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The Government Pension Fund of Norway has crossed US$ 2 trillion for the first time
Share of assets in Europe and Asia-Pacific increased to 24.6% and 26.6% respectively, while the North American region’s share of total assets fell to 44.7%

GLOBAL, 7 September 2026 – The world’s top 300 pension funds grew total assets under management (AUM) by 13.4% in 2025, the fastest annual growth since 2017, to a record US$ 27.7 trillion. This is according to the 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.

Growth was particularly strong among the largest funds. The top 20 largest funds increased their assets by 14.7%, taking their total assets to $11.9 trillion.

North America remains the largest region, accounting for 44.7% of the top 300 assets, although its share fell from 47.2% a year earlier. Over the five years to 2025, it nevertheless recorded the strongest annualised growth among the major regions at 6.4%.

Meanwhile, the Asia-Pacific region grew its share of assets among the top 300 from 25.5% to 26.6% year-on-year. Funds in the region allocated 51.4% to equities, the highest portion among the major regions, alongside 36.4% to bonds and 10.5% to alternatives.

Likewise, Europe expanded its share of the top 300 assets in 2025 to 24.6% compared to 23.7% in the previous year. Europe’s growth has been significantly bolstered by the Government Pension Fund of Norway, which crossed the US$ 2 trillion milestone for the first time. It overtook the Government Pension Investment Fund of Japan in 2024 as the world’s biggest pension fund and has strengthened that lead even further, being 12.7% bigger than its closest peer.

The UK and Netherlands were the only markets to record negative asset growth over the last five years in both local currency and US dollar terms. While they remain Europe’s two largest pension markets, both are characterised by mature pension systems with a significant defined benefit legacy.

This reflects the broader transition across many developed markets, where established pension systems are increasingly balancing growth with benefit payments, de-risking activity, and changing scheme structures. Europe continues to have the lowest proportion of defined contribution assets at 13.2%, compared with 30.7% in Asia-Pacific and 31.6% in North America.

Jessica Gao, director at the Thinking Ahead Institute, reflects on key insights from the research:

“Scale and consolidation are among the defining industry themes of the moment. Not only are the largest funds getting larger, but organisations are also increasingly pursuing growth beyond traditional M&A through strategic partnerships, which provide access to additional expertise, technology, and specialised capabilities.

“This is giving rise to a new generation of investment ‘hyperscalers’. Borrowing the term from the technology sector, these are organisations that use their scale alongside their capabilities, relationships and governance to gain greater influence and deliver better outcomes. For pension funds, it is not just about getting bigger, but about making their scale work harder.”

“AI will be an important part of this, but ambition is currently running ahead of readiness. Funds are clear on the potential of AI to improve investment decisions and make their organisations more effective, but many are still building the data, processes and infrastructure needed to put it to work. The opportunity is significant, but progress will depend on strengthening the data, workflows and organisational foundations required to scale AI effectively.”

Top 20 pension funds (US$ millions)

Rank	Fund	Market	Total Assets
1	Government Pension Fund	Norway	2,109,484
2	Government Pension Investment Fund	Japan	1,872,068
3	Federal Retirement Thrift	U.S.	1,057,257
4	National Pension	South Korea	1,005,541
5	ABP	Netherlands	624,712
6	Canada Pension Plan	Canada	578,391
7	California Public Employees	U.S.	576,177
8	Central Provident Fund	Singapore	514,470
9	National Social Security	China	420,650
10	California State Teachers	U.S.	385,591
11	Employees Provident Fund	Malaysia	347,037
12	New York City Retirement	U.S.	306,317
13	PFZW	Netherlands	295,263
14	New York State Common	U.S.	291,451
15	Local Government Officials	Japan	263,770
16	AustralianSuper	Australia	259,778
17	Labor Pension Fund	Taiwan	242,759
18	Florida State Board	U.S.	240,525
19	Australian Retirement Trust	Australia	234,018
20	Employees’ Provident	India	230,289

About the Thinking Ahead Institute
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 asset managers committed to mobilising capital for a sustainable future. It has 52 members around the world and is an outgrowth of the WTW Investments’ Thinking Ahead Group which was set up in 2002. Learn more 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.

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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