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{{short description|State-owned investment fund}}
{{Use dmy dates|date=November 2022}}
{{Public finance}}

A '''sovereign wealth fund''' ('''SWF'''), or '''sovereign investment fund''', is a state-owned [[investment fund]] that invests in real and financial assets such as [[stock]]s, [[Bond (finance)|bonds]], real estate, [[precious metal]]s, or in alternative investments such as [[private equity funds]] or [[hedge fund]]s. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from [[foreign exchange reserves]] held by the [[central bank]].

Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance.  Other sovereign wealth funds are simply the state savings that are invested by various entities for investment return, and that may not have a significant role in fiscal management.

The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, [[special drawing rights]] (SDRs) and [[International Monetary Fund]] (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as [[Pension fund|pension investments]], [[United States Oil Fund|oil funds]], or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different [[reserve currency|reserve currencies]] (such as the [[United States dollar|dollar]], [[euro]], [[Pound (currency)|pound]], and [[Japanese yen|yen]]). Such [[investment management]] entities may be set up as official investment companies, state pension funds, or sovereign funds, among others.

There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks. Sovereign wealth funds can be characterized as ''maximizing long-term return'', with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management.  Moreover, it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion.

==History==
The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the ''Central Banking Journal''.<ref>{{cite journal|url=http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf|title=Who holds the wealth of nations?|journal=[[Central Banking Journal]] |date=May 2005 |volume=15 |issue=4|access-date=2 September 2008 |archive-url = https://web.archive.org/web/20080529122341/http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf |archive-date = 29 May 2008}}</ref> The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.{{citation needed|date=September 2023}}

[[Sovereign funds of China|China's sovereign wealth]] funds entered global markets in 2007.<ref name=":3" />{{Rp|page=4}} Since then, their scale and scope have expanded significantly.<ref name=":3" />{{Rp|page=4}}

SWFs were the first institutions to use sovereign capital in an effort to contain the financial damage in the early stages of the [[2008 financial crisis]].<ref name=":3">{{Cite book |last=Liu |first=Zongyuan Zoe |title=Sovereign Funds: How the Communist Party of China Finances its Global Ambitions |publisher=The Belknap Press of [[Harvard University Press]] |year=2023 |isbn=9780674271913 |pages=}}</ref>{{Rp|pages=1–2}} SWFs are able to react quickly in such circumstances because unlike regulators, SWFs actively participate in the market.<ref name=":3" />{{Rp|page=2}}

SWFs grew rapidly between 2008 and 2021, with global assets under management by these funds increasing from approximately $4 trillion to more than $10 trillion.<ref name=":3" />{{Rp|page=3}}

SWFs invest in a variety of asset classes such as stocks, bonds, real estate, private equity and hedge funds.  Many sovereign funds are directly investing in institutional real estate.  According to the Sovereign Wealth Fund Institute's transaction database around US$9.26&nbsp;billion in direct sovereign wealth fund transactions were recorded in institutional real estate for the last half of 2012.<ref>{{cite web|url=https://www.swfinstitute.org/news/11593/sovereign-funds-embrace-direct-real-asset-deals|title=Sovereign Funds Embrace Direct Real Asset Deals|publisher=SWF Institute|date=1 August 2013|access-date=19 April 2019|archive-date=19 April 2019|archive-url=https://web.archive.org/web/20190419171452/https://www.swfinstitute.org/news/11593/sovereign-funds-embrace-direct-real-asset-deals|url-status=live}}</ref> In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02&nbsp;billion according to the SWFI.<ref>{{cite web |last=Dunkley |first=Dan |url=https://blogs.wsj.com/privateequity/2014/08/07/sovereign-wealth-funds-pump-near-record-amount-of-cash-in-deals/ |title=Sovereign-Wealth Funds Pump Near Record Amount of Cash in Deals |work=The Wall Street Journal |access-date=8 August 2014 |date=7 August 2014 |archive-date=5 June 2019 |archive-url=https://web.archive.org/web/20190605235035/https://blogs.wsj.com/privateequity/2014/08/07/sovereign-wealth-funds-pump-near-record-amount-of-cash-in-deals/ |url-status=live }}</ref>

===Early SWFs===
Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were non-federal U.S. state funds established in the mid-19th century to fund specific public services.<ref name="academia.edu">M. Nicolas J. Firzli and Joshua Franzel: [https://www.academia.edu/7789625/Non-Federal_Sovereign_Wealth_Funds_in_the_United_States_and_Canada 'Non-Federal Sovereign Wealth Funds in the United States and Canada', Revue Analyse Financière, Q3 2014] {{Webarchive|url=https://web.archive.org/web/20170212111242/http://www.academia.edu/7789625/Non-Federal_Sovereign_Wealth_Funds_in_the_United_States_and_Canada |date=12 February 2017 }}</ref> The U.S. state of [[Texas]] was thus the first to establish such a scheme, to fund public education. The [[Permanent School Fund]] (PSF) was created in 1854 to benefit primary and secondary schools, with the [[Permanent University Fund]] (PUF) following in 1876 to benefit universities. The PUF was endowed with public lands, the ownership of which the state retained by terms of the 1845 annexation treaty between the [[Republic of Texas]] and the United States. While the PSF was first funded by an appropriation from the state legislature, it also received public lands at the same time that the PUF was created. 

The SWFs of the [[Gulf Cooperation Council]] states are among the oldest and largest SWFs.<ref name=":13">{{Cite book |last=Zhang |first=Chuchu |title=China's Changing Role in the Middle East: Filling a Power Vacuum? |date=2025 |publisher=[[Routledge]] |isbn=978-1-032-76275-3 |series=Changing Dynamics in Asia-Middle East Relations series |location=Abingdon, Oxon; New York, NY}}</ref>{{Rp|page=101}} The first SWF established for a sovereign state is the [[Kuwait Investment Authority]], a commodity SWF created in 1953 from oil revenues before Kuwait gained independence from the United Kingdom. As of July 2023, Kuwait's Sovereign Wealth Fund, or locally known as Ajyal Fund, is now worth $853 billion.<ref>{{cite web | url=https://www.arabtimesonline.com/news/kuwait-sovereign-fund-ranks-fifth-in-world-2nd-regionally/ | title=Kuwait Sovereign Fund Ranks Fifth in World, 2nd Regionally - ARAB TIMES - KUWAIT NEWS | date=15 July 2023 }}</ref>

Another early registered SWF is the [[Revenue Equalization Reserve Fund]] of [[Kiribati]]. Since its creation in 1956, when the British administration of the [[Gilbert Islands]] in Micronesia put a levy on the export of [[phosphates]] used in [[fertilizer]], the fund has grown to $520&nbsp;million.<ref>{{cite news |url=http://www.economist.com/finance/displaystory.cfm?story_id=9230598 |title=The world's most expensive club |newspaper=The Economist |date=24 May 2007 |access-date=25 May 2007 |archive-date=26 May 2007 |archive-url=https://web.archive.org/web/20070526102421/http://www.economist.com/finance/displaystory.cfm?story_id=9230598 |url-status=live }}</ref>

==Nature and purpose==
[[File:Wealth fund dividend payments.webp|thumb|325px|right|Dividend payments of 1.5% on initial $1B investment <br> $26.7 billion in total dividend payments over 40 years. <br> Dividends were not reinvested and can be used as revenue for the government.]]

SWFs are typically created when governments have budgetary surpluses and have little or no international debt.{{Dubious|date=September 2023|reason=Norway holds some debt, but has massive wealth. Not sure what the benchmark for "typical" is here, if any}} It is not always possible or desirable to hold this excess [[liquidity]] as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.

SWFs are primarily commodity-based and many have been established by oil-rich states.<ref name=":3" />{{Rp|page=5}} SWFs of China are a notable exception to this more typical model.<ref name=":3" />{{Rp|page=5}}

Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy.

Savings SWFs build up savings for future generations.  One such fund is the [[Government Pension Fund of Norway]]. It is believed that SWFs in resource-rich countries can help avoid [[resource curse]], but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g.,&nbsp;in [[Hugo Chávez]]'s Venezuela or [[Mohammad Reza Pahlavi|Shah]]-era Iran. In such circumstances, saving money to spend during a period of low inflation is often desirable.

