Saudi Arabia’s Public Investment Fund (PIF), the Abu Dhabi Investment Authority (ADIA), and the Kuwait Investment Authority (KIA) now each manage over $1 trillion in assets, according to the July 2025 rankings by Global SWF. The Gulf sovereign wealth funds are ranked among the world’s top six, as the region cements its position in global capital markets.
Norway’s Norges Bank Investment Management remains the world’s largest sovereign fund, with $1.76 trillion in assets under management (AUM), followed by two Chinese funds: SAFE Investment Company with $1.41 trillion and China Investment Corporation with $1.33 trillion.
PIF ranks fourth globally, with $1.15 trillion in AUM, despite reporting a 60% drop in net profit last month. The decline followed a rise in interest rates and increasing costs tied to flagship projects, several of which have faced delays or downsizing. Still, the fund’s total assets rose 18% over the past year, with 37% allocated to alternative investments including real estate, infrastructure, private equity and hedge funds, Global SWF data show.
Backed by stakes in SoftBank, Saudi Aramco and Saudi National Bank, and with ongoing investments in projects such as NEOM and the Red Sea development, PIF is targeting $2 trillion in assets by 2030.
ADIA, which manages $1.11 trillion, ranks fifth globally and is just behind PIF. Global SWF notes that the fund is among the world’s largest investors in real estate, infrastructure and private equity, with 32% of its portfolio in alternatives. ADIA’s latest strategy, published in November, shifts focus toward total portfolio-level returns rather than benchmarking individual asset classes.
KIA, managing $1 trillion, ranks sixth. With 23% of its holdings in alternative assets, KIA has exposure to global firms such as BlackRock and Mercedes-Benz.
