September 06, 2021 12:00 AM
The world's largest retirement funds in 2021
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Ranked by total assets, in millions. U.S. fund data are as of Sept. 30, 2020, from the P&I 1,000, published Feb. 8, 2021; non-U.S. fund data are as of Dec. 31, 2020, unless otherwise noted. Defined benefit and defined contribution breakouts were not available or applicable to all non-U.S. funds.
Rank | Fund | Market | Total assets | DB assets | DC assets |
---|---|---|---|---|---|
1 | Government Pension Investment | Japan | $1,719,987 | $1,719,987 | |
2 | Government Pension Fund | Norway | $1,305,920 | ||
3 | National Pension | South Korea | $765,446 | $765,446 | |
4 | Federal Retirement Thrift | U.S. | $651,124 | $651,124 | |
5 | ABP | Netherlands | $607,367 | $607,367 | |
6 | National Social Security1 | China | $448,427 | ||
7 | California Public Employees | U.S. | $426,247 | $424,306 | $1,941 |
8 | Canada Pension2 | Canada | $390,503 | $390,503 | |
9 | Central Provident Fund | Singapore | $349,787 | $349,787 | |
10 | PFZW2 | Netherlands | $306,893 | $306,893 | |
11 | California State Teachers | U.S. | $259,246 | $257,856 | $1,390 |
12 | Employees Provident Fund | Malaysia | $248,203 | $248,203 | |
13 | Local Government Officials | Japan | $248,094 | $248,094 | |
14 | New York State Common | U.S. | $226,400 | $226,400 | |
15 | New York City Retirement | U.S. | $225,450 | $225,450 | |
16 | Employees’ Provident1 | India | $193,801 | $193,801 | |
17 | National Wealth Fund3 | Russia | $183,002 | ||
18 | Florida State Board | U.S. | $180,221 | $168,002 | $12,219 |
19 | ATP | Denmark | $176,606 | $176,606 | |
20 | Ontario Teachers | Canada | $173,741 | $173,741 | |
21 | Texas Teachers | U.S. | $162,656 | $162,656 | |
22 | AustralianSuper | Australia | $156,265 | ||
23 | Labor Pension Fund | Taiwan | $146,277 | $36,626 | $109,651 |
24 | Boeing1 | U.S. | $133,688 | $64,172 | $69,516 |
25 | Future Fund | Australia | $131,475 | ||
26 | Washington State Board | U.S. | $128,897 | $107,257 | $21,640 |
27 | Alecta | Sweden | $127,381 | $127,381 | |
28 | AT&T1 | U.S. | $127,365 | $58,822 | $68,543 |
29 | Bouwnijverheid | Netherlands | $124,902 | $124,902 | |
30 | Wisconsin Investment Board | U.S. | $124,508 | $118,029 | $6,479 |
31 | New York State Teachers | U.S. | $122,767 | $122,767 | |
32 | Pension Fund Association2 | Japan | $121,292 | $121,292 | |
33 | North Carolina | U.S. | $120,727 | $107,497 | $13,230 |
34 | Metaal/tech. Bedrijven | Netherlands | $118,931 | $118,931 | |
35 | Bayerische Versorgungskammer | Germany | $118,740 | $118,740 | |
36 | National Federation of Mutual Aid | Japan | $118,015 | $118,015 | |
37 | GEPF4 | South Africa | $109,574 | $109,574 | |
38 | IBM | U.S. | $109,027 | $53,421 | $55,606 |
39 | Aware Super | Australia | $106,947 | ||
40 | Ohio Public Employees | U.S. | $104,307 | $102,410 | $1,897 |
41 | PFA Pension | Denmark | $103,733 | $103,733 | |
