It’s fantastic to see that the top 100 asset owners have experienced a remarkable growth of 12.3% in their assets under management (AUM) by the end of 2023, bringing their total to a whopping $26.3 trillion, according to a recent study! Pension funds have been key players in this success, representing 51.2% of the total AUM, while sovereign wealth funds contributed 38.9%. Outsourced Chief Investment Officers (CIOs) and master trusts also played a role, managing 9.3% of the assets. Excitingly, this year marks the first time foundations and endowments have been included in the Asset Owner 100 list, making up 0.6% of the total AUM.
The top three asset owners have remained the same: Japan’s Government Pension Investment Fund (GPIF) is in the lead with an impressive $1.59 trillion, followed closely by Norway’s Norges Bank Investment Management (NBIM) at $1.55 trillion, and China’s Investment Corporation (CIC) with $1.24 trillion. It’s truly an exciting time for the world of asset management!
Top 100 Largest Asset Owners In The World, 2025
| Rank | Fund | Type of Fund | Market | Total Assets |
|---|---|---|---|---|
| 1 | Government Pension Investment (GPIF) | Pension Fund | Japan | $1,593,141 |
| 2 | Norges Bank Investment Management (NBIM) | Sovereign Wealth Fund (SWF) | Norway | $1,548,000 |
| 3 | China Investment Corporation (CIC) | Sovereign Wealth Fund (SWF) | China | $1,240,000 |
| 4 | SAFE Investment Company Limited | Sovereign Wealth Fund (SWF) | Hong Kong | $1,076,000 |
| 5 | Abu Dhabi Investment Authority (ADIA) | Sovereign Wealth Fund (SWF) | United Arab Emirates | $968,000 |
| 6 | Kuwait Investment Authority (KIA) | Sovereign Wealth Fund (SWF) | Kuwait | $846,000 |
| 7 | National Pension Fund (NPF) | Pension Fund | South Korea | $801,864 |
| 8 | Federal Retirement Thrift | Pension Fund | U.S. | $782,835 |
| 9 | GIC Private Limited | Sovereign Wealth Fund (SWF) | Singapore | $769,000 |
| 10 | Public Investment Fund (PIF)/Sanabil Investments | Sovereign Wealth Fund (SWF) | Saudi Arabia | $764,000 |
| 11 | APG (All Pension Group) | Pension Fund | Netherlands | $552,376 |
| 12 | Qatar Investment Authority (QIA) | Sovereign Wealth Fund (SWF) | Qatar | $510,000 |
| 13 | Canada Pension Plan (CPP) | Pension Fund | Canada | $477,676 |
| 14 | Mercer | Outsourced Chief Investment Officer (OCIO) | U.S. | $469,212 |
| 15 | California Public Employees' Retirement System (CalPERS) | Pension Fund | U.S. | $452,453 |
| 16 | Central Provident Fund (CPF) | Pension Fund | Singapore | $432,509 |
| 17 | National Social Security Fund (NSSF) | Pension Fund | China | $364,351 |
| 18 | Investment Corporation of Dubai (ICD) | Sovereign Wealth Fund (SWF) | United Arab Emirates | $341,000 |
| 19 | Goldman Sachs | Outsourced Chief Investment Officer (OCIO) | U.S. | $328,913 |
| 20 | CDPQ | Pension Fund | Canada | $328,000 |
| 21 | General Organization of Social Insurance | Pension Fund | Saudi Arabia | $320,000 |
| 22 | California State Teachers | Pension Fund | U.S. | $309,931 |
| 23 | Temasek Holdings | Sovereign Wealth Fund (SWF) | Singapore | $288,000 |
| 24 | Mubadala Investment Company | Sovereign Wealth Fund (SWF) | United Arab Emirates | $276,000 |
| 25 | PGGM | Pension Fund | Netherlands | $262,261 |
| 26 | New York City Retirement | Pension Fund | U.S. | $247,999 |
| 27 | Employees Provident Fund | Pension Fund | Malaysia | $247,268 |
| 28 | New York State Common | Pension Fund | U.S. | $246,307 |
| 29 | BlackRock | Outsourced Chief Investment Officer (OCIO) | U.S. | $240,000 |
| 30 | Local Government Officials | Pension Fund | Japan | $226,803 |
| 31 | BLF | Pension Fund | Taiwan | $214,000 |
| 32 | AustralianSuper | Pension Fund | Australia | $204,631 |
| 33 | ADQ | Sovereign Wealth Fund (SWF) | United Arab Emirates | $196,000 |
| 34 | Florida State Board | Pension Fund | U.S. | $194,659 |
| 35 | Turkey Wealth Fund | Sovereign Wealth Fund (SWF) | Turkey | $190,000 |
| 36 | Korea Investment Corporation | Sovereign Wealth Fund (SWF) | South Korea | $189,000 |
| 37 | MN Services N.V. | Pension Fund | Netherlands | $187,000 |
| 38 | Ontario Teachers | Pension Fund | Canada | $186,897 |
| 39 | Future Fund Management Agency | Sovereign Wealth Fund (SWF) | Australia | $186,000 |
| 40 | AON | Outsourced Chief Investment Officer (OCIO) | U.S. | $184,044 |
