Where the World’s $13T in Sovereign Wealth Is Held

Where the World’s $13T in Sovereign Wealth Is Held

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Sovereign wealth funds now hold over $13 trillion in assets. But where is that capital actually concentrated?

Most of it sits in Asia and the Middle East, where export surpluses and energy revenues have fueled massive state-owned funds. At the same time, Norway stands apart as the single largest holder, with a fund that exceeds $2.1 trillion.

This graphic ranks the largest sovereign wealth funds using 2026 data from Global SWF, showing where the world’s state-owned capital is concentrated and which countries control the biggest pools of wealth.

Norway’s $2 Trillion Investment Fund

Norges Bank Investment Management (NBIM) was founded in 1990 to channel excess oil revenues into long-term investments. As of 2026, the fund has over $2.1 trillion in assets under management, making it the world’s largest sovereign wealth fund (SWF).

Given Norway’s relatively small population of just five million people, this translates to over $350,000 for each of the country’s citizens.

The table below shows how Norway’s fund compares with other major sovereign wealth funds, highlighting how concentrated global state-owned capital has become.

Rank	SWF/State Fund	Country	AUM (USD Billions)
1	NBIM	Norway	2,116
2	SAFE IC	China	1,988
3	CIC	China	1,567
4	ADIA	UAE – Abu Dhabi	1,187
5	PIF	Saudi Arabia	1,151
6	KIA	Kuwait	1,002
7	GIC	Singapore	936
8	QIA	Qatar	580
9	ICD	UAE – Dubai	429
10	Mubadala	UAE – Abu Dhabi	385
11	TWF	Turkiye	360
12	Temasek	Singapore	324
13	LIMAD	UAE – Abu Dhabi	300
14	KIC	South Korea	232
15	Danantara	Indonesia	230
16	Future Fund	Australia	225
17	NWF RU	Russia	178
18	DH	UAE – Dubai	136
19	EIA	UAE	116
20	NDF	Saudi Arabia	115
21	QIC	Australia – QLD	89
22	Samruk Kazyna	Kazakhstan	88
23	Alaska PFC	USA – AK	88
24	DIF	UAE – Dubai	80
25	PNB	Malaysia	78
New Entrant	Canada Strong	Canada	18

Norway’s government has used NBIM to help the country avoid the “resource curse” that affects many oil-dependent economies. By investing in diversified global assets, the country has built a war chest for future public investment and sustainable development.

The Middle East’s Many Funds

Norway is far from the only country to invest its oil and gas revenues in a government-managed fund. Across the Middle East, similar SWFs have been set up in Saudi Arabia ($1.3 trillion), Kuwait ($1 trillion), and Qatar ($580 billion).

In the United Arab Emirates, both the national government and individual emirate governments have done the same, with over $2.6 trillion in assets under management as of 2026.

Even non-petrostates in the Middle East have opened SWFs in recent years. The Turkey Wealth Fund, founded in 2016, has over $360 billion in assets under management, including holdings across the country such as a sizable minority stake in Turkish Airlines and full ownership of the Port of İzmir.

The World’s Newest SWF

Canada is the latest country to join the club. In April 2026, Prime Minister Mark Carney announced the Canada Strong Fund, a new $18 billion SWF that, at the point of establishment, will be the world’s 55th-largest SWF of its kind.

The Canadian government hopes to use the Canada Strong Fund to invest in strategic priorities across the country as it seeks to diversify trade partners and reduce reliance on the United States.

Oil, mining, and gas revenues will likely play a role in bolstering the fund’s capital, similar to the nearby Alaska Permanent Fund ($88 billion), an American state-level SWF that pays out an annual dividend to Alaskan residents in what has been called the sole existing example of basic income.

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• Source: https://www.visualcapitalist.com/the-worlds-largest-sovereign-wealth-funds/