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.
Rank | Fund | Country | Assets | DB assets | DC assets |
---|---|---|---|---|---|
1 | Government Pension Investment | Japan | $1,730,900 | $1,730,900 | |
2 | Government Pension Fund | Norway | $1,437,111 | ||
3 | National Pension | South Korea | $797,968 | $797,968 | |
4 | Federal Retirement Thrift | U.S. | $774,176 | $774,176 | |
5 | ABP | Netherlands | $630,358 | $630,358 | |
6 | California Public Employees | U.S. | $496,820 | $494,539 | $2,281 |
7 | Canada Pension1 | Canada | $426,746 | $426,746 | |
8 | National Social Security2 | China | $406,787 | ||
9 | Central Provident Fund | Singapore | $374,990 | $374,990 | |
10 | PFZW | Netherlands | $315,467 | $315,467 | |
11 | California State Teachers | U.S. | $313,940 | $312,150 | $1,790 |
12 | New York State Common | U.S. | $267,756 | $267,756 | |
13 | New York City Retirement | U.S. | $266,702 | $266,702 | |
14 | Local Government Officials | Japan | $248,572 | $248,572 | |
15 | Employees Provident Fund | Malaysia | $242,602 | $242,602 | |
16 | Florida State Board | U.S. | $213,792 | $199,041 | $14,751 |
17 | Texas Teachers | U.S. | $196,727 | $196,727 | |
18 | Ontario Teachers | Canada | $191,140 | $191,140 | |
19 | National Wealth Fund3 | Russia | $180,690 | ||
20 | AustralianSuper4 | Australia | $169,055 | ||
21 | Labor Pension Fund | Taiwan | $168,929 | ||
22 | Washington State Board | U.S. | $161,517 | $134,977 | $26,540 |
23 | Public Institute for Social Security2 | Kuwait | $159,963 | ||
24 | ATP | Denmark | $155,351 | $155,351 | |
25 | Wisconsin Investment Board | U.S. | $147,915 | $140,923 | $6,992 |
26 | Future Fund | Australia | $147,862 | ||
27 | Boeing2 | U.S. | $147,210 | $72,466 | $74,744 |
28 | Employees' Provident2 | India | $144,972 | $144,972 | |
29 | New York State Teachers | U.S. | $144,396 | $144,396 | |
30 | North Carolina | U.S. | $137,116 | $121,336 | $15,780 |
31 | Alecta | Sweden | $136,653 | $136,653 | |
32 | GEPF5 | South Africa | $129,119 | $129,119 | |
33 | California University | U.S. | $125,333 | $90,848 | $34,485 |
34 | Bayerische Versorgungskammer6 | Germany | $122,000 | $122,000 | |
35 | Ohio Public Employees | U.S. | $121,574 | $119,190 | $2,384 |
36 | AT&T2 | U.S. | $119,539 | $58,186 | $61,353 |
37 | Public Service Pension Plan5 | Canada | $117,932 | ||
38 | National Federation of Mutual Aid | Japan | $117,055 | $117,055 | |
39 | Metaal/tech. Bedrijven | Netherlands | $115,821 | $115,821 | |
40 | IBM | U.S. | $115,427 | $51,961 | $63,466 |
41 | Universities Superannuation5 | U.K. | $111,190 | $111,190 | |
42 | Virginia Retirement | U.S. | $110,014 | $103,710 | $6,304 |
43 | Pension Fund Association1 | Japan | $109,824 | $109,824 | |
44 | Raytheon Technologies | U.S. | $108,864 | $55,029 | $53,835 |
45 | Michigan Retirement | U.S. | $107,959 | $95,401 | $12,558 |