Other reasons for creating SWFs may be economic, or strategic, such as [[war chest]]s for uncertain times. For example, the [[Kuwait Investment Authority]] during the [[Gulf War]] managed excess reserves above the level needed for currency reserves (although many central banks do that now). The [[GIC (sovereign wealth fund)|Government of Singapore Investment Corporation]], [[Temasek (company)|Temasek Holdings]], or [[Mubadala Investment Company|Mubadala]] are partially the expression of a desire to bolster their countries' standing as an international financial centre. The [[Korea Investment Corporation]] has since been similarly managed.  Sovereign wealth funds invest in all types of companies and assets, including startups like [[Xiaomi]] and renewable energy companies like Bloom Energy.<ref>{{cite web
 |url=https://blogs.wsj.com/privateequity/2015/01/06/sovereign-wealth-funds-went-full-steam-ahead-direct-investing-in-2014/
 |title=Sovereign-Wealth Funds Went Full Steam Ahead Direct Investing in 2014
 |work=The Wall Street Journal
 |date=6 January 2015
 |access-date=4 August 2017
 |archive-date=12 February 2017
 |archive-url=https://web.archive.org/web/20170212111402/http://blogs.wsj.com/privateequity/2015/01/06/sovereign-wealth-funds-went-full-steam-ahead-direct-investing-in-2014/
 |url-status=live
 }}</ref>

According to a 2014 study, SWFs are not created for reasons related to reserve accumulation and commodity-export specialization. Rather, the diffusion of SWF can best be understood as a fad whereby certain governments consider it fashionable to create SWFs and are influenced by what their peers are doing.<ref>{{Cite journal|last=Chwieroth|first=Jeffrey M.|date=1 December 2014|title=Fashions and Fads in Finance: The Political Foundations of Sovereign Wealth Fund Creation|journal=International Studies Quarterly|language=en|volume=58|issue=4|pages=752–763|doi=10.1111/isqu.12140|issn=0020-8833|doi-access=free}}</ref>

As market participants, SWFs influence other institutional investors, who may see investments made alongside SWFs as inherently safer.<ref name=":3" />{{Rp|page=9}} This effect can be seen with increasing frequency, especially with regard to investments made by the Government Pension Fund of Norway, [[Abu Dhabi Investment Authority]], and Temasek Holdings, and China Investment Corporation.<ref name=":3" />{{Rp|page=9}} SLFs help facilitate a state's ability to use its selective equity investments to promote its industrial policies and strategic interests.<ref name=":3" />{{Rp|page=9}}

==Concerns about SWFs==
The growth of sovereign wealth funds is attracting close attention because:

* As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.
* Some countries, like the United States, which passed the Foreign Investment and National Security Act of 2007, worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain.
* Former U.S. Secretary of the Treasury [[Lawrence Summers]] has argued that the U.S. could potentially lose control of assets to wealthier foreign funds whose emergence "shake[s] [the] capitalist logic".<ref name="academia.edu"/> These concerns have led the [[European Union]] (EU) to reconsider whether to allow its members to use "[[golden share]]s" to block certain foreign acquisitions.<ref>{{cite web
 |url=http://dealbook.blogs.nytimes.com/2007/08/01/sovereign-wealth-funds-the-new-hedge-fund/
 |title=Sovereign Wealth Funds: The New Hedge Fund?
 |work=The New York Times
 |date=1 August 2007
 |access-date=3 August 2007
 |archive-date=23 May 2012
 |archive-url=https://web.archive.org/web/20120523183832/http://dealbook.nytimes.com/2007/08/01/sovereign-wealth-funds-the-new-hedge-fund/
 |url-status=live
 }}</ref> This strategy has largely been excluded as a viable option by the EU, for fear it would give rise to a resurgence in international protectionism. In the United States, these concerns are addressed by the [[Exon–Florio Amendment]] to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the [[Committee on Foreign Investment in the United States]] (CFIUS).{{Explain|reason=What does the law do or say?|date=September 2023}}
* Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds.
* SWFs are not nearly as homogeneous as central banks or public [[pension fund]]s.
* A lack of transparency and hence an increase in risk to the financial system, perhaps becoming the "new hedge funds".<ref>{{cite news |url=http://business.timesonline.co.uk/tol/business/economics/article1991137.ece |title=IMF concern over 'black box' funds of reserve rich nations |work=[[The Times]] |date=27 June 2007 |location=London |first=Gary |last=Duncan |access-date=11 January 2018 |archive-date=11 June 2011 |archive-url=https://web.archive.org/web/20110611203742/http://business.timesonline.co.uk/tol/business/economics/article1991137.ece |url-status=dead }}</ref>

The governments of SWFs commit to follow certain rules:
* Accumulation rule (what portion of revenue can be spent/saved)
* Withdraw rule (when the Government can withdraw from the fund)
* Investment (where revenue can be invested in foreign or domestic assets)<ref>{{cite web |url=http://www.brookings.edu/research/papers/2011/03/11-sovereign-wealth-funds |title=Rebuilding America: The Role of Foreign Capital and Global Public Investors|publisher=The Brookings Institution |author-first1=Gordon M. |author-last1=Goldstein|author-first2=Rick|author-last2=Kimball|author-first3=Joel H. |author-last3=Moser|author-first4=Raffiq|author-last4=Nathoo|author-first5=Vijaya|author-last5=Ramachandran|author-first6=Darrell M. |author-last6=West|author-first7=Daniel|author-last7=Zwirn|date=11 March 2011 |access-date=5 October 2016 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304094913/http://www.brookings.edu/research/papers/2011/03/11-sovereign-wealth-funds |url-status=dead }}</ref>

===Recent governmental interest===
* On 5 March 2008, a joint sub-committee of the [[United States House Committee on Financial Services|U.S. House Financial Services Committee]] held a hearing to discuss the role of "Foreign Government Investment in the U.S. Economy and Financial Sector".  The hearing was attended by representatives of the [[United States Department of the Treasury|U.S. Department of Treasury]], the [[U.S. Securities and Exchange Commission]], the [[Federal Reserve Board]], Norway's Ministry of Finance, Singapore's [[Temasek (company)|Temasek Holdings]], and the [[CPP Investment Board|Canada Pension Plan Investment Board]].
* On 20 August 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. Specifically, it affects acquisitions of more than 25% of a German company's voting shares by non-European investors—but the economics minister [[Michael Glos]] has pledged that investment reviews would be "extremely rare". The legislation is loosely modeled on a similar one by the U.S. Committee on Foreign Investments. Sovereign wealth funds are also increasing their spending. In 2015, Qatar announced a $35 billion investment in United States assets over a period of five years.<ref>{{Cite journal|last=Global|first=IndraStra|title=How Are Sovereign Wealth Fund Decisions Made?|url=https://www.indrastra.com/2017/12/How-are-sovereign-wealth-fund-decisions-made-003-12-2017-0022.html|journal=IndraStra|issn=2381-3652|access-date=25 December 2017|archive-date=26 December 2017|archive-url=https://web.archive.org/web/20171226020808/https://www.indrastra.com/2017/12/How-are-sovereign-wealth-fund-decisions-made-003-12-2017-0022.html|url-status=live}}</ref><ref>{{cite web |url=http://www.theworldfolio.com/news/qatar-to-invest-35bn-in-us-over-5-years/4186/ |title=Qatar to invest $35bn in U.S. over 5 years |publisher=The WorldFolio |access-date=18 October 2016 |archive-date=18 October 2016 |archive-url=https://web.archive.org/web/20161018220320/http://www.theworldfolio.com/news/qatar-to-invest-35bn-in-us-over-5-years/4186/ |url-status=live }}</ref>
* On 3 February 2025, President [[Donald Trump]] signed an executive order directing the creation of a [[United States]] sovereign wealth fund within the next year.<ref>{{Cite web |date=2025-02-03 |title=Trump orders creation of US sovereign wealth fund, says it could own part of TikTok |url=https://apnews.com/article/trump-tiktok-wealth-fund-saudi-arabia-b71c92cb0deb1eb39352cd1cd4db4b98 |access-date=2025-02-03 |website=AP News |language=en|author-first1=Zeke|author-last1=Miller|author-first2=Haleluya|author-last2=Hadero}}</ref>
* On 23 February 2025, Indonesian President [[Prabowo Subianto]] announced a new sovereign wealth fund Daya Anagata Nusantara, also known as [[Danantara]], which is expected to manage $900 billion in assets.<ref>{{Cite web |last1=Sulaiman |first1=Stefanno |last2=Teresia |first2=Ananda |date=23 February 2025 |title=New Indonesia sovereign wealth fund to invest $20 billion in projects |url=https://www.reuters.com/world/asia-pacific/indonesias-prabowo-officially-establishes-new-sovereign-wealth-fund-2025-02-24/ |access-date=3 March 2025 |website=Reuters}}</ref> The $20 billion first wave of investments were announced as targeting [[Natural resource management|natural resource processing]], [[artificial intelligence]], and [[Energy security|energy]] and [[food security]].<ref>{{Cite web |last1=Nangoy |first1=Fransiska |last2=Sulaiman |first2=Stefanno |date=28 February 2025 |title=Indonesia's new sovereign fund will run with commercial mindset, official says |url=https://www.reuters.com/markets/asia/indonesias-new-sovereign-fund-will-run-with-commercial-mindset-official-says-2025-02-28/ |access-date=3 March 2025 |website=Reuters}}</ref>

