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  1. Home
  2. SPECIAL REPORT: MEGAFUNDS
September 05, 2022 12:00 AM

The world's largest retirement funds: 2022

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    Ranked by total assets, in millions. U.S. fund data are as of Sept. 30, 2021, from the P&I 1,000, published Feb. 14; non-U.S. fund data are as of Dec. 31, unless otherwise noted. Defined benefit and defined contribution breakouts were not available or applicable to all non-U.S. funds.
    RankFundCountryAssetsDB assetsDC assets
    1Government Pension InvestmentJapan$1,730,900$1,730,900
    2Government Pension FundNorway$1,437,111
    3National PensionSouth Korea$797,968$797,968
    4Federal Retirement ThriftU.S.$774,176$774,176
    5ABPNetherlands$630,358$630,358
    6California Public EmployeesU.S.$496,820$494,539$2,281
    7Canada Pension1Canada$426,746$426,746
    8National Social Security2China$406,787
    9Central Provident FundSingapore$374,990$374,990
    10PFZWNetherlands$315,467$315,467
    11California State TeachersU.S.$313,940$312,150$1,790
    12New York State CommonU.S.$267,756$267,756
    13New York City RetirementU.S.$266,702$266,702
    14Local Government OfficialsJapan$248,572$248,572
    15Employees Provident FundMalaysia$242,602$242,602
    16Florida State BoardU.S.$213,792$199,041$14,751
    17Texas TeachersU.S.$196,727$196,727
    18Ontario TeachersCanada$191,140$191,140
    19National Wealth Fund3Russia$180,690
    20AustralianSuper4Australia$169,055
    21Labor Pension FundTaiwan$168,929
    22Washington State BoardU.S.$161,517$134,977$26,540
    23Public Institute for Social Security2Kuwait$159,963
    24ATPDenmark$155,351$155,351
    25Wisconsin Investment BoardU.S.$147,915$140,923$6,992
    26Future FundAustralia$147,862
    27Boeing2U.S.$147,210$72,466$74,744
    28Employees' Provident2India$144,972$144,972
    29New York State TeachersU.S.$144,396$144,396
    30North CarolinaU.S.$137,116$121,336$15,780
    31AlectaSweden$136,653$136,653
    32GEPF5South Africa$129,119$129,119
    33California UniversityU.S.$125,333$90,848$34,485
    34Bayerische Versorgungskammer6Germany$122,000$122,000
    35Ohio Public EmployeesU.S.$121,574$119,190$2,384
    36AT&T2U.S.$119,539$58,186$61,353
    37Public Service Pension Plan5Canada$117,932
    38National Federation of Mutual AidJapan$117,055$117,055
    39Metaal/tech. BedrijvenNetherlands$115,821$115,821
    40IBMU.S.$115,427$51,961$63,466
    41Universities Superannuation5U.K.$111,190$111,190
    42Virginia RetirementU.S.$110,014$103,710$6,304
    43Pension Fund Association1Japan$109,824$109,824
    44Raytheon TechnologiesU.S.$108,864$55,029$53,835
    45Michigan RetirementU.S.$107,959$95,401$12,558
    46Aware Super4Australia$107,511
    47New JerseyU.S.$104,452$98,732$5,720
    48Minnesota State BoardU.S.$102,914$89,948$12,966
    49PFA PensionDenmark$102,709$102,709
    50KaiserU.S.$101,035$65,479$35,556
    51Georgia TeachersU.S.$100,922$100,922
    52Oregon Public EmployeesU.S.$100,410$97,201$3,209
    53Massachusetts PRIMU.S.$98,458$98,458
    54Qsuper4Australia$96,534
    55General Motors2U.S.$96,077$64,429$31,648
    56Ontario Municipal EmployeesCanada$95,671$95,671
    57Ohio State TeachersU.S.$95,134$92,703$2,431
    58AP Fonden 7Sweden$94,424
    59Healthcare of OntarioCanada$90,524$90,524
    60General ElectricU.S.$90,464$61,316$29,148
    61Employees' Pension Fund2India$89,510
    62BouwnijverheidNetherlands$88,548$88,548
    63United Parcel ServiceU.S.$86,833$52,952$33,881
    64United Nations Joint StaffU.S.$86,196$86,196