46 | Aware Super4 | Australia | $107,511 | ||
47 | New Jersey | U.S. | $104,452 | $98,732 | $5,720 |
48 | Minnesota State Board | U.S. | $102,914 | $89,948 | $12,966 |
49 | PFA Pension | Denmark | $102,709 | $102,709 | |
50 | Kaiser | U.S. | $101,035 | $65,479 | $35,556 |
51 | Georgia Teachers | U.S. | $100,922 | $100,922 | |
52 | Oregon Public Employees | U.S. | $100,410 | $97,201 | $3,209 |
53 | Massachusetts PRIM | U.S. | $98,458 | $98,458 | |
54 | Qsuper4 | Australia | $96,534 | ||
55 | General Motors2 | U.S. | $96,077 | $64,429 | $31,648 |
56 | Ontario Municipal Employees | Canada | $95,671 | $95,671 | |
57 | Ohio State Teachers | U.S. | $95,134 | $92,703 | $2,431 |
58 | AP Fonden 7 | Sweden | $94,424 | ||
59 | Healthcare of Ontario | Canada | $90,524 | $90,524 | |
60 | General Electric | U.S. | $90,464 | $61,316 | $29,148 |
61 | Employees' Pension Fund2 | India | $89,510 | ||
62 | Bouwnijverheid | Netherlands | $88,548 | $88,548 | |
63 | United Parcel Service | U.S. | $86,833 | $52,952 | $33,881 |
64 | United Nations Joint Staff | U.S. | $86,196 | $86,196 | |
65 | Lockheed Martin | U.S. | $85,742 | $36,167 | $49,575 |
66 | Quebec Pension | Canada | $81,429 | $81,429 | |
67 | National Public Service | Japan | $79,888 | $79,888 | |
68 | Tennessee Consolidated | U.S. | $79,002 | $67,395 | $11,607 |
69 | Royal Bank of Scotland Group7 | U.K. | $78,321 | $78,321 | |
70 | Bank of America | U.S. | $76,344 | $21,716 | $54,628 |
71 | BT Group1 | U.K. | $74,341 | $74,341 | |
72 | Keva | Finland | $73,307 | $73,307 | |
73 | Ford Motor2 | U.S. | $72,790 | $48,963 | $23,827 |
74 | PME | Netherlands | $72,742 | $72,742 | |
75 | Los Angeles County Employees | U.S. | $72,708 | $72,708 | |
76 | Quebec Government & Public | Canada | $72,411 | $72,411 | |
77 | UniSuper4 | Australia | $72,058 | ||
78 | Northrop Grumman | U.S. | $71,975 | $36,148 | $35,827 |
79 | Pennsylvania School Employees | U.S. | $70,358 | $70,294 | $64 |
80 | Lloyds Banking Group7 | U.K. | $69,736 | $69,736 | |
81 | Ilmarinen | Finland | $69,099 | $69,099 | |
82 | Colorado Employees | U.S. | $68,571 | $62,472 | $6,099 |
83 | Maryland State Retirement | U.S. | $68,455 | $68,455 | |
84 | AMF Pension | Sweden | $67,308 | $67,308 | |
85 | Varma | Finland | $67,110 | $67,110 | |
86 | Wells Fargo2 | U.S. | $66,049 | $13,055 | $52,994 |
87 | Sunsuper4 | Australia | $65,997 | ||
88 | Verizon2 | U.S. | $64,099 | $21,293 | $42,806 |
89 | Illinois Teachers | U.S. | $64,026 | $64,026 | |
90 | J.P. Morgan Chase2 | U.S. | $62,753 | $22,308 | $40,445 |
91 | Electricity Supply Pension5 | U.K. | $62,544 | ||
92 | FedEx | U.S. | $60,725 | $29,785 | $30,940 |
93 | Nevada Public Employees | U.S. | $58,789 | $58,789 | |
94 | B.C. Municipal | Canada | $58,679 | $58,679 | |
95 | AP Fonden 4 | Sweden | $57,714 | ||
96 | Missouri Schools & Education | U.S. | $57,038 | $57,038 | |
97 | AP Fonden 3 | Sweden | $55,932 | ||
