A
sovereign wealth fund (
SWF) is a state-owned investment fund composed of
financial"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
assetIn financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s such as
stockThe capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
s,
bondsIn finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
,
propertyProperty is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
,
precious metalA precious metal is a rare, naturally occurring metallic chemical element of high economic value.Chemically, the precious metals are less reactive than most elements, have high lustre, are softer or more ductile, and have higher melting points than other metals...
s or other
financial instrumentsA financial instrument is a tradable asset of any kind, either cash; evidence of an ownership interest in an entity; or a contractual right to receive, or deliver, cash or another financial instrument....
. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial firms including
CitigroupCitigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
,
Morgan StanleyMorgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
, and
Merrill LynchMerrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
. These firms needed a cash infusion due to losses resulting from mismanagement and the
subprime mortgage crisisThe U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....
. Most SWFs are funded by foreign exchange assets.
Some sovereign wealth funds may be held by a
central bankA central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management.
The accumulated funds may have their origin in, or may represent foreign
currencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
deposits,
goldGold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
,
Special Drawing RightsSpecial Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund . Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged...
(SDRs) and
International Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF) reserve positions held by
central bankA central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
s and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are
assetIn financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s of the sovereign nations that are typically held in domestic and different
reserve currenciesA reserve currency, or anchor currency, is a currency that is held in significant quantities by many governments and institutions as part of their foreign exchange reserves...
such as the
dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
,
euroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
and yen. Such investment management entities may be set up as official investment companies, state pension funds, or sovereign oil funds, among others.
There have been attempts to distinguish funds held by sovereign entities from
foreign exchange reservesForeign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
held by central banks. Sovereign wealth funds can be characterized as
maximizing long term return, with foreign exchange reserves serving short term
currency stabilization and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover it is widely believed most have diversified hugely into assets other than short term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion. Some central banks have even begun buying equities, or derivatives of differing ilk (even if fairly safe ones, like overnight
interest rate swapAn interest rate swap is a popular and highly liquid financial derivative instrument in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate or from one floating rate to another...
s).
History
The term
sovereign wealth fund was first used in 2005 by Andrew Rozanov in an article entitled, 'Who holds the wealth of nations?' in Central Banking journal. The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.
Early SWFs
Sovereign wealth funds have been around for decades but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWF was the
Kuwait Investment AuthorityThe Kuwait Investment Authority is Kuwait's sovereign wealth fund , managing body, specializing in local and foreign investment...
, a commodity SWF created in 1953 from oil revenues before Kuwait even gained independence from the
United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. According to many estimates, Kuwait's fund is now worth approximately $300 billion.
Another of the first registered SWFs is the
Revenue Equalization Reserve FundThe Revenue Equalization Reserve Fund is the sovereign wealth fund of the Pacific island republic of Kiribati.The RERF was created in 1956 to act as a store of wealth for the country's earnings from phosphate mining, which at one time accounted for 50% of government revenue.In 2009 the RERF was...
of
KiribatiKiribati , officially the Republic of Kiribati, is an island nation located in the central tropical Pacific Ocean. The permanent population exceeds just over 100,000 , and is composed of 32 atolls and one raised coral island, dispersed over 3.5 million square kilometres, straddling the...
. Created in 1956 when the British administration of the
Gilbert IslandsThe Gilbert Islands are a chain of sixteen atolls and coral islands in the Pacific Ocean. They are the main part of Republic of Kiribati and include Tarawa, the site of the country's capital and residence of almost half of the population.-Geography:The atolls and islands of the Gilbert Islands...
in
MicronesiaMicronesia is a subregion of Oceania, comprising thousands of small islands in the western Pacific Ocean. It is distinct from Melanesia to the south, and Polynesia to the east. The Philippines lie to the west, and Indonesia to the southwest....
put a levy on the export of phosphates used in
fertilizerFertilizer is any organic or inorganic material of natural or synthetic origin that is added to a soil to supply one or more plant nutrients essential to the growth of plants. A recent assessment found that about 40 to 60% of crop yields are attributable to commercial fertilizer use...
, the fund has since then grown to $520m.
Nature and purpose
SWFs are typically created when governments have budgetary surpluses and have little or no international debt. This excess liquidity is not always possible or desirable to hold as money or to channel into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.
