HONG KONG, November 30, 2022 – The world’s 100 largest asset owners are now responsible for US$25.7 trillion, according to new research by the Thinking Ahead Institute.
The research, in its fifth year, reveals total assets among the largest organisations have grown by 9% as of end-2021, down from 16% growth over the previous year.
Pension funds remain the single biggest group of asset owners in the global study, controlling 56% of total assets although this has fallen from 58% the previous year. By contrast, sovereign wealth funds have seen their share rise comfortably above one-third, to 37%, up from 35% the previous year.
The Government Pension Investment Fund of Japan remains the largest asset owner in the world (US$1.7 trillion) followed by the two largest sovereign wealth funds: Norges Bank Investment Management (US$1.4 trillion) and China Investment Corporation (US$1.2 trillion).
The top 20 asset owners are responsible for US$14.1 trillion, or the majority (55%) of the top 100. This level of concentration has persisted since its inception, although individual asset owners have moved within the ranking.
Roger Urwin, co-founder of the Thinking Ahead Institute, said: “These big asset owners control the world’s most influential capital and hold great responsibility and growing influence in relation to their beneficiaries, and to a widening group of stakeholders.”
“The research highlights that many of these asset owners act as universal owners – long-term, leadership minded holders of portfolios that are exposed to the entire market and economy – and have a distinctive opportunity to contribute to real-world systemic change by contributing to a Paris-aligned future, consistent with net-zero emissions by 2050.”
Jayne Bok, Head of Investments Asia, WTW continued: “Asset owners in Asia have experienced rapid growth over the last decade, with Asia-based funds now accounting for 50% of the top 10 names and 40% of the Asset Owners with AUM over US$200 billion. While size and scale matter, many Asia funds must also grapple with the ‘weight of capital’ challenge. This means that they must rapidly evolve their governance and investment capabilities whilst seeking to minimise the impact of dominating their own domestic markets. The proportion of alternatives in Asia portfolios, particularly for the largest funds, is still on the lower end of the spectrum relative to other regions, suggesting that there is scope for further gains from portfolio efficiency and diversification. Added to this is the need to balance sustainability and ESG considerations, and stay on top of evolving regulation which varies across markets in Asia. There is a growing realisation across the board that Asia is a key focal point for climate transition, one with global repercussions, and no doubt this will feature in Asia’s future capital allocation considerations.”
| Rank | Fund | Market | Total Assets (US$) |
|---|---|---|---|
| 1. | Government Pension Investment Fund | Japan | $1,730,900 |
| 2. | Norges Bank Investment Management | Norway | $1,402,000 |
| 3. | China Investment Corporation | China | $1,222,000 |
| 4. | SAFE Investment Company | China | $980,000 |
| 5. | Abu Dhabi Investment Authority | United Arab Emirates | $829,000 |
| 6. | National Pension | South Korea | $797,968 |
| 7. | Federal Retirement Thrift | U.S. | $774,176 |
| 8. | GIC Private Limited | Singapore | $744,000 |
| 9. | Kuwait Investment Authority | Kuwait | $738,000 |
| 10. | APG | Netherlands | $630,358 |
| 11. | Hong Kong Monetary Authority Investment Portfolio | Hong Kong | $587,000 |
| 12. | California Public Employees | U.S. | $496,820 |
| 13. | Public Investment Fund/Sanabil Investments | Saudi Arabia | $480,000 |
| 14. | Qatar Investment Authority | Qatar | $445,000 |
| 15. | Canada Pension | Canada | $426,746 |
| 16. | National Social Security | China | $406,787 |
| 17. | Central Provident Fund | Singapore | $374,990 |
| 18. | Mercer | U.S. | $370,168 |
| 19. | CDPQ | Canada | $329,000 |
| 20. | California State Teachers | U.S. | $313,940 |
| Global Rank | Organisation | Country | Total Assets | Primary Category |
|---|---|---|---|---|
| 1 | Government Pension Investment Fund | Japan | $1,730,900 | Pension Fund |
| 3 | China Investment Corporation | China | $1,222,000 | SWF |
| 4 | SAFE Investment Company | China | $980,000 | SWF |
| 6 | National Pension | South Korea | $797,968 | Pension Fund |
| 8 | GIC Private Limited | Singapore | $744,000 | SWF |
| 11 | Hong Kong Monetary Authority Investment Portfolio | Hong Kong | $587,000 | SWF |
| 16 | National Social Security3 | China | $406,787 | Pension Fund |
| 17 | Central Provident Fund | Singapore | $374,990 | Pension Fund |
| 24 | Temasek Holdings | Singapore | $283,000 | SWF |
| 27 | Local Government Officials | Japan | $248,572 | Pension Fund |
| 28 | Employees Provident Fund | Malaysia | $242,602 | Pension Fund |
| 31 | Korea Investment Corporation | South Korea | $205,000 | SWF |
| 33 | BLF | Taiwan | $202,000 | Pension Fund |
| 37 | Future Fund Management Agency | Australia | $185,000 | SWF |
| 43 | Australian Super4 | Australia | $169,055 | Pension Fund |
| 51 | MPFA | Hong Kong | $150,000 | Pension Fund |
| 54 | Employees' Provident3 | India | $144,972 | Pension Fund |
| 62 | National Federation of Mutual Aid | Japan | $117,055 | Pension Fund |
| 67 | Pension Fund Association2 | Japan | $109,824 | Pension Fund |
| 71 | Aware Super4 | Australia | $107,511 | Pension Fund |
1 As of 30 September 2021
2 As of 31 March 2021
3 Estimate
4 As of 30 June 2021
Figures were the latest available as of 31 March 2022.
New sources of information were used for some countries in 2021.
The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to changing and improving the investment industry for the benefit of the end saver. It has over 55 members around the world and is an outgrowth of WTW Investments’ Thinking Ahead Group, which was set up in 2002.
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