure score, operating IFSWF full members average 7.57 out of 10, against 5.97 for non-members and 5.31 for associates (source: our fund profiles). That is a pattern, not proof of cause. Our score is our own rubric, not an IFSWF measure.

The full membership picture is on our IFSWF members page.

20. How do you approach a sovereign wealth fund?

Use only the routes the fund itself publishes. Most funds do not take unsolicited pitches. Some run published programmes for outside managers or partners. Many publish nothing at all, and we never suggest that a fund welcomes approaches it has not invited.

What the funds' own material shows:

• PIF has a Managers Gate portal for its MENA External Managers Program, plus a Private Sector Hub for suppliers and entrepreneurs (source: https://www.pif.gov.sa/en/managers-gate/ , as of 2026-09-30).
• Korea Investment Corporation describes asset-class teams in six cities that make commitments to managers, and a Strategic Investment Office that co-invests with Korean companies abroad (source: https://www.kic.kr/annual-report/2025/en/sub0204.html , as of 2025-12-31).
• New Zealand Superannuation Fund publishes investment partner guidance and selects external managers through a published process (source: https://www.nzsuperfund.nz/assets/NZ-Super-Fund-Annual-Report-2025_final-for-web.pdf , as of 2025-06-30).
• GIC has no open application. It cautions the public that offers of investment services made in its name are not real (source: https://www.gic.com.sg/who-we-are/faqs/ , as of 2026-09-30).
• Norway's NBIM chooses its external managers itself and reports the mandates it awarded: 14 in 2025 (source: NBIM Annual Report 2025, as of 2025-12-31).

Some funds state plainly that they have no route for private capital. Our Kuwait Investment Authority profile, for example, records that KIA does not publish programmes open to private capital. Where funds publish nothing, the routes we can observe in their own announcements are partnerships with established managers and operators. Our GIC profile, for example, lists GP relationships and co-investment invitations from partners.

Each profile lists the routes that fund publishes, if any. Start from the full list.