There are two types of funds: saving funds and stabilization funds. Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations. One such fund is the
Government Pension Fund of NorwayThe Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the Government of Norway:* The Government Pension Fund - Global...
. It is believed that SWFs in resource-rich countries can help avoid resource curse, but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g. in
Hugo ChávezHugo Rafael Chávez Frías is the 56th and current President of Venezuela, having held that position since 1999. He was formerly the leader of the Fifth Republic Movement political party from its foundation in 1997 until 2007, when he became the leader of the United Socialist Party of Venezuela...
's Venezuela or Shah-era Iran. In such circumstances, saving the money to spend during a period of low inflation is often desirable.
Other reasons for creating SWFs may be economical, or strategic, such as
war chestIn arms and armor, a war chest is a container for the personal weapons and protective gear of a citizen-soldier, kept in the household, and is the origin of the term.-In politics:...
s for uncertain times. For example, the
Kuwait Investment AuthorityThe Kuwait Investment Authority is Kuwait's sovereign wealth fund , managing body, specializing in local and foreign investment...
during the
Gulf warThe Persian Gulf War , commonly referred to as simply the Gulf War, was a war waged by a U.N.-authorized coalition force from 34 nations led by the United States, against Iraq in response to Iraq's invasion and annexation of Kuwait.The war is also known under other names, such as the First Gulf...
managed excess reserves above the level needed for currency reserves (although many central banks do that now). The
Government of Singapore Investment CorporationThe Government of Singapore Investment Corporation Private Limited is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves...
and
Temasek HoldingsTemasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
are partially the expression of a desire to bolster Singapore's standing as an international financial centre. The
Korea Investment CorporationThe Korea Investment Corporation is a global investment management company established by the Government of South Korea in 2005 by the Korea Investment Corporation Act. The company manages some of South Korea's foreign reserves, specializing in overseas investments...
has since been similarly managed.
Concerns about SWFs
There are several reasons why the growth of sovereign wealth funds is attracting close attention.
- As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.
- Some countries worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain. These concerns have led the EU to reconsider whether to allow its members to use "golden share
A Golden Share is a nominal share which is able to outvote all other shares in certain specified circumstances, often held by a government organization, in a government company undergoing the process of privatization and transformation into a stock-company....
s" to block certain foreign acquisitions. This strategy has largely been excluded as a viable option by the European UnionThe European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
, for fear it would give rise to a resurgence in international protectionism. In the U.S., these concerns are addressed by the Exon–Florio Amendment to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the Committee on Foreign Investment in the United StatesThe Committee on Foreign Investment in the United States is an inter-agency committee of the United States Government that reviews the national security implications of foreign investments in U.S. companies or operations. Chaired by the Secretary of the Treasury, CFIUS includes representatives...
(CFIUS).
- Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds. Many of these concerns have been addressed by the IMF and its Santiago Principles
The Santiago Principles are a set of 24 voluntary guidelines that assign "best practices" for the operations of Sovereign Wealth Funds . The principles were proposed in 2008 through a joint effort between the International Monetary Fund and the "International Working Group of Sovereign Wealth Funds"...
, which set out common standards regarding transparency, independence, and governance.
- SWFs are not nearly as homogeneous as central banks or public pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s. However, they do have a number of interesting and unique characteristics in common. These make them a distinct and potentially valuable tool for achieving certain public policy and macroeconomic goals.
Developments in 2008
- On 5 March 2008, a joint sub-committee of the U.S. House Financial Services Committee
The United States House Committee on Financial Services is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries...
held a hearing to discuss the role of 'Foreign Government Investment in the U.S. Economy and Financial Sector'. The hearing was attended by representatives of the U.S. Department of TreasuryThe Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
, the U.S. Securities and Exchange Commission, the Federal Reserve Board, Norway's Ministry of Finance, Singapore's Temasek Holdings and the Canada Pension Plan Investment Board.
- On August 20, 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. To be specific, it will affect acquisitions of more than 25% of a German company's voting shares by non-European investors; but the economics minister Michael Glos has pledged that investment reviews would be "extremely rare". The legislation is loosely modelled on a similar one by the U.S. Committee on Foreign Investments.