98 | Social Insurance Funds2 | Vietnam | $55,678 | ||
99 | Organization for Workers1 | Japan | $55,604 | $55,604 | |
100 | Illinois Municipal | U.S. | $54,874 | $54,874 | |
101 | Teamsters, Western Conference | U.S. | $54,176 | $54,176 | |
102 | Utah State Retirement2 | U.S. | $51,489 | $43,034 | $8,455 |
103 | Johnson & Johnson2 | U.S. | $51,400 | $26,959 | $24,441 |
104 | AP Fonden 1 | Sweden | $51,099 | ||
105 | Afore XXI Banorte8 | Mexico | $50,817 | $50,817 | |
106 | State Farm2 | U.S. | $50,741 | $33,954 | $16,787 |
107 | Arizona State Retirement | U.S. | $50,076 | $50,076 | |
108 | Railways Pensions | U.K. | $49,672 | ||
109 | South Carolina Public Employees | U.S. | $49,145 | $39,723 | $9,422 |
110 | Alberta Local Authorities | Canada | $48,776 | $48,776 | |
111 | Alabama Retirement | U.S. | $48,572 | $45,888 | $2,684 |
112 | PensionDanmark | Denmark | $48,552 | ||
113 | Bundes Pensionskasse | Switzerland | $48,231 | ||
114 | Sampension | Denmark | $48,166 | ||
115 | Vervoer | Netherlands | $48,127 | $48,127 | |
116 | AP Fonden 2 | Sweden | $48,092 | ||
117 | AFP Habitat | Chile | $47,985 | $47,985 | |
118 | ERAFP | France | $47,640 | ||
119 | Delta Air Lines | U.S. | $47,636 | $19,143 | $28,493 |
120 | Public School Employees | Japan | $47,567 | $47,567 | |
121 | REST4 | Australia | $47,125 | $47,125 | |
122 | Barclays Bank U.K. | U.K. | $46,926 | $46,926 | |
123 | HESTA4 | Australia | $46,673 | $46,673 | |
124 | Indiana Public Retirement | U.S. | $46,310 | $39,172 | $7,138 |
125 | Cbus4 | Australia | $46,158 | $46,158 | |
126 | BVK des Kantons Zurich | Switzerland | $45,226 | $45,226 | |
127 | HOSTPLUS4 | Australia | $45,024 | $45,024 | |
128 | National Pension Association | Japan | $44,015 | $44,015 | |
129 | Nokia USA2 | U.S. | $43,828 | $33,744 | $10,084 |
130 | Iowa Public Employees | U.S. | $43,367 | $43,367 | |
131 | Pennsylvania Employees | U.S. | $43,128 | $38,440 | $4,688 |
132 | BP | U.K. | $42,884 | $42,884 | |
133 | Previ | Brazil | $42,673 | $42,673 | |
134 | Alaska Retirement | U.S. | $42,582 | $33,591 | $8,991 |
135 | Connecticut Retirement | U.S. | $42,505 | $42,505 | |
136 | Grafische Bedrijven | Netherlands | $41,931 | $41,931 | |
137 | Texas County & District | U.S. | $41,916 | $41,916 | |
138 | Afore Profuturo GNP8 | Mexico | $41,915 | $41,915 | |
139 | Microsoft2 | U.S. | $41,706 | $41,706 | |
140 | CSC4 | Australia | $41,589 | $41,589 | |
141 | HSBC Bank | U.K. | $41,384 | $41,384 | |
142 | ABN AMRO Pensioenfonds | Netherlands | $41,310 | $41,310 | |
143 | San Francisco City & County | U.S. | $40,873 | $36,059 | $4,814 |
144 | Rabobank | Netherlands | $40,368 | ||
145 | Texas Employees | U.S. | $39,628 | $34,910 | $4,718 |
146 | Greater Manchester | U.K. | $39,620 | $39,620 | |
147 | British Airways | U.K. | $39,520 | ||
148 | American Airlines | U.S. | $39,505 | $14,308 | $25,197 |
