GLOBAL, September 8, 2025 – The world’s largest 300 pension funds reached a new US $24.4 trillion record in terms of their total assets under management, according to this year’s Global Top 300 Pension Funds report by the Thinking Ahead Institute, in conjunction with Pensions & Investments, a leading U.S. investment publication.
The research highlights high-level trends in the pension fund industry and provides information on the changing composition of the top 300 list of pension funds globally, including the characteristics and investment allocations of these pension funds.
This year’s total breaks the record that was previously set in 2021 at US$ 23.6 trillion before a market correction in 2022. However, as the recent recovery reached record territory, growth slowed slightly, up 7.8% in 2024, compared to 10% growth the previous year.
Concentration also continues. For the first time, the combined assets of the world’s top 20 pension funds exceeded US$ 10 trillion, increasing by 8.5% from the previous year to reach US$ 10.3 trillion. These top 20 funds increased at a faster pace than the top 300 pension funds and now account for 42.4% of the top 300 as a whole by assets.
Of these top funds, ten reported strengthening their expertise in artificial intelligence, with nine highlighting technology adoption in portfolio management as a strategic priority and recognising AI as both a risk and an opportunity. At the same time, nine pension funds cited volatility and uncertainty as major concerns, with inflation also highlighted as a key factor shaping the outlook for the year.
At the very top of the table, Japan’s Government Pension Investment Fund (GPIF) was overtaken by Norway’s Government Pension Fund after more than 20 years at the top. Norway’s Government Pension Fund boasts US$ 1.77 trillion in total assets and is 6.9% larger by assets than the former global frontrunner. The Government Pension Fund of Norway is a sovereign wealth fund with a mandate to preserve and grow national savings to help finance future pension expenditures and ensure intergenerational financial security.
“The past year saw pension assets reach their highest levels yet, coming off several years of slowed growth following the previous record achieved in 2021.”
Jessica Gao | director at the Thinking Ahead Institute
Jessica Gao, director at the Thinking Ahead Institute, reflects on key insights from the research: “The past year saw pension assets reach their highest levels yet, coming off several years of slowed growth following the previous record achieved in 2021.
“The world’s largest pension funds are navigating an increasingly complex landscape. Macroeconomic volatility, geopolitical shifts and concentrated market risks are reshaping return expectations. The current backdrop has tested even well-diversified portfolios, highlighting the difficulty of today’s investment environment. At the same time, funds face more demanding relationships with stakeholders, from regulators to sponsors to members, all of whom are raising expectations on how pensions are managed. These intersecting challenges are heightening the responsibilities of fiduciaries, making strong governance more important than ever."
While DB schemes remain the largest share of disclosed assets, the proportion fell below 60% in 2024, now accounting for 59.4% of total assets. DC fund assets, alternatively, grew at a faster pace in 2024, increasing by 14.3% and formed 27.7% by share of assets. DB funds accounted for a majority share of assets in North America (69%), Asia-Pacific (62%) and Europe (43%) in 2024, while DC plans dominate other regions (64%), particularly in Latin America.
Defined contribution funds continue to grow, yet the challenge of turning savings into secure lifetime income remains. Many funds are exploring new pathways, but stability, adequacy and affordability are difficult to balance across different regulatory and social contexts.
Technology is another defining force. Many funds are raising budgets for digital solutions to strengthen oversight, risk management and long-term decision-making. AI in particular is emerging as a powerful enabler and a new source of risk that requires careful governance and strong controls.
Jessica Gao concludes: “With growing complexity and challenges, more funds are exploring the Total Portfolio Approach (TPA). By aligning purpose, capital and decision-making, and by taking a holistic view of the fund as a whole, TPA is helping organisations strengthen their ability to deliver long-term outcomes.”
| Rank | Fund | Market | Total Assets |
|---|---|---|---|
| 1 | Government Pension Fund | Norway | $1,767,951 |
| 2 | Government Pension Investment Fund | Japan | $1,645,550 |
| 3 | Federal Retirement Thrift | U.S. | $954,255 |
| 4 | National Pension | South Korea | $820,799 |
| 5 | ABP | Netherlands | $560,056 |
| 6 | California Public Employees | U.S. | $541,965 |
| 7 | Canada Pension | Canada | $496,935 |
| 8 | Central Provident Fund | Singapore | $446,248 |
| 9 | National Social Security | China | $366,747 |
| 10 | California State Teachers | U.S. | $354,170 |
| 11 | New York City Retirement | U.S. | $285,522 |
| 12 | Employees Provident Fund | Malaysia | $279,435 |
| 13 | New York State Common | U.S. | $274,682 |
| 14 | PFZW | Netherlands | $267,714 |
| 15 | Local Government Officials | Japan | $232,587 |
| 16 | Florida State Board | U.S. | $223,480 |
| 17 | AustralianSuper | Australia | $212,376 |
| 18 | Texas Teachers | U.S. | $211,611 |
| 19 | Employees' Provident | India | $199,447 |
| 20 | Labor Pension Fund | Taiwan | $197,205 |
The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to changing and improving the investment industry for the benefit of the end saver. It has over 55 members around the world and is an outgrowth of WTW Investments’ Thinking Ahead Group, which was set up in 2002.
WTW’s Investments business is focused on creating financial value for end investors through its expertise in risk assessment, strategic asset allocation, fiduciary management and investment manager selection. It has over 900 colleagues worldwide, more than 1,000 investment clients globally, assets under advisory of over US$3.4 trillion and US$168 billion of assets under management.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