- On September 2–3, 2008, at a summit in Chile, the International Working Group of Sovereign Wealth Funds - consisting of the world's main SWFs - agreed to a voluntary code of conduct first drafted by IMF. They also considered a standing committee to represent them in international policy debates. The 24 principles in the draft (the Santiago Principles
The Santiago Principles are a set of 24 voluntary guidelines that assign "best practices" for the operations of Sovereign Wealth Funds . The principles were proposed in 2008 through a joint effort between the International Monetary Fund and the "International Working Group of Sovereign Wealth Funds"...
) were made public after being presented to the IMF governing council on October 11, 2008.
Size of SWFs
Assets under managementAssets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
of SWFs increased to $4.7 trillion in July 2011, increase of $700 billion from 1 year ago. There was an additional $6.8 trillion held in other sovereign investment vehicles, such as pension reserve funds, development funds and state-owned corporations’ funds and $7.7 trillion in other official foreign exchange reserves.
Countries with SWFs funded by commodities' exports, primarily oil and gas exports, totalled $2.7 trillion at the end of 2010. Non-commodity SWFs totalled $1.5 trillion. Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatisation revenue. Asian countries account for the bulk of such funds.
An important point to note is the SWF-to-Foreign Reserve Exchange Ratio, which shows the proportion a government has invested in investments relative to currency reserves. According to the SWF Institute, most oil-producing nations in the gulf have a higher SWF-to-Foreign Exchange Ratio - for example, the Qatar Investment Authority (5.89x) compared to the China Investment Corporation (.12x) - reflecting a more aggressive stance to seek higher returns.
Largest sovereign wealth funds
EWLINE
| Country |
Abbreviation |
Fund |
Assets $Billion |
Inception |
Origin |
 United Arab Emirates United Arab Emirates
 Abu Dhabi (emirate) Abu Dhabi |
ADIA |
Abu Dhabi Investment Authority The Abu Dhabi Investment Authority is a sovereign wealth fund owned by Abu Dhabi, United Arab Emirates founded for the purpose of investing funds on behalf of the Government of Abu Dhabi....
|
627 |
1976 |
Oil |
 Norway Norway |
GPF |
Government Pension Fund - Global |
|
1990 |
Oil |
 Saudi Arabia Saudi Arabia |
SAMA |
SAMA Foreign Holdings The Saudi Arabian Monetary Agency , established in 1952, is the central bank of the Kingdom of Saudi Arabia.- History :Prior to the establishment of the Saudi Monetary Agency, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society acted as a de-facto central bank, keeping the...
|
|
n/a |
Oil |
 People's Republic of China China |
SAFE |
SAFE Investment CompanyThe State Administration of Foreign Exchange of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves, which at the end of July 2011 stood at $3.2 trillion...
|
** |
1997 |
Non-commodity |
| People's Republic of China China |
CIC |
China Investment Corporation China Investment Corporation is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. CIC was established in 2007 with approximately US$200 billion of assets under management, making it one of the largest sovereign wealth funds...
|
|
2007 |
Non-commodity |
People's Republic of China China
|
HKMA |
Hong Kong Monetary Authority Investment PortfolioThe Hong Kong Monetary Authority or HKMA is Hong Kong's central banking institution . It is a government authority founded on 1 April 1993 via the consolidation of "Office of the Exchange Fund" and the "Office of the Commissioner of Banking"...
|
|
1993 |
Non-commodity |
 Singapore Singapore |
GIC |
Government of Singapore Investment Corporation The Government of Singapore Investment Corporation Private Limited is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves...
|
|
1981 |
Non-commodity |
 Kuwait Kuwait |
KIA |
Kuwait Investment Authority The Kuwait Investment Authority is Kuwait's sovereign wealth fund , managing body, specializing in local and foreign investment...
|
|
1953 |
Oil |
| Singapore Singapore |
TH |
Temasek Holdings Temasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
|
157 |
1974 |
Non-commodity |
 Canada Canada |
CPPIB |
CPP Investment Board Under the direction of the then Canadian Finance Minister Paul Martin, the CPP Investment Board was created in 1997 as an organization independent of the government to monitor and invest the funds held by the Canada Pension Plan . In turn, the CPP Investment Board created the CPP Reserve Fund. The...
|
|
1997 |
Non-Commodity |
Canada Canada
 Quebec Québec |
CDPQ |
Caisse de dépôt et placement du Québec The Caisse de dépôt et placement du Québec manages public pension plans in the Canadian province of Quebec. It was founded in 1965 by an act of the National Assembly...
