Thinking Ahead Institute Global Top 300 Pension Funds Study 2024: $55.6 Trillion Global AUM & Top 300 Pension Funds with $22.6 Trillion AUM, Largest is Japan Government Pension Investment with $1.59 Trillion AUM, Top 20 Pension Funds Asset Allocation Equities 43.4%, Bonds 34.9%, Alternatives & Cash 21.7%, Top 300 Pension Funds Asset Allocation in APAC Equities 40%, Bonds 48.7%, Alternatives & Cash 11.3%, Europe Equities 39.2%, Bonds 47.3%, Alternatives & Cash 13.5%, North America Equities 48.3%, Bonds 22.4%, Alternatives & Cash 29.3%
20th September 2024 | Hong Kong
Thinking Ahead Institute and Pensions & Investments have released a joint study on Global Top 300 Pension Funds 2024, providing key insights into global pension funds in 2024. In 2023, Global Pension Funds AUM is at $55.6 trillion. Top 300 Pension Funds AUM – $22.6 trillion (+10%). Top 300 Pension Funds AUM – 40.7% of Global Pension Assets. Top 20 Pension Funds AUM – 42.1% of Top 300 Pension Funds AUM. Top 50 Pension Funds AUM – 58% of Top 300 Pension Funds AUM. Sovereign Wealth Funds & Public Sector Pension Funds – 152 of 300 funds (70.6% of Top 300 Pension Funds AUM). Largest Pension Fund – Government Pension Investment (Japan) with $1.59 trillion. Largest Pension Fund in America – Federal Retirement Thrift (United States) – $782 billion. Largest Pension Fund in Europe – Government Pension Fund (Norway) – $1.58 trillion. Largest Pension Fund in APAC – Government Pension Investment (Japan) with $1.59 trillion. Top 10 Largest Pension Fund – Government Pension Investment (Japan) $1.59 trillion, Government Pension Fund (Norway) $1.58 trillion, National Pension (South Korea) – $801 billion, Federal Retirement Thrift (United States) $782 billion, ABP (Netherlands) $552 billion, Canada Pension (Canada) $477 billion, California Public Employees (United States) $452 billion, Central Provident Fund (Singapore) $432 billion, National Social Security (China) $364 billion, California State Teachers (United States) $309 billion. Top 300 Pension Funds by Location (AUM) – North America $10 trillion, Europe $5.6 trillion, APAC $6 trillion, Others $971 billion. Top 300 Pension Funds by Location (Percentage) – North America 44.2%, Europe 24.7%, APAC 26.8%, Others 4.3%. Top 8 Countries in Top 300 Pension Funds – United States 37.9%, Japan 10.2%, Norway 7.3%, Canada 6.2%, Netherlands 5.6%, Australia 5.1%, South Korea 3.8%, United Kingdom 2.8%. Top 7 Countries with Most Funds in Top 300 Pension Funds – United States 144, United Kingdom 17, Australia 17, Canada 16, Switzerland 14, Netherlands 12, Japan – 11, Denmark 9. Pension Funds Type – DB assets 60.8%, DC assets 26.4%, Reserve fund 11.9%, Hybrid 0.9%. Top 300 Pension Funds Type by AUM – Public Sector $9.1 trillion, Sovereign $6.8 trillion, Corporate $2.9 trillion, Private Independent $3.6 trillion. Top 300 Pension Funds Type – Public Sector 128, Sovereign 24, Corporate 80, Private Independent 68. Sovereign Pension Funds AUM – $6.8 trillion. Sovereign Wealth Funds AUM – $12.7 trillion. Top 5 Sovereign Pension Funds – Government Pension Investment (Japan) $1.59 trillion, Government Pension Fund (Norway) $1.58 trillion, National Pension (South Korea) $801 billion, Canada Pension (Canada) $477 billion, Central Provident Fund (Singapore) $432 billion. Pension Fund Industry Trends – Investment Macro, Sustainability, Managing Complexity, Rising systemic risk, Insourcing & delegation. Top 4 Sources of Global Systemic Risk – Geopolitical confrontation 84%, Escalating climate change 72%, Inequality & social challenges 48%, Plumbing of financial system 36%. Top 20 Pension Funds Asset Allocation (Simple Average) – Equities 43.4%, Bonds 34.9%, Alternatives & Cash 21.7%. Top 20 Pension Funds Asset Allocation (Weighted Average) – Equities 40.8%, Bonds 42.2%, Alternatives & Cash 17%. Top 300 Pension Funds Asset Allocation in APAC – Equities 40%, Bonds 48.7%, Alternatives & Cash 11.3%. Top 300 Pension Funds Asset Allocation in Europe – Equities 39.2%, Bonds 47.3%, Alternatives & Cash 13.5%. Top 300 Pension Funds Asset Allocation by Region in North America – Equities 48.3%, Bonds 22.4%, Alternatives & Cash 29.3%. See below for key findings & summary | View report here