42 | California University | U.S. | $103,107 | $74,514 | $28,593 |
43 | Raytheon Technologies | U.S. | $99,717 | $51,442 | $48,275 |
44 | Public Service Pension Plan4 | Canada | $96,979 | ||
45 | Universities Superannuation4 | U.K. | $90,906 | $90,906 | |
46 | Virginia Retirement | U.S. | $90,111 | $85,136 | $4,975 |
47 | General Motors1 | U.S. | $87,325 | $61,602 | $25,723 |
48 | Public Institute for Social Security1 | Kuwait | $86,895 | ||
49 | Michigan Retirement | U.S. | $86,659 | $76,416 | $10,243 |
50 | Lockheed Martin1 | U.S. | $86,317 | $39,365 | $46,952 |
51 | Royal Dutch Shell5 | Netherlands | $85,813 | $85,813 | |
52 | Minnesota State Board | U.S. | $85,722 | $74,762 | $10,960 |
53 | Georgia Teachers | U.S. | $85,027 | $85,027 | |
54 | New Jersey | U.S. | $83,126 | $78,354 | $4,772 |
55 | Ontario Municipal Employees | Canada | $82,908 | $82,908 | |
56 | Oregon Public Employees | U.S. | $82,860 | $80,251 | $2,609 |
57 | Kaiser | U.S. | $82,516 | $51,980 | $30,536 |
58 | Healthcare of Ontario | Canada | $81,658 | $81,658 | |
59 | National Public Service | Japan | $80,798 | $80,798 | |
60 | General Electric | U.S. | $80,699 | $56,351 | $24,348 |
61 | Ohio State Teachers | U.S. | $80,108 | $78,179 | $1,929 |
62 | Massachusetts PRIM | U.S. | $79,525 | $79,525 | |
63 | QSuper | Australia | $79,248 | ||
64 | Royal Bank of Scotland Group6 | U.K. | $78,259 | $78,259 | |
65 | AP Fonden 7 | Sweden | $77,120 | ||
66 | United Parcel Service | U.S. | $75,438 | $49,388 | $26,050 |
67 | BT Group2 | U.K. | $74,655 | $74,655 | |
68 | PME | Netherlands | $74,490 | $74,490 | |
69 | United Nations Joint Staff | U.S. | $73,750 | $73,750 | |
70 | UniSuper | Australia | $70,162 | ||
71 | Lloyds Banking Group6 | U.K. | $69,891 | $69,891 | |
72 | Quebec Pension | Canada | $68,731 | $68,731 | |
73 | Ford Motor1 | U.S. | $65,755 | $46,655 | $19,100 |
74 | Tennessee Consolidated | U.S. | $65,692 | $55,940 | $9,752 |
75 | Keva | Finland | $65,643 | $65,643 | |
76 | Ilmarinen | Finland | $65,092 | $65,092 | |
77 | Quebec Government & Public | Canada | $64,948 | $64,948 | |
78 | Bank of America | U.S. | $63,730 | $21,135 | $42,595 |
79 | Northrop Grumman | U.S. | $62,731 | $32,129 | $30,602 |
80 | AMF Pension | Sweden | $61,726 | $61,726 | |
81 | Sunsuper | Australia | $61,475 | ||
82 | Varma | Finland | $61,271 | $61,271 | |
83 | AFP Habitat | Chile | $60,703 | $60,703 | |
84 | Los Angeles County Employees | U.S. | $60,459 | $60,459 | |
85 | Organization for Workers | Japan | $60,373 | $60,373 | |
86 | Pennsylvania School Employees | U.S. | $58,741 | $58,721 | $20 |
87 | Wells Fargo1 | U.S. | $58,709 | $11,279 | $47,430 |
88 | Colorado Employees | U.S. | $58,113 | $53,068 | $5,045 |
89 | Maryland State Retirement | U.S. | $57,343 | $57,343 | |
90 | Electricity Supply Pension1 | U.K. | $54,862 | ||
91 | Verizon | U.S. | $54,477 | $18,853 | $35,624 |
92 | AP Fonden 4 | Sweden | $53,917 | ||
93 | Illinois Teachers | U.S. | $53,470 | $53,470 | |