|
|
1965 |
Non-Commodity |
| People's Republic of China China |
NSSF |
National Social Security Fund |
|
2000 |
Non-commodity |
 Russia Russia |
RNWF |
National Welfare Fund Russian National Wealth Fund is Russia's Sovereign Wealth Fund. It was created after the Stabilization Fund of the Russian Federation was split into two separate investment funds on January 30, 2008...
|
* |
2008 |
Oil |
 Qatar Qatar |
QIA |
Qatar Investment Authority The Qatar Investment Authority is Qatar's sovereign wealth fund, specializing in domestic and foreign investment. It was founded in 2005 to manage the oil and natural gas surpluses by the Government of Qatar...
|
85 |
2003 |
Oil |
 Australia Australia |
AFF |
Future FundThe Australian Government Future Fund is an independently managed investment fund into which the Australian Government deposits its budget surplus. The purpose of the fund is to meet the government's future liabilities for the payment of superannuation to retired civil servants of the Australian...
|
|
2004 |
Non-commodity |
 Libya Libya |
LIA |
Libyan Investment Authority The Libyan Investment Authority is a government entity headquartered in Tripoli, Libya. It was established on August 28, 2006, by Decree 208 of the General People's Committee of Libya with estimated capital of $70 billion...
|
70 |
2006 |
Oil |
 Algeria Algeria |
RRF |
Revenue Regulation Fund |
|
2000 |
Oil |
United Arab Emirates United Arab Emirates
Abu Dhabi (emirate) Abu Dhabi |
IPIC |
International Petroleum Investment Company |
|
1984 |
Oil |
 United States United States of America
 Alaska Alaska |
APF |
Alaska Permanent Fund The Alaska Permanent Fund is a constitutionally established permanent fund, managed by a semi-independent corporation, established by Alaska in 1976, primarily by the efforts of then Governor Jay Hammond...
|
|
1976 |
Oil |
 Kazakhstan Kazakhstan |
KNF |
Kazakhstan National Fund |
|
2000 |
Oil |
 South Korea South Korea |
KIC |
Korea Investment CorporationThe Korea Investment Corporation is a global investment management company established by the Government of South Korea in 2005 by the Korea Investment Corporation Act. The company manages some of South Korea's foreign reserves, specializing in overseas investments...
|
37 |
2005 |
Non-commodity |
 Malaysia Malaysia |
KN |
Khazanah NasionalKhazanah Nasional Berhad is the investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the government and to undertake strategic investments. Khazanah was incorporated under the Companies Act 1965 on 3 September 1993 as a public limited company...
|
|
1993 |
Non-commodity |
 Republic of Ireland Ireland |
NPRF |
National Pensions Reserve Fund |
33 |
2001 |
Non-commodity |
 Brunei Brunei |
BIA |
Brunei Investment Agency |
30 |
1983 |
Oil |
 France France |
SIF |
Strategic Investment Fund |
28 |
2008 |
Non-commodity |
 Azerbaijan Azerbaijan |
SOFAZ |
State Oil Fund of the Republic of Azerbaijan |
|
1999 |
Oil |
 Iran Iran |
OSF |
Oil Stabilisation Fund |
23 |
1999 |
Oil |
 Chile Chile |
SESF |
Social and Economic Stabilization Fund |
|
1985 |
Copper |
United Arab Emirates United Arab Emirates
 Dubai Dubai |
ICD |
Investment Corporation of Dubai The Investment Corporation of Dubai is a sovereign wealth fund owned by the government of Dubai, United Arab Emirates. Established in May 2006 with the transfer of the government's portfolio of investments from The Department of Finance's Investment Division, its role is to supervise the...
|
|
2006 |
Oil |
Canada Canada
 Alberta Alberta |
AHF |
Alberta's Heritage Fund |
|
1976 |
Oil |
United States United States of America
 New Mexico New Mexico |
NMSIOT |
New Mexico State Investment Office Trust |
|
1958 |
Non-commodity |
United Arab Emirates United Arab Emirates
Abu Dhabi (emirate) Abu Dhabi |
MDC |
Mubadala Development CompanyMubadala Development Company PJSC was established in October 2002 as a Public Joint Stock Company and is a wholly owned investment vehicle of the Government of Abu Dhabi, in the United Arab Emirates....