===Santiago Principles===
{{Further| Santiago Principles}}
A number of transparency indices sprang up before the Santiago Principles, some more stringent than others.{{Citation needed|date=April 2017}}  To address these concerns, some of the world's main SWFs came together in a summit in [[Santiago]], Chile, on 2–3 September 2008. Under the leadership of the IMF, they formed a temporary International Working Group of Sovereign Wealth Funds. This working group then drafted the 24 [[Santiago Principles]], to set out a common global set of [[international standard]]s regarding transparency, independence, and accountability in the way that SWFs operate.<ref>[http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf Sovereign Wealth Funds: Generally Accepted Principles and Practices (Santiago Principles)] {{Webarchive|url=https://web.archive.org/web/20161218054516/http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf |date=18 December 2016 }}, International Working Group of Sovereign Wealth Funds, October 2008</ref><ref name="IFSWF002">{{cite web|url=http://www.ifswf.org/santiago-principles|title=Santiago Principles|author=International Forum of Sovereign Wealth Funds|access-date=27 September 2016|archive-date=10 November 2016|archive-url=https://web.archive.org/web/20161110202917/http://www.ifswf.org/santiago-principles|url-status=live}}</ref> These were published after being presented to the IMF International Monetary Financial Committee on 11 October 2008.<ref name="IFSWF002"/> They also considered a standing committee to represent them, and so a new organisation, the [[International Forum of Sovereign Wealth Funds]] was set up to maintain the new standards going forward and represent them in international policy debates.<ref name="IFSWF001">{{cite web|url=http://www.ifswf.org/about-us|title=About us|author=International Forum of Sovereign Wealth Funds|access-date=27 September 2016|archive-date=9 November 2016|archive-url=https://web.archive.org/web/20161109013353/http://www.ifswf.org/about-us|url-status=live}}</ref>

As of 2016, 30 funds<ref name="IFSWF003">{{cite web|url=http://www.ifswf.org/our-members|title=Our Members|author=International Forum of Sovereign Wealth Funds|access-date=27 September 2016|archive-date=9 November 2016|archive-url=https://web.archive.org/web/20161109033616/http://www.ifswf.org/our-members|url-status=live}}</ref> have formally signed up to the Principles, representing collectively 80% of the assets managed by sovereign funds globally or US$5.5&nbsp;trillion.<ref name="HFSB001">{{cite web|url=http://www.hedgeweek.com/2016/04/04/238050/international-forum-sovereign-wealth-funds-ifswf-and-hedge-fund-standards-board-hf|title=International Forum of Sovereign Wealth Funds (IFSWF) and Hedge Fund Standards Board (HFSB) establish Mutual Observer relationship|publisher=Hedge Fund Standards Board|access-date=27 September 2016|date=4 April 2016|archive-date=27 September 2016|archive-url=https://web.archive.org/web/20160927210200/http://www.hedgeweek.com/2016/04/04/238050/international-forum-sovereign-wealth-funds-ifswf-and-hedge-fund-standards-board-hf|url-status=live}}</ref>

Natural resource-rich developing economies are typically encouraged to adopt good governance standards for sovereign wealth funds, such as the Santiago Principles, which emphasize transparency, accountability, and sound investment practices. This approach is often preferred over local content policies, which can foster corruption and rent-seeking behavior in contexts with weak governance.<ref>Bold Sandagdorj and Enerelt Enkhbold, [https://www.adb.org/sites/default/files/publication/1019676/adb-brief-326-mongolia-mining-supply-chain.pdf "Do Local Producers Contribute to Mongolia's Mining Supply Chain?"] ADB Briefs no. 326, 2024. DOI: http://dx.doi.org/10.22617/BRF240565-2</ref>

==Size of SWFs==
[[Assets under management]] of SWFs amounted to $7.94&nbsp;trillion as of 24 December 2020.<ref>{{cite web |url=https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |title=Sovereign Wealth Fund Rankings. Retrieved 2020-12-24 |publisher=swfinstitute.org |access-date=24 December 2020 |archive-date=8 May 2020 |archive-url=https://web.archive.org/web/20200508173939/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |url-status=live }}</ref>

Countries with SWFs funded by oil and gas exports, totaled $5.4&nbsp;trillion as of 2020.<ref>{{cite web |url=https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |title=Sovereign Wealth Fund Rankings |publisher=swfinstitute.org |access-date=24 December 2020 |archive-date=8 May 2020 |archive-url=https://web.archive.org/web/20200508173939/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund |url-status=live }}</ref> Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatization revenues. Middle Eastern and Asian countries account for 77% of all SWFs.

==Depletion of SWFs==

Numerous SWFs have gone bust throughout history. The most notable ones have been Algeria's FRR, Brazil's [[Sovereign Fund of Brazil|FSB]], Ecuador's numerous SWF arrangements, Papua New Guinea's MRSF, and Venezuela's FIEM and FONDEN. The main reason why these funds have been exhausted is due to political instability, while economic determinants generally play a less important role.<ref>{{cite journal |url=https://www.tandfonline.com/doi/abs/10.1080/09692290.2023.2190601?journalCode=rrip20 |title=The demise of sovereign wealth funds|journal=[[Taylor & Francis]] |date=2024 |doi=10.1080/09692290.2023.2190601 |s2cid=257817535 |access-date=5 April 2023 |archive-date=5 April 2023 |archive-url=https://web.archive.org/web/20230405200247/https://www.tandfonline.com/doi/abs/10.1080/09692290.2023.2190601?journalCode=rrip20 |url-status=live |last1=Di Bonaventura Altuve |first1=Leonardo |volume=31 |pages=277–303 |url-access=subscription }}</ref>

SWFs in unstable countries may provoke risks for recipient states of SWF investments, given that the instability in SWF-sponsor countries makes those investments uncertain and likely to be disinvested to weather political risk in the short-term.{{Citation needed|date=April 2024}}

Highly stable countries, such as Denmark, Qatar, China, or Australia are less likely to experience SWF depletion precisely because of their political stability.{{Citation needed|date=April 2024}}