    65Lockheed MartinU.S.$85,742$36,167$49,575
    66Quebec PensionCanada$81,429$81,429
    67National Public ServiceJapan$79,888$79,888
    68Tennessee ConsolidatedU.S.$79,002$67,395$11,607
    69Royal Bank of Scotland Group7U.K.$78,321$78,321
    70Bank of AmericaU.S.$76,344$21,716$54,628
    71BT Group1U.K.$74,341$74,341
    72KevaFinland$73,307$73,307
    73Ford Motor2U.S.$72,790$48,963$23,827
    74PMENetherlands$72,742$72,742
    75Los Angeles County EmployeesU.S.$72,708$72,708
    76Quebec Government & PublicCanada$72,411$72,411
    77UniSuper4Australia$72,058
    78Northrop GrummanU.S.$71,975$36,148$35,827
    79Pennsylvania School EmployeesU.S.$70,358$70,294$64
    80Lloyds Banking Group7U.K.$69,736$69,736
    81IlmarinenFinland$69,099$69,099
    82Colorado EmployeesU.S.$68,571$62,472$6,099
    83Maryland State RetirementU.S.$68,455$68,455
    84AMF PensionSweden$67,308$67,308
    85VarmaFinland$67,110$67,110
    86Wells Fargo2U.S.$66,049$13,055$52,994
    87Sunsuper4Australia$65,997
    88Verizon2U.S.$64,099$21,293$42,806
    89Illinois TeachersU.S.$64,026$64,026
    90J.P. Morgan Chase2U.S.$62,753$22,308$40,445
    91Electricity Supply Pension5U.K.$62,544
    92FedExU.S.$60,725$29,785$30,940
    93Nevada Public EmployeesU.S.$58,789$58,789
    94B.C. MunicipalCanada$58,679$58,679
    95AP Fonden 4Sweden$57,714
    96Missouri Schools & EducationU.S.$57,038$57,038
    97AP Fonden 3Sweden$55,932
    98Social Insurance Funds2Vietnam$55,678
    99Organization for Workers1Japan$55,604$55,604
    100Illinois MunicipalU.S.$54,874$54,874
    101Teamsters, Western ConferenceU.S.$54,176$54,176
    102Utah State Retirement2U.S.$51,489$43,034$8,455
    103Johnson & Johnson2U.S.$51,400$26,959$24,441
    104AP Fonden 1Sweden$51,099
    105Afore XXI Banorte8Mexico$50,817$50,817
    106State Farm2U.S.$50,741$33,954$16,787
    107Arizona State RetirementU.S.$50,076$50,076
    108Railways PensionsU.K.$49,672
    109South Carolina Public EmployeesU.S.$49,145$39,723$9,422
    110Alberta Local AuthoritiesCanada$48,776$48,776
    111Alabama RetirementU.S.$48,572$45,888$2,684
    112PensionDanmarkDenmark$48,552
    113Bundes PensionskasseSwitzerland$48,231
    114SampensionDenmark$48,166
    115VervoerNetherlands$48,127$48,127
    116AP Fonden 2Sweden$48,092
    117AFP HabitatChile$47,985$47,985
    118ERAFPFrance$47,640
    119Delta Air LinesU.S.$47,636$19,143$28,493
    120Public School EmployeesJapan$47,567$47,567
    121REST4Australia$47,125$47,125
    122Barclays Bank U.K.U.K.$46,926$46,926
    123HESTA4Australia$46,673$46,673
    124Indiana Public RetirementU.S.$46,310$39,172$7,138
    125Cbus4Australia$46,158$46,158
    126BVK des Kantons ZurichSwitzerland$45,226$45,226
    127HOSTPLUS4Australia$45,024$45,024
    128National Pension AssociationJapan$44,015$44,015
    129Nokia USA2U.S.$43,828$33,744$10,084
    130Iowa Public EmployeesU.S.$43,367$43,367
    131Pennsylvania EmployeesU.S.$43,128$38,440$4,688
    132BPU.K.$42,884$42,884
    133PreviBrazil$42,673$42,673 
    134Alaska RetirementU.S.$42,582$33,591$8,991
    135Connecticut RetirementU.S.$42,505$42,505
    136Grafische BedrijvenNetherlands$41,931$41,931
    137Texas County & DistrictU.S.$41,916$41,916
    138Afore Profuturo GNP8Mexico$41,915$41,915
    139Microsoft2U.S.$41,706$41,706
    140CSC4Australia$41,589$41,589
    141HSBC BankU.K.$41,384$41,384
    142ABN AMRO PensioenfondsNetherlands$41,310$41,310
    143San Francisco City & CountyU.S.$40,873$36,059$4,814
    144RabobankNetherlands$40,368
    145Texas EmployeesU.S.$39,628$34,910$4,718