94 | Afore XXI Banorte7 | Mexico | $52,728 | $52,728 | |
95 | FedEx | U.S. | $52,395 | $26,978 | $25,417 |
96 | B.C. Municipal | Canada | $52,207 | $52,207 | |
97 | AP Fonden 3 | Sweden | $51,589 | ||
98 | AFP Provida | Chile | $50,093 | $50,093 | |
99 | Vervoer | Netherlands | $49,863 | $49,863 | |
100 | Sampension | Denmark | $49,668 | ||
101 | Public School Employees | Japan | $49,521 | $49,521 | |
102 | Nevada Public Employees | U.S. | $48,995 | $48,995 | |
103 | J.P. Morgan Chase1 | U.S. | $48,263 | $17,401 | $30,862 |
104 | Bundes Pensionskasse | Switzerland | $48,011 | ||
105 | Missouri Schools & Education | U.S. | $47,490 | $47,490 | |
106 | AP Fonden 1 | Sweden | $47,039 | ||
107 | Barclays Bank U.K. | U.K. | $46,362 | $46,362 | |
108 | AP Fonden 2 | Sweden | $46,240 | ||
109 | PensionDanmark | Denmark | $46,063 | $46,063 | |
110 | REST | Australia | $46,056 | $46,056 | |
111 | Social Insurance Funds1 | Vietnam | $46,020 | ||
112 | Cbus | Australia | $45,472 | $45,472 | |
113 | Previ | Brazil | $45,186 | $45,186 | |
114 | Illinois Municipal | U.S. | $45,179 | $45,179 | |
115 | State Farm1 | U.S. | $44,675 | $30,442 | $14,233 |
116 | HESTA | Australia | $44,641 | $44,641 | |
117 | Teamsters, Western Conference | U.S. | $44,102 | $44,102 | |
118 | ABN AMRO Pensioenfonds | Netherlands | $43,833 | $43,833 | |
119 | Rabobank | Netherlands | $43,619 | $539 | $43,081 |
120 | Utah State Retirement1 | U.S. | $43,025 | $36,224 | $6,801 |
121 | BVK des Kantons Zurich | Switzerland | $42,912 | $42,912 | |
122 | Johnson & Johnson1 | U.S. | $42,752 | $22,457 | $20,295 |
123 | Delta Air Lines1 | U.S. | $42,748 | $16,111 | $26,637 |
124 | Railways Pensions1 | U.K. | $42,717 | ||
125 | HSBC Bank | U.K. | $42,505 | $42,505 | |
126 | Arizona State Retirement | U.S. | $42,192 | $42,192 | |
127 | Alberta Local Authorities | Canada | $41,768 | $41,768 | |
128 | AFP Capital | Chile | $41,742 | $41,742 | |
129 | BP | U.K. | $41,463 | $41,463 | |
130 | Alabama Retirement | U.S. | $41,418 | $38,964 | $2,454 |
131 | Afore Citibanamex7 | Mexico | $41,319 | $41,319 | |
132 | HOSTPLUS | Australia | $41,163 | $41,163 | |
133 | National Pension Association1 | Japan | $40,916 | $40,916 | |
134 | AFP Cuprum | Chile | $40,437 | $40,437 | |
135 | CSC | Australia | $40,117 | $40,117 | |
136 | South Carolina Public Employees | U.S. | $40,013 | $32,491 | $7,522 |
137 | Porvenir | Colombia | $40,012 | $40,012 | |
138 | Grafische Bedrijven | Netherlands | $39,614 | $39,614 | |
139 | Afore Profuturo GNP7 | Mexico | $39,293 | $39,293 | |
140 | ING Pensioenfonds | Netherlands | $39,218 | $39,218 | |
141 | British Airways | U.K. | $38,709 | $38,205 | $504 |
142 | Indiana Public Retirement | U.S. | $38,591 | $32,250 | $6,341 |
143 | Private Schools Employees | Japan | $38,315 | $38,315 | |
144 | Nokia USA1 | U.S. | $38,261 | $29,461 | $8,800 |
145 | BVV | Germany | $37,927 | $37,927 | |
146 | ERAFP1 | France | $37,726 | ||