==Largest sovereign wealth funds==
{{sticky header}}
{{see also|List of sovereign wealth funds by country|List of countries by foreign-exchange reserves}}
{| class="wikitable sortable sticky-header" style="font-size:95%;"
! Country or region
! Abbrev.
! Fund name
! Assets<ref>{{cite web|title=SWFI|url=https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund|access-date=24 December 2020|archive-date=8 May 2020|archive-url=https://web.archive.org/web/20200508173939/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund|url-status=live}}</ref><br>(billions US$)
! Inception
! Origin
|- valign="top"
| {{Flag icon|NOR}} Norway || GPF-G ||[[Government Pension Fund of Norway|Government Pension Fund Global]] || 1,738<ref>{{Cite web |title=Norway Government Pension Fund Global (Norway GPFG) - Sovereign Wealth Fund, Norway - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b9af |access-date=2025-03-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 1990 || Oil & Gas
|- valign="top"
|{{Flag icon|CHN}} China|| CIC ||[[China Investment Corporation]]||1,332<ref>{{Cite web |title=China Investment Corporation (CIC) - Sovereign Wealth Fund, China - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89 |access-date=2025-03-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 2007 || Non-commodity 
|- valign="top"
| {{Flag icon|CHN}} China || SAFE || [[SAFE Investment Company]] || 1,090<ref name=":2">{{Cite web |title=SAFE Investment Company (SAFE Investment Company) - Sovereign Wealth Fund, China - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bd9b |access-date=2025-03-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 1997<ref name=":2" />|| Non-commodity 
|- valign="top"
| {{Flag icon|UAE}} United Arab Emirates ||ADIA || [[Abu Dhabi Investment Authority]] ||1,057<ref name="auto1">{{Cite web |title=Investment Corporation of Dubai (ICD) - Sovereign Wealth Fund, United Arab Emirates - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b49f |access-date=2023-06-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 1976 || Oil & Gas
|- valign="top"
|  {{Flag icon|KWT}} Kuwait || KIA || [[Kuwait Investment Authority]]|| 1,029<ref>{{Cite web |title=Kuwait Investment Authority (KIA) - Sovereign Wealth Fund, Kuwait - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5f2 |access-date=2025-03-20 |website=Sovereign Wealth Fund Institute}}</ref>|| 1953 || Oil & Gas
|- valign=top
|{{Flag icon|SAU}} Saudi Arabia|| PIF ||[[Public Investment Fund]]|| 925<ref>{{Cite web |title=Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b |access-date=2023-06-21 |website=Sovereign Wealth Fund Institute}}</ref>|| 1971 || Oil & Gas
|- valign="top"
| {{Flag icon|SGP}} Singapore || GIC || [[GIC Private Limited]] || 801<ref>{{Cite web |title=GIC Private Limited (GIC) - Sovereign Wealth Fund, Singapore - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b242 |access-date=2023-09-04 |website=Sovereign Wealth Fund Institute}}</ref>|| 1981 || Non-commodity 
|- valign="top"
| {{Flag icon|QAT}} Qatar|| QIA || [[Qatar Investment Authority]] || 526<ref>{{Cite web |title=Qatar Investment Authority (QIA) - Sovereign Wealth Fund, Qatar - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc5a |access-date=2023-06-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 2005 || Oil & Gas
|- valign=top
| {{Flag icon|HKG}} Hong Kong || HKMA ||[[Exchange Fund (Hong Kong)]]||514<ref>{{Cite web |title=Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7 |access-date=2023-09-04 |website=Sovereign Wealth Fund Institute}}</ref>|| 1935<ref name=":1">{{Cite web |title=Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7 |url-status=live |archive-url=https://web.archive.org/web/20200915030208/https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b3a7 |archive-date=15 September 2020 |access-date=28 December 2021 |website=Sovereign Wealth Fund Institute}}</ref>|| Non-commodity
|- valign=top
|{{Flag icon|CHN}} China|| NSSF ||[[National Council for Social Security Fund]]||414<ref>{{Cite web |title= National Council for Social Security Fund of the People's Republic of China (NSSF) - Sovereign Wealth Fund, China - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89 |access-date=2023-06-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 2000 || Non-commodity 
|-
|{{Flag icon|SGP}} Singapore
|CPF
|[[Central Provident Fund]]
|436<ref>{{Cite web |title=Sovereign Wealth Fund Institute - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac13 |access-date=2024-11-02 |website=www.swfinstitute.org}}</ref>
|1955
|Pension fund
|- valign="top"
| {{Flag icon|UAE}} United Arab Emirates || ICD || [[Investment Corporation of Dubai]] ||341<ref name="auto1"/>|| 2006 || Oil & Gas
|- valign="top"
| {{Flag icon|TUR}} Turkey || TWF ||[[Turkey Wealth Fund]]|| 317<ref>{{Cite web|url=https://www.tvf.com.tr/uploads/file/twf-consolidated-financial-statement-31-december-2023.pdf|title=Turkey Wealth Fund Consolidated Financial Statement, 31 December 2023}}</ref>|| 2017 || Non-commodity
|- valign="top"
| {{Flag icon|UAE}} United Arab Emirates || PJSC ||[[Mubadala Investment Company]]|| 302<ref>{{Cite web |title= Mubadala Investment Company (PJSC) - Sovereign Wealth Fund, United Arab Emirates - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b883 |access-date=2023-06-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 2002 || Oil & Gas
|- valign="top"
| {{Flag icon|SGP}} Singapore || TH ||[[Temasek Holdings]]||287<ref>{{Cite web |title=Portfolio Performance |url=https://www.temasek.com.sg/content/temasek-corporate/en/our-financials/portfolio-performance |access-date=2023-08-17 |website=Temasek Corporate Website English |language=en}}</ref><ref>{{Cite web |title=Temasek Holdings (Temasek) - Sovereign Wealth Fund, Singapore - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c04a |access-date=2023-09-04 |website=Sovereign Wealth Fund Institute}}</ref>|| 1974 || Non-commodity
|- valign="top"
| {{Flag icon|AUS}} Australia || FF ||[[Future Fund]]||223.4<ref>{{Cite web |title=Future Fund March 2024 Update, Australia |url=https://www.futurefund.gov.au/-/media/031D3442D35C42D9B8646128C048CA80.ashx |access-date=2024-06-06 |website=Sovereign Wealth Fund Institute}}</ref>|| 2006 || Non-commodity
|- valign="top"
|{{Flag icon|UAE}} United Arab Emirates
|ADQ
|[[Abu Dhabi Developmental Holding Company]]
|196<ref>{{Cite web |title=Abu Dhabi Developmental Holding Company (ADQ) - Sovereign Wealth Fund, United Arab Emirates - SWFI |url=https://www.swfinstitute.org/profile/5d0c7854d5ad707266741fc3 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>
|2018
|Non-commodity
|- valign="top"
| {{Flag icon|KOR}} South Korea || KIC ||[[Korea Investment Corporation]]|| 189<ref>{{Cite web|title=Korea Investment Corporation (KIC) - Sovereign Wealth Fund, South Korea - SWFI|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb|access-date=28 December 2021|website=Sovereign Wealth Fund Institute|archive-date=15 September 2020|archive-url=https://web.archive.org/web/20200915030314/https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b5cb|url-status=live}}</ref>|| 2005 || Non-commodity
|- valign="top"
|{{Flag icon|IRN}} Iran || NDFI ||[[National Development Fund]] ||156<ref>{{Cite web |title=National Development Fund of Iran (NDFI) - Sovereign Wealth Fund, Iran - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d2 |access-date=2023-06-27 |website=Sovereign Wealth Fund Institute}}</ref> ||2011 ||Oil & Gas
|- valign="top"
|{{Flag icon|RUS}} Russia || NWF ||[[Russian National Wealth Fund]]||133<ref>{{cite news |title=Russia's National Wealth Fund at $148 billion at Jan 1 - Finance Ministry |url=https://www.euronews.com/next/2023/01/19/russia-reserves-national-wealth-fund |work=euronews |date=19 January 2023 |language=en |access-date=13 April 2023 |archive-date=12 April 2023 |archive-url=https://web.archive.org/web/20230412083242/https://www.euronews.com/next/2023/01/19/russia-reserves-national-wealth-fund |url-status=live }}</ref><ref>{{cite web |title=Russia {{!}} National Wealth Fund: Total Amount {{!}} CEIC |url=https://www.ceicdata.com/en/russia/national-wealth-fund-total-amount |website=www.ceicdata.com |access-date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318135919/https://www.ceicdata.com/en/russia/national-wealth-fund-total-amount |url-status=live }}</ref>|| 2008 || Oil & Gas
|- valign="top"
| {{Flag icon|CAN}} Canada || AIMCo ||[[Alberta Investment Management Corporation]]|| 123<ref>{{Cite web|url=https://www.cdpq.com/en/performance/annual-reports/2021|title=2021 Annual Report - CDPQ|date=11 April 2022|access-date=29 October 2022|archive-date=10 October 2022|archive-url=https://web.archive.org/web/20221010131637/https://www.cdpq.com/en/performance/annual-reports/2021|url-status=live}}</ref> || 2008 || Non-commodity
|- valign="top"
|{{Flag icon|UAE}} United Arab Emirates || EIA ||[[Emirates Investment Authority]] || 87<ref>{{Cite web |title=Emirates Investment Authority (EIA) - Sovereign Wealth Fund, United Arab Emirates - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05afc6 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref> ||2007 ||Oil & Gas
|- valign="top"
