Sovereign wealth funds · End-2025 · What record assets conceal.
A Record With a Different Engine
About US$15.1 trillion across 109 funds at end-2025, up from US$13.2 trillion in the prior edition. Source: Global SWF and IE–ICEX; the publications may share data lineage.
Two case studies—not a claim about every sovereign fund
- Norway · GPFG
- World’s largest sovereign fund
- 2025 signal
- NOK 2,362bn return; petroleum cash flow 48% below 2022 peak
- Saudi Arabia · PIF
- Largest Arab sovereign fund
- 2025 signal
- Assets +5.09%; borrowing +27.2%; dividends −21.9%
- Global context
- Buoyant markets and technology investments helped drive asset growth
25.5%
of 2025 fund value came from cumulative net petroleum contributions: NOK 5,420bn of NOK 21,268bn. Returns and currency effects account for the remainder.
2025 return: 15.1% / NOK 2,362bn. Annual value rise: NOK 1,526bn—not decomposed in the source.