- For the first time, Norges Bank Investment Management surpasses Japan’s Government Pension Investment Fund to become world’s largest asset owner
- The global 100 asset owners now hold a record $29.3 trillion in total assets
- Pension funds now manage less than half (49%) of total assets in the study
Global, 4 December 2025 – A new leader emerged in the top 100 global asset owners as Norway’s Norges Bank Investment Management, Norway’s sovereign wealth fund, reached $1.7 trillion in assets under management, toppling the former long-term frontrunner, according to new research by the Thinking Ahead Institute.
Japan’s Government Pension Investment Fund manages $1.6 trillion, now at second place, while total assets managed by the top 100 asset owners globally (the ‘AO100’) reached a record $29.3 trillion in total assets, maintaining its upward momentum from 2023, rising by 11.3% in 2024.
Japan registered a decline from its asset managers, with AUM falling by 9.5% in 2024, highlighting regional disparities in economic and investment performance. On current growth rates, the UK, which was the second largest asset management market in 2019, now looks likely to fall to fourth position in the next five years, with France and Canada set to overtake it.
Among the largest asset owners, pension funds saw the smallest growth in 2024, growing by only 6.5% year-on-year. This continues their long-term proportional decline among the AO100, having shrunk by 11.8% since 2017. Pension funds nonetheless remained the largest asset owner group, despite now managing less than half (49%) of total assets globally for the first time in this study.
Conversely, Sovereign Wealth Funds (SWFs) exhibited the most significant growth, rising by 16.7% year-on-year, now forming 40.8% of total assets. SWFs strengthened their presence across all regions, particularly EMEA where they account for 73% of all assets. Meanwhile, pension funds still retained their leading majority in North America at 70% and APAC at 52%. OCIO and master trusts had more presence in North America, accounting for 29% of all assets in the region.
The average SWF now has assets of $543 billion, significantly above the overall average of $293 billion.
Jessica Gao, Director, Thinking Ahead Institute commented:
Asset owners now face complex and systemic risks with little historical precedent, and siloed investment approaches are showing limitations in today’s complex markets.
Within this AO100 Study, we identified five clusters of funds that are most homogenous and regionally inter-connected. These pools of asset owners in the US, Canada, Europe, Middle East, and Australia collectively manage around $13 trillion and are shaping the direction of institutional investing, setting global investment trends, governance practices, and sustainability standards.
“The established American Public Funds 7, Maple 8, and Euro 9, together with the fast-developing Gulf 5 and Australian Super 6 clusters occupy a strategically critical place in global value creation and are increasingly converging in approach.
“Common themes among the asset owners includes the use of total portfolio thinking when investing in global assets, a focus on risk and resilience, a business model in which investor partnerships are critical, and tapping into the wide inter-connectivity of stakeholders. In a collaborative ecosystem, together, these asset owners are rethinking how large-scale capital can be managed for resilience, purpose, and long-term value creation. “Increasingly, asset owners are adopting the Total Portfolio Approach (TPA) to better align governance and portfolio decisions with their overall purpose and investment objectives. By encouraging collaboration across teams and clarifying accountability for total-fund outcomes, TPA enables more efficient use of capital at the total-portfolio level and supports stronger longer-term performance potential.”
About the Thinking Ahead Institute at WTW
The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 100 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organization at https://www.thinkingaheadinstitute.org/.
About WTW
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.
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Media contact
| Sarah Toubman Client Manager JPES Partners +44 (0)20 7520 7633 sarah.toubman@jpespartners.com | Noor Fatima Client Executive JPES Partners +44 (0)20 7520 7637 noor.fatima@jpespartners.com |
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