“ Thinking Ahead Institute Global Top 300 Pension Funds Study 2024: $55.6 Trillion Global AUM & Top 300 Pension Funds with $22.6 Trillion AUM, Largest is Japan Government Pension Investment with $1.59 Trillion AUM, Top 20 Pension Funds Asset Allocation Equities 43.4%, Bonds 34.9%, Alternatives & Cash 21.7%, Top 300 Pension Funds Asset Allocation in APAC Equities 40%, Bonds 48.7%, Alternatives & Cash 11.3%, Europe Equities 39.2%, Bonds 47.3%, Alternatives & Cash 13.5%, North America Equities 48.3%, Bonds 22.4%, Alternatives & Cash 29.3% “
Thinking Ahead Institute Global Top 300 Pension Funds Study 2024: $55.6 Trillion Global AUM & Top 300 Pension Funds with $22.6 Trillion AUM, Largest is Japan Government Pension Investment with $1.59 Trillion AUM, Top 20 Pension Funds Asset Allocation Equities 43.4%, Bonds 34.9%, Alternatives & Cash 21.7%, Top 300 Pension Funds Asset Allocation in APAC Equities 40%, Bonds 48.7%, Alternatives & Cash 11.3%, Europe Equities 39.2%, Bonds 47.3%, Alternatives & Cash 13.5%, North America Equities 48.3%, Bonds 22.4%, Alternatives & Cash 29.3%
Thinking Ahead Institute and Pensions & Investments have released a joint study on Global Top 300 Pension Funds 2024, providing key insights into global pension funds in 2024. See below for key findings & summary | View report here
Thinking Ahead Institute Global Top 300 Pension Funds Study 2024
Summary
- 2023 Global Pension Funds AUM – $55.6 trillion
- Top 300 Pension Funds AUM – $22.6 trillion (+10%)
- Top 300 Pension Funds AUM – 40.7% of Global Pension Assets
- Top 20 Pension Funds AUM – 42.1% of Top 300 Pension Funds AUM
- Top 50 Pension Funds AUM – 58% of Top 300 Pension Funds AUM
- Sovereign Wealth Funds & Public Sector Pension Funds – 152 of 300 funds (70.6% of Top 300 Pension Funds AUM)
- Largest Pension Fund – Government Pension Investment (Japan) with $1.59 trillion
- Largest Pension Fund in America – Federal Retirement Thrift (United States) – $782 billion
- Largest Pension Fund in Europe – Government Pension Fund (Norway) – $1.58 trillion
- Largest Pension Fund in APAC – Government Pension Investment (Japan) with $1.59 trillion
- Top 10 Largest Pension Fund – Government Pension Investment (Japan) $1.59 trillion, Government Pension Fund (Norway) $1.58 trillion, National Pension (South Korea) – $801 billion, Federal Retirement Thrift (United States) $782 billion, ABP (Netherlands) $552 billion, Canada Pension (Canada) $477 billion, California Public Employees (United States) $452 billion, Central Provident Fund (Singapore) $432 billion, National Social Security (China) $364 billion, California State Teachers (United States) $309 billion
- Top 300 Pension Funds by Location (AUM) – North America $10 trillion, Europe $5.6 trillion, APAC $6 trillion, Others $971 billion
- Top 300 Pension Funds by Location (Percentage) – North America 44.2%, Europe 24.7%, APAC 26.8%, Others 4.3%
- Top 8 Countries in Top 300 Pension Funds – United States 37.9%, Japan 10.2%, Norway 7.3%, Canada 6.2%, Netherlands 5.6%, Australia 5.1%, South Korea 3.8%, United Kingdom 2.8%