    146Greater ManchesterU.K.$39,620$39,620
    147British AirwaysU.K.$39,520
    148American AirlinesU.S.$39,505$14,308$25,197
    149Federal Reserve Employees2U.S.$39,258$26,457$12,801
    150Pfizer2U.S.$38,869$17,960$20,909
    151Strathclyde Pension FundU.K.$38,858$38,858
    152HoneywellU.S.$38,650$21,793$16,857
    153Afore Citibanamex8Mexico$38,599$38,599
    154Afore Sura8Mexico$38,385$38,385
    155Mississippi EmployeesU.S.$38,242$35,949$2,293
    156Walmart2U.S.$38,204$38,204
    157Private Schools EmployeesJapan$37,891$37,891
    158PorvenirColombia$37,835$37,835
    159ING PensioenfondsNetherlands$37,805$37,805
    160AFP ProvidaChile$37,473$37,473
    161BVVGermany$37,112$37,112
    162Shell (Neth.)Netherlands$37,096
    163Exxon Mobil2U.S.$36,814$17,523$19,291
    164BAE SystemsU.K.$36,465$36,465
    165Retirement Fund-KWAP2Malaysia$36,463$36,463
    166New Zealand Superannuation4New Zealand$36,226
    167Texas Municipal RetirementU.S.$36,087$36,087
    168Industriens PensionDenmark$35,580$35,580
    169VBL2Germany$35,116$35,116
    1703M2U.S.$35,035$20,194$14,841
    171General Dynamics2U.S.$34,915$14,119$20,796
    172New York State Deferred Comp.U.S.$34,172$34,172
    173Government PensionThailand$34,124$34,124
    174UBSSwitzerland$33,975$33,975
    175CVS HealthU.S.$33,751$6,663$27,088
    176Shell U.K.U.K.$33,720
    177Walt DisneyU.S.$33,599$17,786$15,813
    178Elo Mutual Pension InsuranceFinland$33,453$33,453
    179AFP CapitalChile$33,361$33,361
    180AFP CuprumChile$33,268$33,268
    181State Super4Australia$33,185
    182CaterpillarU.S.$32,682$17,087$15,595
    183Migros-Genossenschafts-Bund7Switzerland$32,639
    184CitigroupU.S.$32,280$13,249$19,031
    185ExelonU.S.$31,803$20,764$11,039
    186Japan Police Personnel Mutual AidJapan$31,794$31,794
    187Mitsubishi UFJ Financial1Japan$31,739
    188United Airlines HoldingsU.S.$31,395$4,245$27,150
    189Shell USA2U.S.$31,311$18,905$12,406
    190ProteccionColombia$31,268$31,268
    191Los Angeles Fire & PoliceU.S.$31,095$31,095
    192PepsiCo2U.S.$30,886$17,294$13,592
    193B.C. Public Service5Canada$30,797$30,797
    194SpoorwegpensioenfondsNetherlands$30,771$30,771
    195Chevron2U.S.$30,608$11,674$18,934
    196Labor Insurance FundTaiwan$30,524$30,524
    197National ElectricU.S.$30,450$17,912$12,538
    198World BankU.S.$30,359$30,359
    199Illinois State BoardU.S.$30,308$24,797$5,511
    200Tesco9U.K.$30,298$30,298
    201Government Service Insurance2Philippines$30,192
    202British Coal Pension Schemes10U.K.$29,957$29,957
    203B.C. TeachersCanada$29,881$29,881
    204PG&E2U.S.$29,733$21,639$8,094
    205FCA US2U.S.$29,623$20,006$9,617
    206FRRFrance$29,545
    207PKADenmark$29,512
    208Louisiana TeachersU.S.$29,449$26,489$2,960
    209Intel2U.S.$29,174$1,584$27,590
    210Costco WholesaleU.S.$29,000$29,000
    211Dow2U.S.$28,784$16,273$12,511
    212Nestle7Switzerland$28,742$28,742
    213New York City Deferred Comp.U.S.$28,580$28,580
    214ENPAMItaly$28,495
    215National Railroad2U.S.$28,411$28,400$11
    216DeloitteU.S.$27,977$8,535$19,442
    217Fonds de Comp./Securite SocialeLuxembourg$27,883
    218Illinois State UniversitiesU.S.$27,538$23,785$3,753
    219GESB4Australia$27,449$27,449
    220Ascension2U.S.$27,384$9,664$17,720
    221Ernst & YoungU.S.$27,251$10,200$17,051
    222ASGASwitzerland$27,175
    223BBC2U.K.$27,137$27,137
    224Procter & Gamble2U.S.$26,917$2,139$24,778
    225Kansas Public EmployeesU.S.$26,882$25,419$1,463
    226State PensionFinland$26,828$26,828
