The Global Top 100
A meticulously tracked dataset of the world's largest sovereign wealth vehicles, representing over $11.4 trillion in systemic capital.
Rankings & AUM (Q1 2024)
| Rank | Fund | Country | AUM ($B) | Origin |
|---|---|---|---|---|
| 1 | NBIM | Norway | 1,620 | Oil / Commodities |
| 2 | CIC | China | 1,240 | Non-Commodity |
| 3 | SAFE Investment Co. | China | 1,020 | Non-Commodity |
| 4 | ADIA | UAE | 993 | Oil / Commodities |
| 5 | PIF | Saudi Arabia | 925 | Oil / Commodities |
| 6 | KIA | Kuwait | 803 | Oil / Commodities |
| 7 | GIC | Singapore | 770 | Non-Commodity |
| 8 | QIA | Qatar | 475 | Oil / Commodities |
| 9 | Temasek | Singapore | 287 | Non-Commodity |
| 10 | Mubadala | UAE | 276 | Oil / Commodities |
* Data compiled from official sovereign wealth fund reports, central bank disclosures, and proprietary ISW estimates where opaque. See our methodology guide.
Concentration Analyzer
Sovereign wealth is highly top-heavy. Calculate the concentration risk by seeing what percentage of global SWF AUM is held by the top N funds.
Analysis: The Trillion-Dollar Club
The barrier to entry for the top tier of sovereign wealth has shifted dramatically over the past decade. In 2014, only NBIM and ADIA confidently sat above the $800B mark. Today, six funds exceed or approach the $1T threshold.
This growth is driven by two distinct factors: compound returns in public equities (driving NBIM's growth) and aggressive capital injections from state oil revenues post-2022 (driving PIF and ADIA).
Geographic Concentration
The Middle East (specifically the GCC) and Asia dominate the rankings. North America is notably absent at the federal level, though state-level funds (like the Alaska Permanent Fund or Texas Permanent School Fund) are significant players, they rarely breach the top 20 globally. You can explore regional differences in our Geographic Analysis.
Common Mistakes in Tracking AUM
- Double Counting: Central bank reserves and SWF AUM are often conflated in countries like China (SAFE vs. PBOC).
- Illiquid Valuations: Funds like PIF heavily weight unlisted domestic assets (e.g., Neom). These valuations are internal and illiquid, making direct comparison to NBIM's strictly public market portfolio problematic.
- Currency Fluctuations: Non-USD reporting funds (like NBIM in NOK or Temasek in SGD) experience massive apparent AUM swings in USD terms based purely on FX rates, not underlying asset performance.