- Top 7 Countries with Most Funds in Top 300 Pension Funds – United States 144, United Kingdom 17, Australia 17, Canada 16, Switzerland 14, Netherlands 12, Japan – 11, Denmark 9
- Pension Funds Type – DB assets 60.8%, DC assets 26.4%, Reserve fund 11.9%, Hybrid 0.9%
- Top 300 Pension Funds Type by AUM – Public Sector $9.1 trillion, Sovereign $6.8 trillion, Corporate $2.9 trillion, Private Independent $3.6 trillion
- Top 300 Pension Funds Type – Public Sector 128, Sovereign 24, Corporate 80, Private Independent 68
- Sovereign Pension Funds AUM – $6.8 trillion
- Sovereign Wealth Funds AUM – $12.7 trillion
- Top 5 Sovereign Pension Funds – Government Pension Investment (Japan) $1.59 trillion, Government Pension Fund (Norway) $1.58 trillion, National Pension (South Korea) $801 billion, Canada Pension (Canada) $477 billion, Central Provident Fund (Singapore) $432 billion
- Pension Fund Industry Trends – Investment Macro, Sustainability, Managing Complexity, Rising systemic risk, Insourcing & delegation
- Top 4 Sources of Global Systemic Risk – Geopolitical confrontation 84%, Escalating climate change 72%, Inequality & social challenges 48%, Plumbing of financial system 36%
Pension Funds Asset Allocation – Summary
- Top 20 Pension Funds Asset Allocation (Simple Average) – Equities 43.4%, Bonds 34.9%, Alternatives & Cash 21.7%
- Top 20 Pension Funds Asset Allocation (Weighted Average) – Equities 40.8%, Bonds 42.2%, Alternatives & Cash 17%
- Top 300 Pension Funds Asset Allocation in APAC – Equities 40%, Bonds 48.7%, Alternatives & Cash 11.3%
- Top 300 Pension Funds Asset Allocation in Europe – Equities 39.2%, Bonds 47.3%, Alternatives & Cash 13.5%
- Top 300 Pension Funds Asset Allocation by Region in North America – Equities 48.3%, Bonds 22.4%, Alternatives & Cash 29.3%
Notes
- Sovereign funds: Directly controlled by the state
- Public sector funds: Covering public sector workers in provincial or state sponsored plans
- Private independent funds: Private sector organisations authorised to manage pension plans from different employers
- Corporate funds: Covering workers in company sponsored pension plans
- DB Assets ~ Defined Benefit (Retirement income payable monthly for life, risks by employers)
- DC Assets ~ Defined Contribution (Contribution primarily by employee, investment risks with participants)
Thinking Ahead Institute Global Top 300 Pension Funds Study 2024
1) 2023 Pension Funds AUM
Global Pension Funds AUM
- 2018 – $40.5 trillion
- 2019 – $47.2 trillion
- 2020 – $52.9 trillion
- 2021 – $57.4 trillion
- 2022 – $50.1 trillion
- 2023 – $55.6 trillion
Top 300 Pension Funds AUM:
- 2018 – $18 trillion
- 2019 – $19.4 trillion
- 2020 – $21.7 trillion
- 2021 – $23.6 trillion
- 2022 – $20.5 trillion
- 2023 – $22.6 trillion
5-Years Annualised Asset Growth:
- Top 300 Pension Funds: +4.7%
- Top 20 Pension Funds: +5.4%
2) Top Pension Funds Ranking
Top 30 Pension Funds Ranking:
- Government Pension Investment (Japan) – $1.59 trillion
- Government Pension Fund (Norway) – $1.58 trillion
- National Pension (South Korea) – $801 billion
- Federal Retirement Thrift (United States) – $782 billion
- ABP (Netherlands) – $552 billion
- Canada Pension (Canada) – $477 billion
- California Public Employees (United States) – $452 billion
- Central Provident Fund (Singapore) – $432 billion
- National Social Security (China) – $364 billion
- California State Teachers (United States) – $309 billion
- PFZW (Netherlands) – $262 billion
- New York City Retirement (United States) – $247 billion
- Employees Provident Fund (Malaysia) – $247 billion
- New York State Common (United States) – $246 billion
- Local Government Officials (Japan) – $226 billion
- AustralianSuper (Australia) – $204 billion
