The ten largest, verified
| # | Institution | Country | AUM | Grade |
|---|---|---|---|---|
| 1 | Norges Bank Investment Management (Government Pension Fund Global)NBIM · Sovereign wealth fund · est. 1998 |  Norway | $2.285T sourced ↗as of 2026-06-30 | A |
| 2 | Government Pension Investment FundGPIF · Public pension fund · est. 2006 |  Japan | $1.956T sourced ↗as of 2026-06-30 | A |
| 3 | SAFE Investment CompanySAFE IC · Sovereign wealth fund · est. 1997 |  China | $1.840T est. ↗as of 2026-05 | F |
| 4 | China Investment CorporationCIC · Sovereign wealth fund · est. 2007 | China | $1.370T sourced ↗as of 2024-12-31 | B |
| 5 | National Pension ServiceNPS · Public pension fund · est. 1988 |  South Korea | $1.203T sourced ↗as of 2026-06-30 | A |
| 6 | Abu Dhabi Investment AuthorityADIA · Sovereign wealth fund · est. 1976 |  United Arab Emirates | $1.187T est. ↗as of 2026-05 | F |
| 7 | Kuwait Investment AuthorityKIA · Sovereign wealth fund · est. 1953 |  Kuwait | $1.002T est. ↗as of 2026-05 | F |
| 8 | GIC Private LimitedGIC · Sovereign wealth fund · est. 1981 |  Singapore | $936B est. ↗as of 2026-05 | C |
| 9 | Public Investment FundPIF · Sovereign wealth fund · est. 1971 |  Saudi Arabia | $906B sourced ↗as of 2025-12-31 | B |
| 10 | Daya Anagata NusantaraDanantara · Strategic/development fund · est. 2025 |  Indonesia | $900B† est. ↗as of 2026-02 | F |
† Consolidated holding-company or total-fund basis — broader than portfolio AUM and not directly comparable; see entry notes.
The Sovereign 100
Our flagship ranking of state-owned investors by assets under management, published in verified tranches. Every figure carries its original-currency source, its as-of date, and the exchange rate used. Non-disclosing funds appear only as clearly attributed third-party estimates.
The rankingThe Disclosure Grade
A–F, scored on eight public-evidence criteria: does the institution publish its assets, audited accounts, holdings, returns, governance, strategy, and regulatory filings — and how often. US$5.8 trillion of the capital in our ranking is graded F: effectively unverifiable from public sources.
How we scoreThe Almanack Brief
A weekly letter on the movements of state capital — new figures, grade changes, and what the world’s largest investors did this week.
Prefer plain email? brief@capitalalmanack.com