149 | Federal Reserve Employees2 | U.S. | $39,258 | $26,457 | $12,801 |
150 | Pfizer2 | U.S. | $38,869 | $17,960 | $20,909 |
151 | Strathclyde Pension Fund | U.K. | $38,858 | $38,858 | |
152 | Honeywell | U.S. | $38,650 | $21,793 | $16,857 |
153 | Afore Citibanamex8 | Mexico | $38,599 | $38,599 | |
154 | Afore Sura8 | Mexico | $38,385 | $38,385 | |
155 | Mississippi Employees | U.S. | $38,242 | $35,949 | $2,293 |
156 | Walmart2 | U.S. | $38,204 | $38,204 | |
157 | Private Schools Employees | Japan | $37,891 | $37,891 | |
158 | Porvenir | Colombia | $37,835 | $37,835 | |
159 | ING Pensioenfonds | Netherlands | $37,805 | $37,805 | |
160 | AFP Provida | Chile | $37,473 | $37,473 | |
161 | BVV | Germany | $37,112 | $37,112 | |
162 | Shell (Neth.) | Netherlands | $37,096 | ||
163 | Exxon Mobil2 | U.S. | $36,814 | $17,523 | $19,291 |
164 | BAE Systems | U.K. | $36,465 | $36,465 | |
165 | Retirement Fund-KWAP2 | Malaysia | $36,463 | $36,463 | |
166 | New Zealand Superannuation4 | New Zealand | $36,226 | ||
167 | Texas Municipal Retirement | U.S. | $36,087 | $36,087 | |
168 | Industriens Pension | Denmark | $35,580 | $35,580 | |
169 | VBL2 | Germany | $35,116 | $35,116 | |
170 | 3M2 | U.S. | $35,035 | $20,194 | $14,841 |
171 | General Dynamics2 | U.S. | $34,915 | $14,119 | $20,796 |
172 | New York State Deferred Comp. | U.S. | $34,172 | $34,172 | |
173 | Government Pension | Thailand | $34,124 | $34,124 | |
174 | UBS | Switzerland | $33,975 | $33,975 | |
175 | CVS Health | U.S. | $33,751 | $6,663 | $27,088 |
176 | Shell U.K. | U.K. | $33,720 | ||
177 | Walt Disney | U.S. | $33,599 | $17,786 | $15,813 |
178 | Elo Mutual Pension Insurance | Finland | $33,453 | $33,453 | |
179 | AFP Capital | Chile | $33,361 | $33,361 | |
180 | AFP Cuprum | Chile | $33,268 | $33,268 | |
181 | State Super4 | Australia | $33,185 | ||
182 | Caterpillar | U.S. | $32,682 | $17,087 | $15,595 |
183 | Migros-Genossenschafts-Bund7 | Switzerland | $32,639 | ||
184 | Citigroup | U.S. | $32,280 | $13,249 | $19,031 |
185 | Exelon | U.S. | $31,803 | $20,764 | $11,039 |
186 | Japan Police Personnel Mutual Aid | Japan | $31,794 | $31,794 | |
187 | Mitsubishi UFJ Financial1 | Japan | $31,739 | ||
188 | United Airlines Holdings | U.S. | $31,395 | $4,245 | $27,150 |
189 | Shell USA2 | U.S. | $31,311 | $18,905 | $12,406 |
190 | Proteccion | Colombia | $31,268 | $31,268 | |
191 | Los Angeles Fire & Police | U.S. | $31,095 | $31,095 | |
192 | PepsiCo2 | U.S. | $30,886 | $17,294 | $13,592 |
193 | B.C. Public Service5 | Canada | $30,797 | $30,797 | |
194 | Spoorwegpensioenfonds | Netherlands | $30,771 | $30,771 | |
195 | Chevron2 | U.S. | $30,608 | $11,674 | $18,934 |
196 | Labor Insurance Fund | Taiwan | $30,524 | $30,524 | |
197 | National Electric | U.S. | $30,450 | $17,912 | $12,538 |
198 | World Bank | U.S. | $30,359 | $30,359 | |
