Top pension funds reach all-time global record
WTW's Thinking Ahead Institute reports that the world's top 300 pension funds have reached a new record of US$ 24.4 trillion in total assets under management, surpassing the previous 2021 record of US$ 23.6 trillion. Growth slowed to 7.8% in 2024 compared to 10% the previous year.
The top 20 pension funds now control US$ 10.3 trillion (42.4% of total assets), growing 8.5% year-over-year. Norway's Government Pension Fund (US$ 1.77 trillion) has overtaken Japan's GPIF as the world's largest pension fund. Defined benefit schemes represent 59.4% of total assets, while defined contribution plans grew 14.3% to reach 27.7% of assets.
Key trends include increased focus on artificial intelligence, with half of top funds citing technology adoption as a strategic priority, while concerns about volatility, uncertainty, and inflation shape the investment outlook.
Il Thinking Ahead Institute di WTW segnala che i primi 300 fondi pensione mondiali hanno raggiunto un nuovo massimo di US$ 24,4 trilioni in attivit脿 gestite, superando il precedente record del 2021 di US$ 23,6 trilioni. La crescita 猫 rallentata al 7,8% nel 2024, rispetto al 10% dell鈥檃nno precedente.
I primi 20 fondi pensione detengono ora US$ 10,3 trilioni (42,4% delle attivit脿 totali), con una crescita annua dell鈥�8,5%. Il Government Pension Fund della Norvegia (US$ 1,77 trilioni) ha scavalcato il GPIF giapponese diventando il pi霉 grande fondo pensione al mondo. I piani a prestazione definita rappresentano il 59,4% delle attivit脿 totali, mentre i piani a contribuzione definita sono cresciuti del 14,3% arrivando al 27,7% delle attivit脿.
Tra le tendenze principali spicca una maggiore attenzione all鈥�intelligenza artificiale: met脿 dei principali fondi indica l鈥檃dozione tecnologica come priorit脿 strategica, mentre la volatilit脿, l鈥檌ncertezza e l鈥檌nflazione continuano a influenzare le prospettive di investimento.
El Thinking Ahead Institute de WTW informa que los 300 principales fondos de pensiones del mundo alcanzaron un nuevo r茅cord de US$ 24,4 billones en activos bajo gesti贸n, superando el r茅cord anterior de 2021 de US$ 23,6 billones. El crecimiento se ralentiz贸 al 7,8% en 2024, frente al 10% del a帽o anterior.
Los 20 primeros fondos de pensiones controlan ahora US$ 10,3 billones (42,4% del total de activos), con un crecimiento interanual del 8,5%. El Government Pension Fund de Noruega (US$ 1,77 billones) ha superado al GPIF de Jap贸n como el mayor fondo de pensiones del mundo. Los planes de beneficio definido representan el 59,4% del total de activos, mientras que los planes de contribuci贸n definida crecieron un 14,3% hasta representar el 27,7% de los activos.
Entre las tendencias clave destaca un mayor enfoque en la inteligencia artificial: la mitad de los fondos principales citan la adopci贸n tecnol贸gica como prioridad estrat茅gica, mientras que la volatilidad, la incertidumbre y la inflaci贸n condicionan la perspectiva de inversi贸n.
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Le Thinking Ahead Institute de WTW rapporte que les 300 principaux fonds de pension mondiaux ont atteint un nouveau record de 24,4 000 milliards USD d鈥檃ctifs sous gestion, d茅passant le pr茅c茅dent record de 23,6 000 milliards USD en 2021. La croissance a ralenti 脿 7,8 % en 2024 contre 10 % l鈥檃nn茅e pr茅c茅dente.
Les 20 premiers fonds contr么lent d茅sormais 10,3 000 milliards USD (42,4 % des actifs totaux), en hausse de 8,5 % en glissement annuel. Le Government Pension Fund de Norv猫ge (1,77 000 milliards USD) a d茅pass茅 le GPIF du Japon et devient le plus grand fonds de pension au monde. Les r茅gimes 脿 prestations d茅finies repr茅sentent 59,4 % des actifs totaux, tandis que les r茅gimes 脿 cotisations d茅finies ont progress茅 de 14,3 % pour atteindre 27,7 % des actifs.
Parmi les tendances cl茅s, on note un int茅r锚t accru pour l鈥檌ntelligence artificielle : la moiti茅 des principaux fonds citent l鈥檃doption de la technologie comme priorit茅 strat茅gique, tandis que la volatilit茅, l鈥檌ncertitude et l鈥檌nflation fa莽onnent les perspectives d鈥檌nvestissement.
Das Thinking Ahead Institute von WTW berichtet, dass die weltweit 300 gr枚脽ten Pensionskassen ein neues Rekordvolumen von 24,4 Billionen US-Dollar an verwaltetem Verm枚gen erreicht haben und damit den bisherigen Rekord von 23,6 Billionen US-Dollar aus dem Jahr 2021 眉bertreffen. Das Wachstum verlangsamte sich 2024 auf 7,8% gegen眉ber 10% im Vorjahr.