    227Ontario Pension BoardCanada$26,769$26,769
    228CommonSpirit HealthU.S.$26,706$10,203$16,503
    229MerckU.S.$26,483$12,718$13,765
    230FMR2U.S.$26,433$26,433
    231FEFSSPortugal$26,356
    232ESSSuperAustralia$26,147
    233Truist Financial2U.S.$26,053$15,478$10,575
    234Public Service Pension Fund2Taiwan$25,979$25,979
    235Abbott Laboratories2U.S.$25,756$11,394$14,362
    236Canada PostCanada$25,625$25,625
    237West Midlands Metropolitan5U.K.$25,596$25,596
    238Super SA4Australia$25,572$25,572
    239National Rural Electric2U.S.$25,500$10,818$14,682
    240Hydro-QuebecCanada$25,499$25,499
    241DeereU.S.$25,498$14,765$10,733
    242Alphabet2U.S.$25,475$25,475
    243Kentucky TeachersU.S.$25,467$25,467
    244DaimlerGermany$25,460$25,460
    245Prudential FinancialU.S.$25,209$14,499$10,710
    246Magistrenes PensionskasseDenmark$25,004$25,004
    247Southern Co.2U.S.$24,849$16,210$8,639
    248CortevaU.S.$24,831$17,224$7,607
    249SUNYU.S.$24,707$24,707
    250AvivaU.K.$24,621$24,621
    251L3Harris TechnologiesU.S.$24,536$9,148$15,388
    252Operating Engineers InternationalU.S.$24,302$24,302
    253Quebec Construction IndustryCanada$24,130
    254Duke Energy2U.S.$24,089$13,207$10,882
    255CPEGSwitzerland$23,971
    256Consolidated EdisonU.S.$23,901$18,347$5,554
    257Idaho Public EmployeesU.S.$23,838$22,382$1,456
    258Wespath (UMC)U.S.$23,766$10,584$13,182
    259City of ZurichSwitzerland$23,647
    260Los Angeles City EmployeesU.S.$23,313$23,313
    261National Grid1U.K.$22,822$22,822
    262Siemens10Germany$22,659$22,659
    263Georgia EmployeesU.S.$22,629$20,001$2,628
    264OracleU.S.$22,602$22,602
    265Laegernes PensionskasseDenmark$22,485
    266Mass General Brigham2U.S.$22,310$9,259$13,051
    267Bell CanadaCanada$22,185$22,185
    268Morgan StanleyU.S.$22,157$3,102$19,055
    269West Yorkshire5U.K.$22,094$22,094
    270Nebraska Investment CouncilU.S.$22,040$20,955$1,085
    271Oklahoma TeachersU.S.$21,967$21,967
    272HCA Holdings2U.S.$21,945$738$21,207
    273Hawaii EmployeesU.S.$21,812$21,812
    274Orange CountyU.S.$21,569$21,569
    275Eli LillyU.S.$21,403$11,926$9,477
    276SBB PensionskasseSwitzerland$21,355$21,355
    277Credit SuisseSwitzerland$21,216
    278Arkansas TeachersU.S.$21,163$21,163
    279Air CanadaCanada$21,098$21,098
    280Hoffmann La Roche7Switzerland$21,008$21,008
    281Liberty Mutual2U.S.$20,576$10,240$10,336
    282OPSEUCanada$20,502$20,502
    283New York City TeachersU.S.$20,482$20,482
    284West Virginia InvestmentU.S.$20,300$20,300
    285California Savings PlusU.S.$20,246$20,246
    286Los Angeles County DeferredU.S.$20,210$20,210
    287Ohio Deferred CompensationU.S.$20,000$20,000
    288Providence HealthU.S.$19,980$1,894$18,086
    289Koch Industries2U.S.$19,961$8,049$11,912
    290Teachers' PensionSouth Korea$19,760$19,760
    291Los Angeles Water & PowerU.S.$19,694$19,694
    292Banco Santander (U.K.)U.K.$19,606$19,606
    293PK PostSwitzerland$19,475
    294Episcopal ChurchU.S.$19,452$17,912$1,540
    295E.ONGermany$19,191$19,191
    296UnitedHealth2U.S.$19,173$19,173
    297Mayo Clinic2U.S.$19,141$10,730$8,411
    298TfL PensionU.K.$19,115
    299International PaperU.S.$19,027$11,874$7,153
    300PricewaterhouseCoopers2U.S.$18,736$3,638$15,098
     Total$23,640,330
    Notes: 1 As of March 31, 2022; 2 Estimate; 3 As of Jan. 1, 2022; 4 As of June 30, 2021; 5 As of March 31, 2021; 6 As of Jan. 31, 2022; 7 Global figure; 8 As of May 31, 2022; 9 As of Feb. 26, 2022; 10 As of Sept. 30, 2021
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