- Florida State Board (United States) – $194 billion
- Ontario Teachers (Canada) – $186 billion
- Texas Teachers (United States) – $181 billion
- Labor Pension Fund (Taiwan) – $176 billion
- Employees’ Provident (India) – $176 billion
- Australian Retirement Trust (Australia) – $173 billion
- Washington State Board (United States) – $167 billion
- Public Institute for Social Security (Kuwait) – $144 billion
- Future Fund (Australia) – $144 billion
- Public Service Pension Plan (Canada) – $134 billion
- Wisconsin Investment Board (United States) – $130 billion
- New York State Teachers (United States) – $130 billion
- Alecta (Sweden) – $126 billion
- North Carolina (United States) – $126 billion
Top 10 Pension Funds APAC Ranking:
- Government Pension Investment (Japan) – $1.59 trillion
- National Pension (South Korea) – $801 billion
- Central Provident Fund (Singapore) – $432 billion
- National Social Security (China) – $364 billion
- Employees Provident Fund (Malaysia) – $247 billion
- AustralianSuper (Australia) – $204 billion
- Labor Pension Fund (Taiwan) – $176 billion
- Employees’ Provident (India) – $176 billion
- Australian Retirement Trust (Australia) – $173 billion
- Future Fund (Australia) – $144 billion
3) Sovereign Pension Funds
Sovereign Funds AUM:
- Sovereign Pension Funds – $6.8 trillion
- Sovereign Wealth Funds – $12.7 trillion
Top 24 Sovereign Pension Funds Ranking:
- Government Pension Investment (Japan) – $1.59 trillion
- Government Pension Fund (Norway) – $1.58 trillion
- National Pension (South Korea) – $801 billion
- Canada Pension (Canada) – $477 billion
- Central Provident Fund (Singapore) – $432 billion
- National Social Security (China) – $364 billion
- Employees Provident Fund (Malaysia) – $247 billion
- Labor Pension Fund (Taiwan) – $176 billion
- Employees’ Provident (India) – $176 billion
- Public Institute for Social Security (Kuwait) – $144 billion
- Future Fund (Australia) – $144 billion
- GEPF (South Africa) – $124 billion
- Employees’ Pension Fund (India) – $102 billion
- AP Fonden 7 (Sweden) – $94 billion
- Social Insurance Funds (Vietnam) – $56 billion
- AP Fonden 3 (Sweden) – $49 billion
- AP Fonden 4 (Sweden) – $48 billion
- AP Fonden 1 (Sweden) – $44 billion
- AP Fonden 2 (Sweden) – $41 billion
- New Zealand Superannuation (New Zealand) – $40 billion
- FEFSS (Portugal) – $32 billion
- Fonds de Comp./Securite Sociale (Luxembourg) – $26 billion
- State Pension (Finland) – $25 billion
- FRR (France) – $23 billion
4) Pension Funds Trends & Risks
Pension Fund Industry Trends:
- Investment Macro
- Sustainability
- Managing Complexity
- Rising systemic risk
- Insourcing & delegation
Top 9 Sources of Global Systemic Risk:
- Geopolitical confrontation – 84%
- Escalating climate change – 72%
- Inequality & social challenges (e.g., polarisation, loss of social cohesion) – 48%
- The plumbing of the financial system – 36%
- Biodiversity loss / ecosystem breakdown – 12%
- Cybercrime / cybersecurity – 12%
- Adverse outcomes of AI / frontier technology – 12%
- Natural resource crisis – 4%
- Global pandemic – 4%
5) Top 20 Pension Funds Asset Allocation
Top 20 Pension Funds Asset Allocation (Simple Average):
- Equities – 43.4%
- Bonds – 34.9%
- Alternatives & Cash – 21.7%
Top 20 Pension Funds Asset Allocation (Weighted Average):
- Equities – 40.8%
- Bonds – 42.2%
- Alternatives & Cash – 17%
Top 20 Pension Funds Asset Allocation in APAC:
- Equities – 45%
- Bonds – 48.1%
- Alternatives & Cash – 6.9%
Top 20 Pension Funds Asset Allocation by in Europe:
- Equities – 31%
- Bonds – 58.2%
- Alternatives & Cash – 10.8%
Top 20 Pension Funds Asset Allocation by in North America:
- Equities – 44.5%
- Bonds – 22.7%