Die 20 gr枚脽ten Pensionskassen halten nun 10,3 Billionen US-Dollar (42,4% des Gesamtverm枚gens) und wuchsen im Jahresvergleich um 8,5%. Norwegens Government Pension Fund (1,77 Billionen US-Dollar) hat Japans GPIF 眉berholt und ist damit der weltweit gr枚脽te Pensionsfonds. Leistungsorientierte Pl盲ne machen 59,4% des Gesamtverm枚gens aus, w盲hrend beitragsorientierte Pl盲ne um 14,3% zulegten und nun 27,7% der Verm枚gensbasis ausmachen.
Wichtige Trends sind ein verst盲rkter Fokus auf K眉nstliche Intelligenz: Die H盲lfte der f眉hrenden Fonds nennt Technologieeinf眉hrung als strategische Priorit盲t, w盲hrend Sorgen um Volatilit盲t, Unsicherheit und Inflation die Anlageperspektive pr盲gen.
- Record-breaking total assets of US$ 24.4 trillion for top 300 pension funds
- Top 20 funds grew faster than average, reaching US$ 10.3 trillion in assets
- DC fund assets showed strong growth of 14.3% in 2024
- Increased adoption of AI and technology in portfolio management
- Growth rate slowed to 7.8% in 2024 from 10% the previous year
- Increasing concentration of assets among top funds (42.4% held by top 20)
- Rising concerns about market volatility and inflation risks
- Declining proportion of DB schemes, falling below 60% of total assets
NEW YORK, Sept. 08, 2025 (GLOBE NEWSWIRE) -- The world鈥檚 largest 300 pension funds reached a new US
The research highlights high-level trends in the pension fund industry and provides information on the changing composition of the top 300 list of pension funds globally, including the characteristics and investment allocations of these pension funds.
This year鈥檚 total breaks the record that was previously set in 2021 at US
Concentration also continues. For the first time, the combined assets of the world鈥檚 top 20 pension funds exceeded US
Of these top funds, ten reported strengthening their expertise in artificial intelligence, with nine highlighting technology adoption in portfolio management as a strategic priority and recognising AI as both a risk and an opportunity. At the same time, nine pension funds cited volatility and uncertainty as major concerns, with inflation also highlighted as a key factor shaping the outlook for the year.
At the very top of the table, Japan鈥檚 Government Pension Investment Fund (GPIF) was overtaken by Norway鈥檚 Government Pension Fund after more than 20 years at the top. Norway鈥檚 Government Pension Fund boasts US
Jessica Gao, director at the Thinking Ahead Institute, reflects on key insights from the research: 鈥淭he past year saw pension assets reach their highest levels yet, coming off several years of slowed growth following the previous record achieved in 2021.
鈥淭he world鈥檚 largest pension funds are navigating an increasingly complex landscape. Macroeconomic volatility, geopolitical shifts and concentrated market risks are reshaping return expectations. The current backdrop has tested even well-diversified portfolios, highlighting the difficulty of today鈥檚 investment environment. At the same time, funds face more demanding relationships with stakeholders, from regulators to sponsors to members, all of whom are raising expectations on how pensions are managed. These intersecting challenges are heightening the responsibilities of fiduciaries, making strong governance more important than ever.鈥�
While DB schemes remain the largest share of disclosed assets, the proportion fell below
Defined contribution funds continue to grow, yet the challenge of turning savings into secure lifetime income remains. Many funds are exploring new pathways, but stability, adequacy and affordability are difficult to balance across different regulatory and social contexts.
Technology is another defining force. Many funds are raising budgets for digital solutions to strengthen oversight, risk management and long-term decision-making. AI in particular is emerging as a powerful enabler and a new source of risk that requires careful governance and strong controls.
鈥淲ith growing complexity and challenges, more funds are exploring the Total Portfolio Approach (TPA). By aligning purpose, capital and decision-making, and by taking a holistic view of the fund as a whole, TPA is helping organizations strengthen their ability to deliver long-term outcomes,鈥� concluded Gao.
Top 20 pension funds (US$ millions)
| Rank | Fund | Market | Total Assets | |
| 1 | Government Pension Fund | Norway | ||
| 2 | Government Pension Investment Fund | Japan | ||
| 3 | Federal Retirement Thrift | U.S. | ||
| 4 | National Pension | South Korea | ||
| 5 | ABP | Netherlands | ||
| 6 | California Public Employees | U.S. | ||
| 7 | Canada Pension | Canada | ||
| 8 | Central Provident Fund | Singapore | ||
| 9 | National Social Security | China | ||
| 10 | California State Teachers | U.S. | ||
| 11 | New York City Retirement | U.S. | ||
| 12 | Employees Provident Fund | Malaysia | ||
| 13 | New York State Common | U.S. | ||
| 14 | PFZW | Netherlands | ||
| 15 | Local Government Officials | Japan | ||
| 16 | Florida State Board | U.S. | ||
| 17 | AustralianSuper | Australia | ||
| 18 | Texas Teachers | U.S. | ||
| 19 | Employees' Provident | India | ||
| 20 | Labor Pension Fund | Taiwan | ||
About the Thinking Ahead Institute
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 asset managers committed to mobilizing capital for a sustainable future. It has 52 members around the world and is an outgrowth of the WTW Investments鈥� Thinking Ahead Group which was set up in 2002.聽Learn more at
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