199 | Illinois State Board | U.S. | $30,308 | $24,797 | $5,511 |
200 | Tesco9 | U.K. | $30,298 | $30,298 | |
201 | Government Service Insurance2 | Philippines | $30,192 | ||
202 | British Coal Pension Schemes10 | U.K. | $29,957 | $29,957 | |
203 | B.C. Teachers | Canada | $29,881 | $29,881 | |
204 | PG&E2 | U.S. | $29,733 | $21,639 | $8,094 |
205 | FCA US2 | U.S. | $29,623 | $20,006 | $9,617 |
206 | FRR | France | $29,545 | ||
207 | PKA | Denmark | $29,512 | ||
208 | Louisiana Teachers | U.S. | $29,449 | $26,489 | $2,960 |
209 | Intel2 | U.S. | $29,174 | $1,584 | $27,590 |
210 | Costco Wholesale | U.S. | $29,000 | $29,000 | |
211 | Dow2 | U.S. | $28,784 | $16,273 | $12,511 |
212 | Nestle7 | Switzerland | $28,742 | $28,742 | |
213 | New York City Deferred Comp. | U.S. | $28,580 | $28,580 | |
214 | ENPAM | Italy | $28,495 | ||
215 | National Railroad2 | U.S. | $28,411 | $28,400 | $11 |
216 | Deloitte | U.S. | $27,977 | $8,535 | $19,442 |
217 | Fonds de Comp./Securite Sociale | Luxembourg | $27,883 | ||
218 | Illinois State Universities | U.S. | $27,538 | $23,785 | $3,753 |
219 | GESB4 | Australia | $27,449 | $27,449 | |
220 | Ascension2 | U.S. | $27,384 | $9,664 | $17,720 |
221 | Ernst & Young | U.S. | $27,251 | $10,200 | $17,051 |
222 | ASGA | Switzerland | $27,175 | ||
223 | BBC2 | U.K. | $27,137 | $27,137 | |
224 | Procter & Gamble2 | U.S. | $26,917 | $2,139 | $24,778 |
225 | Kansas Public Employees | U.S. | $26,882 | $25,419 | $1,463 |
226 | State Pension | Finland | $26,828 | $26,828 | |
227 | Ontario Pension Board | Canada | $26,769 | $26,769 | |
228 | CommonSpirit Health | U.S. | $26,706 | $10,203 | $16,503 |
229 | Merck | U.S. | $26,483 | $12,718 | $13,765 |
230 | FMR2 | U.S. | $26,433 | $26,433 | |
231 | FEFSS | Portugal | $26,356 | ||
232 | ESSSuper | Australia | $26,147 | ||
233 | Truist Financial2 | U.S. | $26,053 | $15,478 | $10,575 |
234 | Public Service Pension Fund2 | Taiwan | $25,979 | $25,979 | |
235 | Abbott Laboratories2 | U.S. | $25,756 | $11,394 | $14,362 |
236 | Canada Post | Canada | $25,625 | $25,625 | |
237 | West Midlands Metropolitan5 | U.K. | $25,596 | $25,596 | |
238 | Super SA4 | Australia | $25,572 | $25,572 | |
239 | National Rural Electric2 | U.S. | $25,500 | $10,818 | $14,682 |
240 | Hydro-Quebec | Canada | $25,499 | $25,499 | |
241 | Deere | U.S. | $25,498 | $14,765 | $10,733 |
242 | Alphabet2 | U.S. | $25,475 | $25,475 | |
243 | Kentucky Teachers | U.S. | $25,467 | $25,467 | |
244 | Daimler | Germany | $25,460 | $25,460 | |
245 | Prudential Financial | U.S. | $25,209 | $14,499 | $10,710 |
246 | Magistrenes Pensionskasse | Denmark | $25,004 | $25,004 | |
247 | Southern Co.2 | U.S. | $24,849 | $16,210 | $8,639 |
248 | Corteva | U.S. | $24,831 | $17,224 | $7,607 |
249 | SUNY | U.S. | $24,707 | $24,707 | |
250 | Aviva | U.K. | $24,621 | $24,621 | |
251 | L3Harris Technologies | U.S. | $24,536 | $9,148 | $15,388 |