| {{Flag icon|KAZ}} Kazakhstan || SK ||[[Samruk-Kazyna]] || 80.665<ref>{{Cite web|title=Samruk-Kazyna (Samruk Kazyna) - Sovereign Wealth Fund, Kazakhstan - SWFI|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bdc0|access-date=30 January 2022|website=Sovereign Wealth Fund Institute|archive-date=30 January 2022|archive-url=https://web.archive.org/web/20220130000346/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bdc0|url-status=live}}</ref>|| 2008 || Oil & Gas
|- valign="top"
|{{Flag icon|UAE}} United Arab Emirates || DW ||[[Dubai World]] ||80<ref>{{Cite web |title=Dubai World (UAE - Dubai) - Fund Profile - |url=https://globalswf.com/fund/DUB-WRD |access-date=2023-09-07 |website=globalswf.com |language=en}}</ref> ||2005 ||Non-commodity
|- valign="top"
| {{Flag icon|USA}} United States || APF ||[[Alaska Permanent Fund]]|| 80.463<ref>{{Cite web |title=Alaska Permanent Fund Corporation 2024 Annual Report |url=https://apfc.org/annual-report-2024/ |access-date=2025-01-12 |website=Alaska Permanent Fund Corporation (APFC)}}</ref>|| 1976 || Oil & Gas
|- valign="top"
| {{Flag icon|BRN}} Brunei|| BIA ||[[Brunei Investment Agency]]|| 73<ref>{{Cite web |title=Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aadd |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>|| 1983 || Oil & Gas
|- valign="top"
| {{Flag icon|LBY}} Libya || LIA ||[[Libyan Investment Authority]]|| 67<ref>{{Cite web |title=Libyan Investment Authority (LIA) - Sovereign Wealth Fund, Libya - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b66a |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>|| 2006 || Oil & Gas
|- valign="top"
| {{Flag icon|USA}} United States || PSF ||[[Permanent School Fund|Texas Permanent School Fund]]|| 57.291<ref>{{Cite web |title=Annual Comprehensive Financial Report For the Fiscal Year Ended August 31, 2024 |url=https://texaspsf.org/reports/|access-date=2025-02-23|website=Texas Permanent School Fund Corporation (Texas PSF)}}</ref>|| 1854 || Land & Mineral Royalties
|- valign="top"
| {{Flag icon|KAZ}} Kazakhstan || NF ||[[Kazakhstan National Fund]]|| 55.7<ref>{{Cite web |title=Kazakhstan National Fund (Kazakhstan National Fund) - Sovereign Wealth Fund, Kazakhstan - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b556 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>|| 2012 || Oil & Gas
|- valign="top"
|{{Flag icon|OMN}} Oman || OIA ||[[State General Reserve Fund|Oman Investment Fund]] ||47 ||2020 ||Oil & Gas
|- valign="top"
| {{Flag icon|AZE}} Azerbaijan|| SOFAZ ||[[State Oil Fund of Azerbaijan|State Oil Fund of the Republic of Azerbaijan]]<ref>{{Cite web|url=http://www.oilfund.az/|title=ARDNF – Azərbaycan Respublikası Dövlət Neft Fondu – Home|website=oilfund.az|access-date=7 August 2018|archive-date=27 November 2018|archive-url=https://web.archive.org/web/20181127010038/http://www.oilfund.az/|url-status=live}}</ref>|| 43 || 1999 || Oil & Gas
|-
|{{Flag icon|AUT}} Austria || ÖBAG ||[[Österreichische Industrieholding|Österreichische Beteiligungs AG]] || 38.4<ref>{{Cite web |title=Portfolio |url=https://www.oebag.gv.at/en/organisation/portfolio/ |url-status=live |archive-url=https://web.archive.org/web/20210414004243/https://www.oebag.gv.at/en/organisation/portfolio/ |archive-date=14 April 2021 |access-date=12 April 2021}}</ref> ||1967 ||Non-commodity
|- valign="top"
| {{Flag icon|USA}} United States || PUF ||[[Permanent University Fund|Texas Permanent University Fund]]|| 36.469<ref>{{Cite web |title=Financial Statements and Independent Auditor's Report Permanent University Fund Years Ended August 31, 2024 and 2023 |url=https://www.utimco.org/media/4474/2024-puf-audited-financial-statements.pdf |access-date=2025-01-12 |website=The University of Texas/Texas A&M Investment Management Company (UTIMCO)}}</ref>|| 1876 || Land & Mineral Royalties
|- valign="top"
| {{Flag icon|MYS}} Malaysia || KN ||[[Khazanah Nasional]]|| 36.1<ref>{{Cite web |title=Khazanah Nasional (Khazanah) - Sovereign Wealth Fund, Malaysia - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b58c |access-date=2023-06-27 |website=Sovereign Wealth Fund Institute}}</ref>|| 1993 || Non-commodity
|- valign="top"
|{{Flag icon|NZL}} New Zealand || NZSF ||[[New Zealand Superannuation Fund]] || 35.1<ref>{{Cite web |title=New Zealand Superannuation Fund (NZ Super Fund) - Sovereign Wealth Fund, New Zealand - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b948 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref> ||2003 ||Non-commodity
|- valign="top"
|{{Flagicon|France}} France|| BPI ||[[Bpifrance]]|| 33.5<ref>{{Cite web |title=Bpifrance (Bpifrance) - Development Bank, France - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aa99 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>|| 2008 || Non-commodity
|- valign="top"
|{{Flag icon|USA}} United States || LGPF ||[[New Mexico Land Grant Permanent Fund]]|| 32.093<ref name="auto">{{Cite web |title=Report of Independent Auditors and Financial Statements with Supplementary Information, State of New Mexico Investment Council - Investment Office, A Department of the State of New Mexico, June 30, 2024 |url=https://www.sic.state.nm.us/publications-reports/sic-annual-audit-reports/ |access-date=2025-02-23 |website=New Mexico State Investment Council (SIC)}}</ref>||1912 || Land & Mineral Royalties
|- valign="top"
| {{Flagicon|RUS}} Russia || RDIF || [[Russian Direct Investment Fund]] || 25<ref>{{Cite web |title=Russian Direct Investment Fund (RDIF) - Sovereign Wealth Fund, Russia - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bd89 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>|| 2011 || Non-commodity
|- valign="top"
|{{Flag icon|GER}} Germany || NWDF || [[Nuclear Waste Disposal Fund]] || 25<ref>{{Cite web |title=Nuclear Waste Disposal Fund (Kenfo) - Sovereign Wealth Fund, Germany - SWFI |url=https://www.swfinstitute.org/profile/5ac240adce6eca492d272cb5 |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref>||2017 || Non-commodity
|- valign="top"
| {{Flag icon|NOR}} Norway || GPF-N || [[Government Pension Fund of Norway#Government Pension Fund – Norway|Government Pension Fund – Norway]]|| 22|| 2006 || Oil & Gas
|- valign="top"
| {{Flag icon|PNG}} Papua New Guinea || PNGSWF || Papua New Guinea Sovereign Wealth Fund|| 22 || 2011 || Oil & Gas
|- valign="top"
| {{flag icon|INA}} Indonesia || Danantara || [[Danantara|Danantara Indonesia Sovereign Fund]] || 20<ref>{{Cite web |title=Prabowo to fund $20 billion Danantara with budget cuts, SOE dividends - Regulations |url=https://www.thejakartapost.com/business/2025/02/17/prabowo-to-fund-20-billion-danantara-with-budget-cuts-soe-dividends.html |access-date=2025-05-04 |website=The Jakarta Post |language=en}}</ref><ref>{{Cite web |last=antaranews.com |date=2025-02-26 |title=Danantara: What to know about Indonesia's sovereign wealth fund |url=https://en.antaranews.com/news/346397/danantara-what-to-know-about-indonesias-sovereign-wealth-fund |access-date=2025-05-04 |website=Antara News |language=en}}</ref><ref>{{Cite news |title=Sovereign fund Danantara Indonesia names 'dream team' of former presidents, Sachs, Dalio and ex-Thai PM Thaksin |url=https://www.reuters.com/business/finance/sovereign-fund-danantara-indonesia-names-dream-team-former-presidents-sachs-2025-03-24/ |archive-url=http://web.archive.org/web/20250325102900/https://www.reuters.com/business/finance/sovereign-fund-danantara-indonesia-names-dream-team-former-presidents-sachs-2025-03-24/ |archive-date=2025-03-25 |access-date=2025-05-04 |work=Reuters |language=en-US}}</ref><ref>{{cite news|url=https://nasional.kontan.co.id/news/danantara-bakal-diluncurkan-pada-24-februari-2025-kelola-dana-jumbo-us-900-miliar|title= Danantara Bakal Diluncurkan pada 24 Februari 2025, Kelola Dana Jumbo US$ 900 Miliar|trans-title=Danantara Will Be Launched on February 24, 2025, Manage Jumbo Funds US$ 900 Billion|work=Kontan|date=15 February 2025}}</ref> ||2025 ||Oil & Gas / Non-commodity
|- valign="top"
| {{Flag icon|BHR}} Bahrain || BMHC ||[[Mumtalakat Holding Company]]|| 18.3<ref>{{Cite web |title=Mumtalakat Holding (Mumtalakat) - Sovereign Wealth Fund, Bahrain - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b88b |access-date=2023-06-27 |website=Sovereign Wealth Fund Institute}}</ref>|| 2006 || Oil & Gas
|-
|{{Flag icon|TLS}} Timor Leste || TLPF ||[[Timor-Leste Petroleum Fund]] || 17<ref>{{Cite web |title=Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) - Sovereign Wealth Fund, East Timor - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c12c |access-date=2023-06-07 |website=Sovereign Wealth Fund Institute}}</ref> ||2005 ||Oil & Gas
|-
|{{Flag icon|IRL}} Ireland || ISIF ||[[National Treasury Management Agency#Ireland Strategic Investment Fund (ISIF)|Ireland Strategic Investment Fund]]<ref>{{Cite web |title=Homepage {{!}} ISIF |url=https://isif.ie/ |url-status=live |archive-url=https://web.archive.org/web/20210927213646/https://isif.ie/ |archive-date=27 September 2021 |access-date=17 September 2021 |website=ISIF |language=en}}</ref> || 16.1<ref>{{Cite web |title=Ireland Strategic Investment Fund (ISIF) - Sovereign Wealth Fund, Ireland - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b4b3 |access-date=2024-11-09 |website=Sovereign Wealth Fund Institute}}</ref> ||2014 ||Non-commodity
|-