147 | Connecticut Retirement | U.S. | $37,717 | $37,717 | |
148 | Afore Sura7 | Mexico | $37,122 | $37,122 | |
149 | Retirement Fund-KWAP1 | Malaysia | $36,639 | $36,639 | |
150 | Greater Manchester | U.K. | $36,499 | $36,499 | |
151 | State Super1 | Australia | $35,943 | ||
152 | Alaska Retirement | U.S. | $35,567 | $27,975 | $7,592 |
153 | Pennsylvania Employees | U.S. | $35,477 | $31,464 | $4,013 |
154 | Honeywell | U.S. | $35,396 | $20,416 | $14,980 |
155 | Strathclyde Pension Fund | U.K. | $34,804 | $34,804 | |
156 | Government Pension | Thailand | $34,552 | $34,552 | |
157 | Exxon Mobil1 | U.S. | $34,219 | $14,180 | $20,039 |
158 | BAE Systems | U.K. | $34,215 | $34,215 | |
159 | Mitsubishi UFJ Financial2 | Japan | $34,071 | ||
160 | Iowa Public Employees | U.S. | $34,006 | $34,006 | |
161 | Walmart1 | U.S. | $33,930 | $33,930 | |
162 | American Airlines | U.S. | $33,748 | $12,223 | $21,525 |
163 | Pfizer1 | U.S. | $33,605 | $16,409 | $17,196 |
164 | VBL1 | Germany | $33,540 | $33,540 | |
165 | Federal Reserve Employees | U.S. | $33,516 | $22,835 | $10,681 |
166 | Industriens Pension | Denmark | $33,457 | $33,457 | |
167 | Proteccion | Colombia | $33,138 | $33,138 | |
168 | Texas Employees | U.S. | $32,906 | $29,076 | $3,830 |
169 | UBS | Switzerland | $32,590 | $32,590 | |
170 | Texas County & District | U.S. | $32,368 | $32,368 | |
171 | San Francisco City & County | U.S. | $32,235 | $28,198 | $4,037 |
172 | FRR | France | $32,128 | ||
173 | Mississippi Employees | U.S. | $31,874 | $29,872 | $2,002 |
174 | Japan Police Personnel Mutual Aid | Japan | $31,825 | $31,825 | |
175 | Elo Mutual Pension Insurance | Finland | $31,637 | $31,637 | |
176 | Migros-Genossenschafts-Bund | Switzerland | $31,104 | ||
177 | Daimler | Germany | $31,029 | $31,029 | |
178 | Spoorwegpensioenfonds | Netherlands | $30,707 | $30,707 | |
179 | Chevron1 | U.S. | $30,408 | $10,974 | $19,434 |
180 | General Dynamics1 | U.S. | $30,169 | $13,703 | $16,466 |
181 | Texas Municipal Retirement | U.S. | $29,989 | $29,989 | |
182 | CVS Health1 | U.S. | $29,731 | $6,986 | $22,745 |
183 | Caterpillar | U.S. | $29,582 | $16,620 | $12,962 |
184 | Government Service Insurance1 | Philippines | $29,472 | ||
185 | ENPAM | Italy | $29,341 | ||
186 | Shell Oil1 | U.S. | $29,012 | $16,865 | $12,147 |
187 | Exelon | U.S. | $28,910 | $19,282 | $9,628 |
188 | New York State Deferred Comp. | U.S. | $28,804 | $28,804 | |
189 | New Zealand Superannuation8 | New Zealand | $28,367 | ||
190 | Citigroup | U.S. | $28,324 | $12,869 | $15,455 |
191 | Nestle6 | Switzerland | $27,998 | $27,998 | |
192 | Labor Insurance Fund | Taiwan | $27,944 | $27,944 | |
193 | 3M1 | U.S. | $27,709 | $17,016 | $10,693 |
194 | Microsoft1 | U.S. | $27,668 | $27,668 | |
195 | Tesco6, 9 | U.K. | $27,452 | $27,452 | |
196 | British Coal Pension Schemes10 | U.K. | $27,313 | $27,313 | |
197 | PKA | Denmark | $27,060 | ||
198 | FCA US1 | U.S. | $27,024 | $18,818 | $8,206 |
199 | B.C. Teachers | Canada | $26,904 | $26,904 | |
