Kuwait’s sovereign wealth fund, Kuwait Investment Authority (KIA)has retained third place among the largest sovereign funds, according to the International Institute for Global Sovereign Fund’s new report.
The new update of the global sovereign fund rankings reveals that the total assets of KIA has surged to $737.93 billion, compared to $692.9 billion last year, which is an increase of about $45 billion.
According to the global sovereign fund rankings, the Norwegian sovereign fund continues to be in the leading position, followed by the Chinese Investment Authority in second place.
The assets of the world’s largest sovereign fund, which is that of Norway, fell slightly from $1.36 trillion last year to $1.34 trillion this year. The assets of the second-largest sovereign fund globally, which is that of China, remained stable at $1.22 trillion.
The Abu Dhabi Investment Authority (ADIA) remained in fourth place after the KIA, with assets estimated at $697.8 billion, compared to $649.1 billion last year. The Saudi Public Investment Fund (PIF) jumped from ninth place to eighth position this year with assets of $480 billion, followed by the Qatari sovereign fund in tenth place with assets estimated at $354 billion.
The International Institute for Global Sovereign Fund revealed that the total assets of sovereign funds rated by it amounted to more than $9.52 trillion this year, which is up from $9.14 trillion in the previous year.
KIA is the world’s oldest sovereign wealth fund whose roots predate the birth of the modern state of Kuwait. The fund is remarked as the national savings pot designed to help the country prepare for life after oil.