|{{Flag icon|CAN}} Canada || AHSTF ||[[Alberta Heritage Savings Trust Fund]] ||{{#expr:(18.715 * 0.8003) round 1}}<ref>{{cite report |url=https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/a70d648a-4001-4293-a3a0-7fd98aedfd5a/download/2021-22-heritage-fund-annual-report.pdf |title=Alberta Heritage Savings Trust Fund Annual Report 2021-22 |date=June 2022 |publisher=Heritage Fund |page=5 |isbn=978-1-4601-5445-8 |quote=the net financial assets of the Fund are valued at ''[CAD]''$18,715 million as of March 31, 2022 |access-date=18 February 2023 |archive-url=https://web.archive.org/web/20230315033002/https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/a70d648a-4001-4293-a3a0-7fd98aedfd5a/download/2021-22-heritage-fund-annual-report.pdf |archive-date=15 March 2023 |url-status=live |website=open.alberta.ca}}</ref><ref>{{cite web |date=2022-03-31 |title=Daily exchange rates: Lookup tool |url=https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series%5B%5D=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2022-03-31&dTo=&submit_button=Submit |url-status=live |archive-url=https://web.archive.org/web/20230218160844/https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates-lookup/?lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&series%5B%5D=FXUSDCAD&lookupPage=lookup_daily_exchange_rates_2017.php&startRange=2017-01-01&rangeType=range&rangeValue=&dFrom=2022-03-31&dTo=&submit_button=Submit |archive-date=18 February 2023 |access-date=2023-02-18 |publisher=[[Bank of Canada]] |quote=Date: 2022-03-31 {{!}} CAD → USD: 0.8003}}</ref> ||1976 ||Oil & Gas
|-
|{{Flag icon|JPN}} Japan
|JIC
|[[Japan Investment Corporation]]
|12.2<ref name="JIC">{{cite web |title=事業報告｜公表資料｜入札結果｜JIC JAPAN INVESTMENT CORPORATION |url=https://www.j-ic.co.jp/jp/finance/report/report01.html |website=www.j-ic.co.jp}}</ref>
|2018
|Non-commodity
|-
|{{Flag icon|COL}} Colombia || FAEP ||Fondo de Ahorro y Estabilización Petrolera || 12 ||1995 ||Oil & Gas
|- valign="top"
| {{Flag icon|CHI}} Chile|| ESSF ||Economic and Social Stabilization Fund<ref>{{Cite web|title=Economic and Social Stabilization Fund (2 contenidos)|url=http://www.hacienda.cl/english/investor-relations-office/reports/sovereign-wealth-funds-reports/economic-and-social-stabilization-fund|access-date=22 September 2021|website=Ministerio de Hacienda|language=en|archive-date=19 January 2022|archive-url=https://web.archive.org/web/20220119105349/https://www.hacienda.cl/english/investor-relations-office/reports/sovereign-wealth-funds-reports/economic-and-social-stabilization-fund|url-status=live}}</ref>|| 11 || 2007 || Copper
|- valign="top"
| {{Flag icon|CHI}} Chile || PRF || Pension Reserve Fund|| 11 || 2006 || Copper
|-valign="top"
| {{Flag icon|USA}} United States || PWMTF ||Permanent Wyoming Mineral Trust Fund|| 11.130<ref>{{Cite web |title=Wyoming State Treasurer Annual Report, July 1, 2023-June 30, 2024 |url=https://statetreasurer.wyo.gov/wp-content/uploads/2024/11/Annual-Report-FY24pdf.pdf |access-date=2025-01-12 |website=Wyoming State Treasurer's Office}}</ref>|| 1974 || Minerals
|- valign=top
| {{Flag icon|PHI}} Philippines || MIF ||[[Maharlika Investment Fund]]|| 9.2 || 2023 || Non-commodity
|-
|{{Flag icon|IRL}} Ireland || FIF ||Future Ireland Fund || 9.1<ref>{{Cite web|title=Future Ireland Fund - Sovereign Wealth Fund, Ireland - SWFI|url=https://www.swfinstitute.org/profile/66ba3678c001f7d1eecabcd0|access-date=2024-11-09|website=www.swfinstitute.org}}</ref> ||2024 ||Non-commodity
|-
|{{Flag icon|USA}} United States || NDLF ||[[North Dakota Legacy Fund]] || 10.879<ref>{{Cite web |title= Investment Performance Review for North Dakota State Investment Board Legacy Fund, Period Ending: June 30, 2024 |url=https://www.rio.nd.gov/sites/www/files/documents/PDFs/SIB/Reports/veruslegacy202406.pdf |access-date=2025-01-12 |website=North Dakota State Investment Board (SIB)}}</ref> ||2011 ||Oil & Gas
|- valign="top"
|{{Flag icon|USA}} United States || STPF ||New Mexico Severance Tax Permanent Fund|| 9.747<ref name="auto"/>||1973 || Oil & Gas
|-
|{{Flag icon|United Kingdom}} United Kingdom
|NWF
|[[UK Infrastructure Bank|National Wealth Fund]]
|27.8<ref>{{Cite web |title=National Wealth Fund: Mobilising Private Investment |url=https://www.gov.uk/government/publications/national-wealth-fund-mobilising-private-investment |access-date=2024-10-26 |website=GOV.UK |language=en}}</ref>
|2024
|Non-commodity
|-
|{{Flag icon|PAK}} Pakistan || PK||[[Pakistan Sovereign Wealth Fund]] || 8.06<ref>{{Cite web |title=Pakistan passes law to set up a sovereign wealth fund|url=https://www.brecorder.com/news/40255872 |access-date=2023-06-12 |website=Business Recorder}}</ref> ||2023 ||Non-commodity
|- valign="top"
| {{Flag icon|INA}} Indonesia || INA ||[[Indonesia Investment Authority]] || 7.6<ref>{{Cite web |title=Indonesia Investment Authority (Indonesia Investment Authority) - Sovereign Wealth Fund, Indonesia - SWFI |url=https://www.swfinstitute.org/profile/5f7dde9916e98059cc6f024e |access-date=2023-06-12 |website=Sovereign Wealth Fund Institute}}</ref> ||2021 ||Non-commodity
|- valign="top"
| {{Flag icon|MEX}} Mexico || FMP ||[[Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo]]|| 7 || 2000 || Oil & Gas
|- valign="top"
| {{Flag icon|TTO}} Trinidad & Tobago || HSF ||Heritage and Stabilization Fund<ref>{{Cite web|title=Heritage and Stabilization Fund – Ministry of Finance|url=https://www.finance.gov.tt/category/heritage-and-stabilization-fund/|access-date=15 September 2021|language=en-US|archive-date=15 September 2021|archive-url=https://web.archive.org/web/20210915144605/https://www.finance.gov.tt/category/heritage-and-stabilization-fund/|url-status=live}}</ref>|| 5.6<ref>{{Cite web |title=Heritage and Stabilization Fund (Heritage and Stabilization Fund) - Sovereign Wealth Fund, Trinidad and Tobago - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b364 |access-date=2023-06-12 |website=Sovereign Wealth Fund Institute}}</ref>|| 2000|| Oil & Gas
|-
|{{Flag icon|IND}} India
|NIIF
|[[National Investment and Infrastructure Fund]]
|5.3<ref>{{Cite web |title=National Investment and Infrastructure Fund (NIIF) - Government Fund, India - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8df |access-date=2023-06-13 |website=Sovereign Wealth Fund Institute}}</ref>
|2015
|Non-commodity
|- valign="top"
| {{Flag icon|CHN}} China || CADF ||[[China-Africa Development Fund]]|| 5<ref>{{Cite web |title=China-Africa Development Fund (CAD Fund) - Government Fund, China - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05acbc |access-date=2023-06-12 |website=Sovereign Wealth Fund Institute}}</ref>|| 2007 || Non-commodity
|- valign="top"
| {{Flag icon|PER}} Peru || FSF || Fiscal Stabilization Fund<ref>{{Cite web|title=State Fiscal Stabilization Fund {{!}} U.S. Department of Education|url=https://www.ed.gov/category/program/state-fiscal-stabilization-fund|access-date=16 September 2021|website=U.S. Department of Education|archive-date=16 September 2021|archive-url=https://web.archive.org/web/20210916141812/https://www.ed.gov/category/program/state-fiscal-stabilization-fund|url-status=live}}</ref>|| 5 || 1999 || Non-commodity
|- valign="top"
| {{Flag icon|ITA}} Italy || CDP Equity || [[Cassa Depositi e Prestiti Equity]]<ref>{{Cite web|title=CDP Equity|url=https://www.cdpequity.it/cdp-equity/it/home.page|access-date=16 September 2021|website=CDP Equity|language=it|archive-date=16 September 2021|archive-url=https://web.archive.org/web/20210916132458/https://www.cdpequity.it/cdp-equity/it/home.page|url-status=live}}</ref>|| 394<ref>{{Cite web |title=1H 2023 |url=https://www.cdp.it/sitointernet/it/bilancio_2023.page |access-date=2023-12-31 |website=Cassa Depositi e Prestiti |language=it}}</ref>|| 2011 || Non-commodity
|- valign="top"
| {{Flag icon|BOT}} Botswana || PF ||[[Pula Fund]]|| 4.1<ref>{{Cite web |title=Pula Fund (Pula Fund) - Sovereign Wealth Fund, Botswana - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc49 |access-date=2023-06-29 |website=Sovereign Wealth Fund Institute}}</ref>|| 1994 || Diamonds
|- valign="top"
| {{Flag icon|USA}} United States || ATF ||[[Alabama Trust Fund]]|| 3.4<ref>{{Cite web |title=Alabama Trust Fund (ATF) - Sovereign Wealth Fund, United States - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a800 |access-date=2023-06-13 |website=Sovereign Wealth Fund Institute}}</ref>|| 1985 || Oil & Gas
|-
|{{Flag icon|USA}} United States|| IEFIB ||Idaho Endowment Fund Investment Board<ref>{{Cite web |last=Idaho |first=Access |title=Home |url=https://efib.idaho.gov/ |url-status=live |archive-url=https://web.archive.org/web/20210915130841/https://efib.idaho.gov/ |archive-date=15 September 2021 |access-date=15 September 2021 |website=Endowment Fund Investment Board |language=EN}}</ref>
||3.2<ref>{{Cite web |title=Idaho Endowment Fund Investment Board (Idaho EFIB) |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b40f |access-date=2023-06-13 |website=Sovereign Wealth Fund Institute}}</ref> ||1969 ||Land & Mineral Royalties
|-
|{{Flag icon|USA}} United States || SIFTO ||Utah School and Institutional Trust Funds Office<ref>{{Cite web |title=SITFO |url=https://sitfo.utah.gov/ |url-status=live |archive-url=https://web.archive.org/web/20210915135043/https://sitfo.utah.gov/ |archive-date=15 September 2021 |access-date=15 September 2021 |website=Utah School & Institutional Trust Funds Office}}</ref> || 2.5 ||1983 ||Land & Mineral Royalties
|-