200 | United Airlines Holdings | U.S. | $26,600 | $3,700 | $22,900 |
201 | FEFSS | Portugal | $26,583 | ||
202 | PepsiCo1 | U.S. | $26,558 | $14,872 | $11,686 |
203 | Walt Disney | U.S. | $26,420 | $15,216 | $11,204 |
204 | Dow1 | U.S. | $26,418 | $15,098 | $11,320 |
205 | B.C. Public Service4 | Canada | $26,404 | $26,404 | |
206 | PG&E1 | U.S. | $26,322 | $19,435 | $6,887 |
207 | Fonds de Comp./Securite Sociale | Luxembourg | $26,255 | ||
208 | Aviva | U.K. | $25,857 | $25,857 | |
209 | ESSSuper1 | Australia | $25,806 | ||
210 | National Electric | U.S. | $25,610 | $15,416 | $10,194 |
211 | State Pension | Finland | $25,609 | $25,609 | |
212 | Super SA | Australia | $25,352 | $25,352 | |
213 | Los Angeles Fire & Police | U.S. | $25,319 | $25,319 | |
214 | GESB | Australia | $24,605 | $24,605 | |
215 | BBC1 | U.K. | $24,569 | $24,569 | |
216 | Illinois State Board | U.S. | $24,561 | $19,803 | $4,758 |
217 | ASGA | Switzerland | $24,553 | ||
218 | National Railroad1 | U.S. | $24,508 | $24,500 | $8 |
219 | Intel | U.S. | $24,438 | $1,602 | $22,836 |
220 | Ontario Pension Board | Canada | $24,344 | $24,344 | |
221 | New York City Deferred Comp. | U.S. | $24,191 | $24,191 | |
222 | Magistrenes Pensionskasse | Denmark | $24,040 | $24,040 | |
223 | Corteva | U.S. | $23,939 | $16,874 | $7,065 |
224 | Procter & Gamble1 | U.S. | $23,883 | $1,886 | $21,997 |
225 | World Bank | U.S. | $23,814 | $23,814 | |
226 | Public Service Pension Fund1 | Taiwan | $23,666 | $23,666 | |
227 | Louisiana Teachers | U.S. | $23,543 | $21,146 | $2,397 |
228 | Illinois State Universities | U.S. | $23,470 | $20,450 | $3,020 |
229 | Canada Post | Canada | $23,283 | $23,283 | |
230 | CPEG | Switzerland | $23,132 | ||
231 | Merck | U.S. | $23,108 | $11,408 | $11,700 |
232 | Costco Wholesale | U.S. | $23,000 | $23,000 | |
233 | SUNY | U.S. | $23,000 | $23,000 | |
234 | Hydro-Quebec | Canada | $22,979 | $22,979 | |
235 | Mizuho Financial Group2 | Japan | $22,977 | ||
236 | L3Harris Technologies1 | U.S. | $22,758 | $8,778 | $13,980 |
237 | Deloitte1 | U.S. | $22,634 | $7,186 | $15,448 |
238 | Prudential Financial | U.S. | $22,502 | $13,649 | $8,853 |
239 | CommonSpirit Health | U.S. | $22,496 | $9,123 | $13,373 |
240 | Truist Financial | U.S. | $22,389 | $13,745 | $8,644 |
241 | Kansas Public Employees1 | U.S. | $22,387 | $21,135 | $1,252 |
242 | City of Zurich | Switzerland | $22,186 | ||
243 | Ascension | U.S. | $21,850 | $8,183 | $13,667 |
244 | Bell Canada | Canada | $21,820 | $21,820 | |
245 | Duke Energy1 | U.S. | $21,813 | $12,302 | $9,511 |
246 | Laegernes Pensionskasse | Denmark | $21,789 | ||
247 | Deere | U.S. | $21,710 | $12,950 | $8,760 |
248 | Quebec Construction Industry | Canada | $21,708 | ||
249 | Abbott Laboratories1 | U.S. | $21,693 | $9,934 | $11,759 |
250 | Kentucky Teachers | U.S. | $21,647 | $21,647 | |
251 | Southern Co.1 | U.S. | $21,577 | $13,729 | $7,848 |
252 | SBB Pensionskasse | Switzerland | $21,402 | $21,402 | |
