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 |
Have you read?
Best cities in the world.
Best Countries for Work-Life Balance.
Largest economies in the world.
Safest Countries in the World.
Most Productive Countries in the World.
Add CEOWORLD magazine as your preferred news source on Google News
Follow CEOWORLD magazine on: Google News, LinkedIn, Twitter, and Facebook.License and Republishing: The views in this article are the author’s own and do not represent CEOWORLD magazine. No part of this material may be copied, shared, or published without the magazine’s prior written permission. For media queries, please contact: info@ceoworld.biz. © CEOWORLD magazine LTD