|{{Flag icon|VIE}} Vietnam || SCIC ||[[State Capital Investment Corporation]] || 2.4<ref>{{Cite web |title=State Capital Investment Corporation (SCIC) - Sovereign Wealth Fund, Vietnam - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bf53 |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref> ||2006 ||Non-commodity
|- valign="top"
| {{Flag icon|NGA}} Nigeria || NSIA || [[Nigeria Sovereign Investment Authority]] || 2.3<ref>{{Cite web |title=Nigeria Sovereign Investment Authority (NSIA) - Sovereign Wealth Fund, Nigeria - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b968 |access-date=2023-06-29 |website=Sovereign Wealth Fund Institute}}</ref>|| 2011 || Oil & Gas
|-
|{{Flag icon|ANG}} Angola || FSDEA ||[[Fundo Soberano de Angola]] || 2.2<ref>{{Cite web |title=Fundo Soberano de Angola (FSDEA) - Sovereign Wealth Fund, Angola - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b1a8 |access-date=2023-06-12 |website=Sovereign Wealth Fund Institute}}</ref> ||2012 ||Oil & Gas
|- valign="top"
| {{Flag icon|BEL}} Belgium || SFPIM || {{Ill|Federale Participatie- en Investeringsmaatschappij|fr|Société Fédérale de Participations et d'Investissement}}|| 2 || 1962 || Non-commodity
|- valign="top"
| {{Flag icon|UAE}} United Arab Emirates || RAKIA || [[Ras Al Khaimah Investment Authority]]|| 2 || 2005 || Oil & Gas
|- valign=top
| {{Flag icon|UAE}} United Arab Emirates || SAM || Sharjah Asset Management Holding<ref>{{Cite web|url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47|title=Sharjah Asset Management (Sharjah Asset Management) - Sovereign Wealth Fund, United Arab Emirates - SWFI|website=Sovereign Wealth Fund Institute|access-date=7 February 2021|archive-date=26 February 2021|archive-url=https://web.archive.org/web/20210226154353/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05be47|url-status=live}}</ref><ref>{{Cite web|last=SAMH|title=Sharjah Asset Management – The Investment Arm of the Government of Sharjah|url=https://sam.ae/|access-date=23 August 2021|language=en-US|archive-date=23 August 2021|archive-url=https://web.archive.org/web/20210823143829/https://sam.ae/|url-status=live}}</ref> || 2 || 2008 || Non-Commodity
|- valign=top
| {{Flag icon|USA}} United States || CSF || [[Oregon Common School Fund]] || 2 || 1859 || Lands & Mineral Royalties
|- valign=top
| {{Flag icon|KWT}} Kuwait || AWQAF || [[Kuwait Ministry of Awqaf and Islamic Affairs|Awqaf and Islamic Affairs Fund]]<ref>{{cite web|title=إلى 150 مليون دينار خسارة محفظة الأوقاف|url=https://alqabas.com/article/114139-100-%D8%A5%D9%84%D9%89-150-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%AE%D8%B3%D8%A7%D8%B1%D8%A9-%D9%85%D8%AD%D9%81%D8%B8%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%82%D8%A7%D9%81|access-date=4 July 2016|archive-date=14 January 2022|archive-url=https://web.archive.org/web/20220114194401/https://alqabas.com/article/114139-100-%D8%A5%D9%84%D9%89-150-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%AE%D8%B3%D8%A7%D8%B1%D8%A9-%D9%85%D8%AD%D9%81%D8%B8%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%82%D8%A7%D9%81|url-status=live}}</ref>|| 1.99 || 1993 || Non-commodity
|- valign=top
| {{Flag icon|PAN}} Panama || FAP || Fondo de Ahorro de Panama<ref>{{Cite web|title=Fondo de Ahorro de Panama|url=https://www.fondoahorropanama.com/|access-date=25 August 2021|website=Fondo de Ahorro de Panama|language=es-PA|archive-date=25 August 2021|archive-url=https://web.archive.org/web/20210825135046/https://www.fondoahorropanama.com/|url-status=live}}</ref>|| 1.4<ref>{{Cite web |title=Fondo de Ahorro de Panama (FAP) - Sovereign Wealth Fund, Panama - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b136 |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref>|| 2012 || Non-commodity 
|- valign=top
| {{Flag icon|USA}} United States || LEQTF || Louisiana Education Quality Trust Fund<ref>{{Cite web|title=Investments {{!}} Louisiana State Treasurer {{!}} Louisiana|url=https://www.treasury.la.gov/investments|access-date=14 September 2021|website=Louisiana Treasury|language=en|archive-date=14 September 2021|archive-url=https://web.archive.org/web/20210914172357/https://www.treasury.la.gov/investments|url-status=live}}</ref>|| 1.5<ref>{{Cite web |title=Louisiana Education Quality Trust Fund (LEQTF) - Sovereign Wealth Fund, United States - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b6ba |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref>|| 1986 || Oil & Gas 
|- valign=top
| {{Flag icon|USA}} United States || BCPL ||[[Wisconsin Board of Commissioners of Public Lands]]|| 1.4 || 1848 || Land, Timber and Non-commodity
|- valign="top"
| {{Flag icon|USA}} United States || FMP ||Colorado Public School Fund Endowment Board || 1.2 || 2016 || Lands and Minerals Royalties
|- valign="top"
| {{Flag icon|ISR}} Israel || || [[Israeli Citizens' Fund]] || 1.01 || 2022 || Gas & Minerals
|- valign="top"
| {{Flag icon|GAB}} Gabon || FGIS || Fonds Gabonais d'Investissements Strategiques|| 1.0 || 2012 || Oil & Gas
|- valign="top"
| {{Flag icon|PLE}} Palestine || PIF ||[[Palestine Investment Fund]]|| 0.9<ref>{{Cite web |title=Palestine Investment Fund (Palestine Investment Fund) - Sovereign Wealth Fund, Palestine - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05ba86 |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref>|| 2003 || Non-commodity
|- valign="top"
| {{Flag icon|GHA}} Ghana || GPF || Ghana Petroleum Funds|| 0.9 || 2011 || Oil & Gas
|- valign="top"
| {{Flag icon|AUS}} Australia || WAFF || Western Australian Future Fund|| 0.9<ref>{{Cite web |title=Western Australian Future Fund (WAFF) - Sovereign Wealth Fund, Australia - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c326 |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref>|| 2012 || Minerals
|- valign="top"
| {{Flag icon|TKM}} Turkmenistan || TSF || Turkmenistan Stabilization Fund|| 0.5 || 2008 || Oil & Gas
|- valign="top"
| {{Flag icon|BOL}} Bolivia || FINPRO || Fondo para la Revolución Industrial Productiva<ref>{{Cite web|title=Ley del Fondo para la Revolución Industrial Productiva (FINPRO),...|url=https://www.bivica.org/file/view/id/838|access-date=24 August 2021|website=bivica.org|language=en|archive-date=24 August 2021|archive-url=https://web.archive.org/web/20210824160947/https://www.bivica.org/file/view/id/838|url-status=live}}</ref>|| 0.4 || 2015 || Non-commodity
|- valign=top
| {{Flag icon|KIR}} Kiribati || RERF ||[[Revenue Equalization Reserve Fund]]|| 1.5 || 1956 || Phosphates
|- valign="top"
| {{Flag icon|GEQ}} Equatorial Guinea || FRGF || Fonds de Réserves pour Générations Futures
| 0.2 || 2002 || Oil & Gas
|- valign="top"
|{{Flag icon|RWA}} Rwanda || AGDF || Agaciro Development Fund<ref>{{Cite web|url=http://agaciro.rw/index.php?id=2|title=Agaciro Development Fund|date=24 November 2018|website=Agaciro Development Fund|access-date=24 November 2018|archive-date=26 November 2018|archive-url=https://web.archive.org/web/20181126092711/http://agaciro.rw/index.php?id=2|url-status=live}}</ref> || 0.2<ref>{{Cite web |title=Agaciro Development Fund (Agaciro) - Sovereign Wealth Fund, Rwanda - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05a7da |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref>|| 2012 || Non-commodity
|-
|{{Flag icon|USA}} United States
|WVFF
|[[West Virginia Future Fund]]
|0.1<ref>{{Cite web |title=West Virginia Future Fund - Sovereign Wealth Fund, United States - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e |url-status=live |archive-url=https://web.archive.org/web/20230405194609/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c31e |archive-date=5 April 2023 |access-date=2023-03-23 |website=Sovereign Wealth Fund Institute}}</ref>
|2014<ref>{{Cite web |title=West Virginia Code 11-13A-5b |url=https://code.wvlegislature.gov/11-13A-5b |url-status=live |archive-url=https://web.archive.org/web/20220710163821/https://code.wvlegislature.gov/11-13A-5B/ |archive-date=10 July 2022 |access-date=2023-03-23 |website=West Virginia Code |language=en-US}}</ref>
|Oil & Gas
|- valign="top"
| {{Flag icon|MRT}} Mauritania || NFHR ||National Fund for Hydrocarbon Reserves|| 0.1<ref>{{Cite web |title=National Fund for Hydrocarbon Reserves (FNRH) - Sovereign Wealth Fund, Mauritania - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05b8d7 |access-date=2023-06-16 |website=Sovereign Wealth Fund Institute}}</ref>|| 2006 || Oil & Gas
|- valign="top"
| {{Flag icon|MGL}} Mongolia || FHF || [[Chinggis Fund]], Future Heritage Fund<ref>{{Cite web|title=Монгол Улсын Сангийн яам|url=https://mof.gov.mn/en|access-date=23 August 2021|website=Монгол Улсын Сангийн яам|language=en|archive-date=20 August 2021|archive-url=https://web.archive.org/web/20210820152436/https://mof.gov.mn/en/|url-status=live}}</ref>|| 0.1 || 2011 || Minerals
|- valign="top"
| {{Flag icon|NGA}} Nigeria || BDIC || Bayelsa Development and Investment Corporation|| 0.1 || 2012 || Non-commodity 
|- valign=top
| {{Flag icon|SEN}} Senegal || FONSIS || Fonds Souverain d'Investissement Strategiques<ref>{{Cite web|title=Fonds Souverain d'Investissements Stratégiques (FONSIS)|url=https://www.fonsis.org/fr|access-date=24 August 2021|website=Fonsis|archive-date=23 August 2021|archive-url=https://web.archive.org/web/20210823011105/https://www.fonsis.org/fr|url-status=live}}</ref>|| 0.1 || 2012 || Non-commodity 
|}