253 | Ernst & Young | U.S. | $21,377 | $8,761 | $12,616 |
254 | National Rural Electric | U.S. | $21,298 | $9,062 | $12,236 |
255 | Wespath (UMC) | U.S. | $21,154 | $9,489 | $11,665 |
256 | FMR1 | U.S. | $21,026 | $21,026 | |
257 | Siemens10 | Germany | $20,964 | $20,964 | |
258 | West Midlands Metropolitan4 | U.K. | $20,899 | $20,899 | |
259 | Consolidated Edison | U.S. | $20,777 | $16,062 | $4,715 |
260 | Credit Suisse | Switzerland | $20,413 | ||
261 | Air Canada | Canada | $20,329 | $20,329 | |
262 | Hoffmann La Roche6 | Switzerland | $20,305 | $20,305 | |
263 | National Grid2 | U.K. | $20,068 | $20,068 | |
264 | HP1 | U.S. | $20,067 | $10,463 | $9,604 |
265 | Operating Engineers International | U.S. | $20,043 | $20,043 | |
266 | Idaho Public Employees | U.S. | $19,883 | $18,717 | $1,166 |
267 | E.ON | Germany | $19,764 | $19,764 | |
268 | PK Post | Switzerland | $19,403 | ||
269 | Nippon Telegraph & Telephone2 | Japan | $19,350 | ||
270 | Los Angeles City Employees | U.S. | $19,228 | $19,228 | |
271 | Teachers’ Pension | South Korea | $19,200 | $19,200 | |
272 | Banco Santander (U.K.) | U.K. | $19,026 | $19,026 | |
273 | Petros | Brazil | $18,730 | $18,730 | |
274 | GlaxoSmithKline | U.K. | $18,567 | $18,567 | |
275 | Oracle | U.S. | $18,543 | $18,543 | |
276 | BWVA | Germany | $18,487 | $18,487 | |
277 | Georgia Employees | U.S. | $18,368 | $16,294 | $2,074 |
278 | AkzoNobel6 | U.K. | $18,341 | $18,341 | |
279 | HCA Holdings | U.S. | $18,277 | $653 | $17,624 |
280 | Mass General Brigham1 | U.S. | $18,192 | $7,405 | $10,787 |
281 | Government Employees Pension | South Korea | $18,185 | $18,185 | |
282 | Nebraska Investment Council | U.S. | $18,127 | $17,177 | $950 |
283 | OPSEU | Canada | $18,098 | $18,098 | |
284 | MetLife | U.S. | $18,072 | $10,437 | $7,635 |
285 | West Yorkshire4 | U.K. | $18,064 | $18,064 | |
286 | Hawaii Employees | U.S. | $18,010 | $18,010 | |
287 | Oklahoma Teachers | U.S. | $17,932 | $17,778 | $154 |
288 | Afore Coppel7 | Mexico | $17,929 | $17,929 | |
289 | Alphabet1 | U.S. | $17,894 | $17,894 | |
290 | CenturyLink | U.S. | $17,862 | $10,369 | $7,493 |
291 | Orange County | U.S. | $17,741 | $17,741 | |
292 | Liberty Mutual1 | U.S. | $17,699 | $8,954 | $8,745 |
293 | Telstra Super | Australia | $17,696 | ||
294 | BASF | Germany | $17,623 | $17,623 | |
295 | Koch Industries1 | U.S. | $17,508 | $7,042 | $10,466 |
296 | Toyota Motor2 | Japan | $17,483 | ||
297 | International Paper | U.S. | $17,471 | $11,277 | $6,194 |
298 | Nordrheinische Arzteversorgung11 | Germany | $17,319 | $17,319 | |
299 | Eli Lilly | U.S. | $17,293 | $9,637 | $7,656 |
300 | Bernische Pensionskasse | Switzerland | $17,204 | ||
Total | $21,716,983 |
Notes: 1 Estimate. 2 As of March 31. 3 As of Jan. 1. 4 As of March 31, 2020. 5 Global figure (ex-U.S.). 6 Global figure. 7 As of May 31. 8 As of June 30, 2020. 9 As of Feb. 27. 10 As of Sept. 30, 2020.
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