- Alternatives & Cash – 32.8%
6) Top 300 Pension Funds Asset Allocation
Top 300 Pension Funds Asset Allocation in APAC:
- Equities – 40%
- Bonds – 48.7%
- Alternatives & Cash – 11.3%
Top 300 Pension Funds Asset Allocation in Europe:
- Equities – 39.2%
- Bonds – 47.3%
- Alternatives & Cash – 13.5%
Top 300 Pension Funds Asset Allocation in North America:
- Equities – 48.3%
- Bonds – 22.4%
- Alternatives & Cash – 29.3%
7) Pension Funds Insights
Top 300 Pension Funds by AUM:
- Public Sector – $9.1 trillion
- Sovereign – $6.8 trillion
- Corporate – $2.9 trillion
- Private Independent – $3.6 trillion
Top 300 Pension Funds Type (No. of Pension Funds):
- Public Sector – 128
- Sovereign – 24
- Corporate – 80
- Private Independent – 68
- Total – 300
Notes
- Sovereign funds: Directly controlled by the state
- Public sector funds: Covering public sector workers in provincial or state sponsored plans
- Private independent funds: Private sector organisations authorised to manage pension plans from different employers
- Corporate funds: Covering workers in company sponsored pension plans
Top 300 Pension Funds by AUM (By Ranking):
- Top 20 – 42.1% of AUM
- Rank 21 to 50 – 15.8%
- Rank 51 to 150 – 24.9%
- Rank 151 to 300 – 17.2%
Top 300 Pension Funds by Location (AUM):
- North America – $10 trillion
- Europe – $5.6 trillion
- APAC – $6 trillion
- Others – $971 billion
- Total – $22.6 trillion
Top 300 Pension Funds by Location (Percentage):
- North America – 44.2%
- Europe – 24.7%
- APAC – 26.8%
- Others – 4.3%
Top 300 Pension Funds by Country (Percentage):
- United States – 37.9%
- Japan – 10.2%
- Norway – 7.3%
- Canada – 6.2%
- Netherlands – 5.6%
- Australia – 5.1%
- South Korea – 3.8%
- United Kingdom – 2.8%
- Denmark – 2.2%
- Sweden – 2%
- Singapore – 1.9%
- Switzerland – 1.9%
- China – 1.6%
- Mexico – 1.4%
- Malaysia – 1.3%
- Other – 8.9%
Most Funds by Country (Top 300 Pension Funds):
- United States – 144
- United Kingdom – 17
- Australia – 17
- Canada – 16
- Switzerland – 14
- Netherlands – 12
- Japan – 11
- Denmark – 9
- Sweden – 7
- Mexico – 7
- South Korea – 3
- Norway – 2
- Malaysia – 2
- Singapore – 1
- China – 1
- Other* – 37
* Brazil, Chile, Colombia, France, Finland, Germany, India, Israel Italy, Kuwait, Luxembourg, New Zealand, Philippines, Portugal, South Africa, Taiwan, Thailand, Vietnam
Pension Funds Type:
- DB assets – 60.8%
- DC assets – 26.4%
- Reserve fund – 11.9%
- Hybrid – 0.9%
Notes
- DB Assets ~ Defined Benefit (Retirement income payable monthly for life, risks by employers)
- DC Assets ~ Defined Contribution (Contribution primarily by employee, investment risks with participants)
Pension Funds Type by Region – APAC:
- DB assets – 62.5%
- DC assets – 29.1%
- Reserve fund – 8.4%
- Hybrid – None
Pension Funds Type by Region – Europe:
- DB assets – 45.8%
- DC assets – 12.8%
- Reserve fund – 36.9%
- Hybrid – 4.6%
Pension Funds Type by Region – North America:
- DB assets – 72%
- DC assets – 28%
- Reserve fund – None
- Hybrid – None
Pension Funds Type by Region – Other:
- DB assets – 16.8%
- DC assets – 68.3%
- Reserve fund – 14.9%
- Hybrid – None
The Thinking Ahead Institute
The Thinking Ahead Institute (TAI) is a not-for-profit research and innovation network motivated to influence the investment industry for the good of savers worldwide and to mobilise capital for a sustainable future. Since its establishment in 2015, almost 90 investment organisations have collaborated to bring this vision to light through designing fit-for-purpose investment strategies, working towards better organisational effectiveness and strengthening stakeholder legitimacy.
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