{{notelist}}

==See also==
* [[Boutique investment bank]]
* [[Fund of funds]]
* [[Global financial system]]
* [[Investment management]]
* [[List of exchange-traded funds]]
* [[List of hedge funds]]
* [[List of investment banks]]
* [[List of private equity firms]]
* [[List of countries by total wealth]]
* [[Local wealth fund]] or a [[Public wealth fund]]

==References==
{{reflist}}

==Further reading==
{{Library resources box}}
* Sovereign Wealth Fund Institute – What is a SWF? [https://www.swfinstitute.org/research/sovereign-wealth-fund What is a Sovereign Wealth Fund? - SWFI]
* Natural Resource Governance Institute & Columbia Center for Sustainable Investment "Managing the Public Trust: How to make natural resource funds work for citizens", 2014. [https://resourcegovernance.org/sites/default/files/NRF_Complete_Report_EN.pdf]
* Castelli Massimiliano and Fabio Scacciavillani "The New Economics of Sovereign Wealth Funds", John Wiley & Sons, 2012
* Saleem H. Ali and Gary Flomenhoft. [http://www.policyinnovations.org/ideas/innovations/data/000186 "Innovating Sovereign Wealth Funds"] {{Webarchive|url=https://web.archive.org/web/20110303103021/http://www.policyinnovations.org/ideas/innovations/data/000186 |date=3 March 2011 }}. ''Policy Innovations'', 17 February 2011.
* M. Nicolas J. Firzli [[World Pensions & Investments Forum|World Pensions Council (WPC)]] Asset Owners Report: “Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective”, USAK/JTW 30 July 2011 and ''Revue Analyse Financière'', Q4 2011
* M. Nicolas J. Firzli and Joshua Franzel. [https://www.academia.edu/7789625/Non-Federal_Sovereign_Wealth_Funds_in_the_United_States_and_Canada "Non-Federal Sovereign Wealth Funds in the United States and Canada"]. Revue Analyse Financière, Q3 2014
* Xu Yi-chong and Gawdat Bahgat, eds. ''The Political Economy of Sovereign Wealth Funds'' (Palgrave Macmillan; 2011) 272 pages; case studies of SWFs in China, Kuwait, Russia, the United Arab Emirates, and other countries.
* Lixia, Loh. "Sovereign Wealth Funds: States Buying the World" (Global Professional Publishing: 2010).
{{Private equity and venture capital}}
{{authority control}}

{{DEFAULTSORT:Sovereign Wealth Fund}}
[[Category:Sovereign wealth funds| ]]
[[Category:Foreign direct investment]]
[[Category:Investment funds]]
[[Category:Public finance]]
[[Category:International finance]]