| 41 | Public Service Pension Investment Board | Pension Fund | Canada | $184,000 |
| 42 | CDC | Pension Fund | France | $182,000 |
| 43 | Texas Teachers | Pension Fund | U.S. | $181,656 |
| 44 | Employees' Provident , | Pension Fund | India | $176,246 |
| 45 | Australian Retirement Trust | Pension Fund | Australia | $173,844 |
| 46 | British Columbia Investment | Pension Fund | Canada | $172,000 |
| 47 | Washington State Board | Pension Fund | U.S. | $167,033 |
| 48 | Novo Holdings | Foundations and Endowments | Denmark | $164,917 |
| 49 | WTW | Outsourced Chief Investment Officer (OCIO) | U.S. | $163,000 |
| 50 | Russell Investments | Outsourced Chief Investment Officer (OCIO) | U.S. | $161,575 |
| 51 | State Street Global Advisors | Outsourced Chief Investment Officer (OCIO) | U.S. | $157,952 |
| 52 | National Development Fund | Sovereign Wealth Fund (SWF) | Iran | $150,000 |
| 53 | Public Investment Corporation | Sovereign Wealth Fund (SWF) | South Africa | $147,000 |
| 54 | Public Institute for Social Security , | Pension Fund | Kuwait | $144,911 |
| 55 | CAPTRUST Financial Advisors | Outsourced Chief Investment Officer (OCIO) | U.S. | $138,134 |
| 56 | Russian National Wealth Fund | Sovereign Wealth Fund (SWF) | Russia | $133,000 |
| 57 | National Development Fund (NDF) | Pension Fund | Saudi Arabia | $132,000 |
| 58 | Wisconsin Investment Board | Pension Fund | U.S. | $130,932 |
| 59 | New York State Teachers | Pension Fund | U.S. | $130,783 |
| 60 | Alecta | Pension Fund | Sweden | $126,614 |
| 61 | North Carolina | Pension Fund | U.S. | $126,472 |
| 62 | Bayerische Versorgungskammer | Pension Fund | Germany | $123,526 |
| 63 | Boeing , | Pension Fund | U.S. | $119,225 |
| 64 | California University | Pension Fund | U.S. | $118,284 |
| 65 | J.P. Morgan Asset & Wealth Mgmt. | Outsourced Chief Investment Officer (OCIO) | U.S. | $112,729 |
| 66 | ATP | Pension Fund | Denmark | $112,611 |
| 67 | Morgan Stanley | Outsourced Chief Investment Officer (OCIO) | U.S. | $111,173 |
| 68 | Virginia Retirement | Pension Fund | U.S. | $110,665 |
| 69 | Alberta Investment Management Corporation | Sovereign Wealth Fund (SWF) | Canada | $110,000 |
| 70 | Aware Super | Pension Fund | Australia | $109,927 |
| 71 | Michigan Retirement | Pension Fund | U.S. | $109,513 |
| 72 | PFA Pension | Pension Fund | Denmark | $109,138 |
| 73 | Ohio Public Employees | Pension Fund | U.S. | $107,468 |
| 74 | NEPC | Outsourced Chief Investment Officer (OCIO) | U.S. | $106,602 |
| 75 | National Federation of Mutual Aid | Pension Fund | Japan | $102,962 |
| 76 | KLP | Pension Fund | Norway | $100,000 |
| 77 | Oregon Public Employees | Pension Fund | U.S. | $98,280 |
| 78 | Amitim | Pension Fund | Israel | $98,000 |
| 79 | Ontario Municipal Employees | Pension Fund | Canada | $97,267 |
| 80 | Pension Fund Association | Pension Fund | Japan | $96,244 |
| 81 | Universities Superannuation | Pension Fund | U.K. | $95,998 |
| 82 | Massachusetts PRIM | Pension Fund | U.S. | $95,241 |
| 83 | Minnesota State Board | Pension Fund | U.S. | $95,177 |
| 84 | Northern Trust | Outsourced Chief Investment Officer (OCIO) | U.S. | $95,138 |
| 85 | AP Fonden | Pension Fund | Sweden | $94,755 |
| 86 | New Jersey | Pension Fund | U.S. | $94,039 |
| 87 | Kaiser | Pension Fund | U.S. | $91,551 |
| 88 | Georgia Teachers | Pension Fund | U.S. | $91,088 |
| 89 | Emirates Investment Authority | Sovereign Wealth Fund (SWF) | United Arab Emirates | $91,000 |
| 90 | SEI Investments | Outsourced Chief Investment Officer (OCIO) | U.S. | $90,560 |
| 91 | AT&T | Pension Fund | U.S. | $90,497 |
| 92 | RTX | Pension Fund | U.S. | $89,511 |
| 93 | Ohio State Teachers | Pension Fund | U.S. | $87,456 |
| 94 | Bank of America | Outsourced Chief Investment Officer (OCIO) | U.S. | $85,969 |
| 95 | Healthcare of Ontario | Pension Fund | Canada | $85,051 |
| 96 | UniSuper | Pension Fund | Australia | $84,915 |
| 97 | Rothesay Life | Pension Fund | U.K. | $82,555 |
| 98 | Danica Pension | Pension Fund | Denmark | $82,480 |
| 99 | United Nations Joint Staff Pension Fund (UNJSPF) | Pension Fund | U.S. | $81,546 |
| 100 | Alaska Permanent Fund (APF) | Sovereign Wealth Fund (SWF) | U.S. | $81,000 |
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