Key Takeaways
- • Norges Bank Investment Management (NBIM), manager of Norway's Government Pension Fund Global, overtook Japan's Government Pension Investment Fund (GPIF) to become the world's largest asset owner at the end of 2024, according to WTW's Thinking Ahead Institute Asset Owner 100 ranking.
- • The world's 100 largest asset owners held $29.3 trillion as of year-end 2024, with alternatives accounting for 28.4% of total assets and private equity the dominant allocation across all regions.
- • At year-end 2024, NBIM managed $1.7 trillion versus GPIF's $1.6 trillion; as of September 30, 2025, NBIM held 20,440 billion kroner ($2.025 trillion) against GPIF's 282.535 trillion yen ($1.826 trillion), per the funds' own websites.
- • Sovereign wealth funds were the fastest-growing asset owner category in 2024, with assets rising 16.7% to an average of $543 billion, while pension funds grew only 6.5%.
- • Sovereign funds made up 40.8% of assets among the top 100 asset owners, and pension funds now hold fewer than half of those assets for the first time.
Summary
Norges Bank Investment Management surpassed Japan's Government Pension Investment Fund to become the world's largest asset owner at the end of 2024, according to WTW's Thinking Ahead Institute, which publishes the annual Asset Owner 100 ranking. The study tracks the total assets of the world's 100 largest asset owners, which together held $29.3 trillion as of year-end 2024. Alternatives represented 28.4% of total assets among the largest portfolios, with private equity the dominant allocation across all regions. Outsourced CIOs and master trusts accounted for 9.7% of total AUM, while foundations and endowments, tracked in the ranking since 2023, accounted for 0.5%.
At the end of 2024, NBIM, which manages the Government Pension Fund Global, held $1.7 trillion, ranking first, while GPIF managed $1.6 trillion, ranking second, according to WTW. NBIM has maintained the top position so far in 2025. Per the funds' own websites, GPIF held 282.535 trillion yen ($1.826 trillion) as of the second quarter of its fiscal year ending September 30, while NBIM held 20,440 billion kroner ($2.025 trillion) as of September 30. The title toggled between the two funds last year, largely due to currency fluctuations, and NBIM first took the top spot in March 2024.
Sovereign wealth funds recorded the strongest growth of any asset owner category in 2024, with assets rising 16.7% and the average sovereign fund reaching $543 billion, compared with an overall average of $293 billion for all asset owners. Sovereign funds accounted for 40.8% of assets held by the top 100 asset owners. Their share was highest in Europe, the Middle East and Africa, at 73%. Pension funds made up 70% of assets in North America and 52% in Asia-Pacific. According to WTW, pension funds had the weakest performance of any asset owner type in 2024, growing only 6.5%, and for the first time they manage fewer than half of the assets held by the top 100 asset owners.
At the end of 2024, NBIM, which manages the Government Pension Fund Global, held $1.7 trillion, ranking first, while GPIF managed $1.6 trillion, ranking second, according to WTW. NBIM has maintained the top position so far in 2025. Per the funds' own websites, GPIF held 282.535 trillion yen ($1.826 trillion) as of the second quarter of its fiscal year ending September 30, while NBIM held 20,440 billion kroner ($2.025 trillion) as of September 30. The title toggled between the two funds last year, largely due to currency fluctuations, and NBIM first took the top spot in March 2024.
Sovereign wealth funds recorded the strongest growth of any asset owner category in 2024, with assets rising 16.7% and the average sovereign fund reaching $543 billion, compared with an overall average of $293 billion for all asset owners. Sovereign funds accounted for 40.8% of assets held by the top 100 asset owners. Their share was highest in Europe, the Middle East and Africa, at 73%. Pension funds made up 70% of assets in North America and 52% in Asia-Pacific. According to WTW, pension funds had the weakest performance of any asset owner type in 2024, growing only 6.5%, and for the first time they manage fewer than half of the assets held by the top 100 asset owners.
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