252 | Operating Engineers International | U.S. | $24,302 | $24,302 | |
253 | Quebec Construction Industry | Canada | $24,130 | ||
254 | Duke Energy2 | U.S. | $24,089 | $13,207 | $10,882 |
255 | CPEG | Switzerland | $23,971 | ||
256 | Consolidated Edison | U.S. | $23,901 | $18,347 | $5,554 |
257 | Idaho Public Employees | U.S. | $23,838 | $22,382 | $1,456 |
258 | Wespath (UMC) | U.S. | $23,766 | $10,584 | $13,182 |
259 | City of Zurich | Switzerland | $23,647 | ||
260 | Los Angeles City Employees | U.S. | $23,313 | $23,313 | |
261 | National Grid1 | U.K. | $22,822 | $22,822 | |
262 | Siemens10 | Germany | $22,659 | $22,659 | |
263 | Georgia Employees | U.S. | $22,629 | $20,001 | $2,628 |
264 | Oracle | U.S. | $22,602 | $22,602 | |
265 | Laegernes Pensionskasse | Denmark | $22,485 | ||
266 | Mass General Brigham2 | U.S. | $22,310 | $9,259 | $13,051 |
267 | Bell Canada | Canada | $22,185 | $22,185 | |
268 | Morgan Stanley | U.S. | $22,157 | $3,102 | $19,055 |
269 | West Yorkshire5 | U.K. | $22,094 | $22,094 | |
270 | Nebraska Investment Council | U.S. | $22,040 | $20,955 | $1,085 |
271 | Oklahoma Teachers | U.S. | $21,967 | $21,967 | |
272 | HCA Holdings2 | U.S. | $21,945 | $738 | $21,207 |
273 | Hawaii Employees | U.S. | $21,812 | $21,812 | |
274 | Orange County | U.S. | $21,569 | $21,569 | |
275 | Eli Lilly | U.S. | $21,403 | $11,926 | $9,477 |
276 | SBB Pensionskasse | Switzerland | $21,355 | $21,355 | |
277 | Credit Suisse | Switzerland | $21,216 | ||
278 | Arkansas Teachers | U.S. | $21,163 | $21,163 | |
279 | Air Canada | Canada | $21,098 | $21,098 | |
280 | Hoffmann La Roche7 | Switzerland | $21,008 | $21,008 | |
281 | Liberty Mutual2 | U.S. | $20,576 | $10,240 | $10,336 |
282 | OPSEU | Canada | $20,502 | $20,502 | |
283 | New York City Teachers | U.S. | $20,482 | $20,482 | |
284 | West Virginia Investment | U.S. | $20,300 | $20,300 | |
285 | California Savings Plus | U.S. | $20,246 | $20,246 | |
286 | Los Angeles County Deferred | U.S. | $20,210 | $20,210 | |
287 | Ohio Deferred Compensation | U.S. | $20,000 | $20,000 | |
288 | Providence Health | U.S. | $19,980 | $1,894 | $18,086 |
289 | Koch Industries2 | U.S. | $19,961 | $8,049 | $11,912 |
290 | Teachers' Pension | South Korea | $19,760 | $19,760 | |
291 | Los Angeles Water & Power | U.S. | $19,694 | $19,694 | |
292 | Banco Santander (U.K.) | U.K. | $19,606 | $19,606 | |
293 | PK Post | Switzerland | $19,475 | ||
294 | Episcopal Church | U.S. | $19,452 | $17,912 | $1,540 |
295 | E.ON | Germany | $19,191 | $19,191 | |
296 | UnitedHealth2 | U.S. | $19,173 | $19,173 | |
297 | Mayo Clinic2 | U.S. | $19,141 | $10,730 | $8,411 |
298 | TfL Pension | U.K. | $19,115 | ||
299 | International Paper | U.S. | $19,027 | $11,874 | $7,153 |
300 | PricewaterhouseCoopers2 | U.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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