|
|
2002 |
Oil |
 New Zealand New Zealand |
NZSF |
New Zealand Superannuation Fund The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to...
|
|
2003 |
Non-commodity |
 Bahrain Bahrain |
MHC |
Mumtalakat Holding Company |
|
2006 |
Oil |
 Brazil Brazil |
SFB |
Sovereign Fund of Brazil |
|
2009 |
Non-commodity |
 Oman Oman |
SGRF |
State General Reserve Fund State General Reserve Fund is a sovereign wealth fund in Oman.It is one of few entities where the Sultanate of Oman channels its excess oil revenues.It was founded in 1980 by a royal decree....
|
|
1980 |
Oil & Gas |
 Botswana Botswana |
PF |
Pula Fund |
|
1996 |
Diamonds & Minerals |
 East Timor Timor Leste |
TLPF |
Timor-Leste Petroleum Fund The Timor-Leste Petroleum Fund is a sovereign wealth fund into which the surplus wealth produced by East Timor petroleum and gas income is deposited by the East Timorese government.The fund was established in 2005 with an opening balance of $205 million...
|
|
2005 |
Oil & Gas |
| Saudi Arabia Saudi Arabia |
PIF |
Public Investment Fund |
|
2008 |
Oil |
| People's Republic of China China |
CADF |
China-Africa Development Fund |
|
2007 |
Non-commodity |
United States United States of America
 Wyoming Wyoming |
PWMTF |
Permanent Wyoming Mineral Trust Fund |
|
1974 |
Minerals |
 Trinidad and Tobago Trinidad & Tobago |
HSF |
Heritage and Stabilization Fund |
|
2000 |
Oil |
United Arab Emirates United Arab Emirates
Ra's al Khaymah |
RIA |
RAK Investment Authority |
|
2005 |
Oil |
 Nigeria Nigeria |
NSIA |
Nigerian Sovereign Investment Authority |
1 |
2011 |
Oil |
 Venezuela Venezuela |
FEM |
FEM FEM refers to a number of things, either as an acronym or otherwise:*Field emission microscopy*Finite element method*FEM *[Front End Module ]*Far East Movement*fem - alternative spelling of femme...
|
|
1998 |
Oil |
 Vietnam Vietnam |
SCIC |
State Capital Investment Corporation |
|
2006 |
Non-commodity |
 Kiribati Kiribati |
RERF |
Revenue Equalization Reserve Fund The Revenue Equalization Reserve Fund is the sovereign wealth fund of the Pacific island republic of Kiribati.The RERF was created in 1956 to act as a store of wealth for the country's earnings from phosphate mining, which at one time accounted for 50% of government revenue.In 2009 the RERF was...
|
|
1956 |
Phosphates |
 Indonesia Indonesia |
GIU |
Government Investment Unit
(Pusat Investasi Pemerintah (PIP)) |
|
2006 |
Non-commodity |
 Mauritania Mauritania |
NFHR |
National Fund for Hydrocarbon Reserves |
|
2006 |
Oil & Gas |
United Arab Emirates United Arab Emirates
(Federal) |
EIA |
Emirates Investment Authority |
X |
2007 |
Oil |
| Oman Oman |
OIF |
Oman Investment Fund |
X |
2006 |
Oil |
United Arab Emirates United Arab Emirates
Abu Dhabi (emirate) Abu Dhabi |
ADIC |
Abu Dhabi Investment Council The Abu Dhabi Investment Council is an investment arm of the Government of Abu Dhabi. It started operations in April 2007 and is responsible for investing part of the government’s surplus financial resources through a globally diversified investment strategy, targeting positive capital returns...
|
X |
2007 |
Oil |
|
* This includes the oil stabilization fund of Russia.
** This number is a best guess estimation.
See also
- National wealth
National wealth also net wealth , national net worth, gross national wealth , and total national wealth is the total sum value of monetary assets minus liabilities of a given nation, also National wealth” refers to the total value of wealth possessed by the citizens of a nation at a set point in...
- Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
- Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
- Sovereign investment fund
A sovereign investment fund is an investment fund created or controlled by a government, usually of a country with trade surpluses and abundant foreign monetary reserves....
- Global financial system
The global financial system is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level...
External links