What are the 20 largest pension funds in the world?
Updated:
10 SEPT, 2026
The 300 largest pension funds in the world reached a record volume of 27.7 trillion dollars in managed assets at the end of 2025, the largest annual increase since 2017, according to the Global Top 300 Pension Funds report prepared by the Thinking Ahead Institute of WTW, along with Pensions & Investments.
The increase was 13.4% compared to the previous year, according to data released today, September 10, 2026.
The 20 largest pension funds in the world
| Position | Pension 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 | United States | 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 | United States | 576.177 |
| 8 | Central Provident Fund | Singapore | 514.470 |
| 9 | National Social Security | China | 420.650 |
| 10 | California State Teachers | United States | 385.591 |
| 11 | Employees Provident Fund | Malaysia | 347.037 |
| 12 | New York City Retirement | United States | 306.317 |
| 13 | PFZW | Netherlands | 295.263 |
| 14 | New York State Common | United States | 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 | United States | 240.525 |
| 19 | Australian Retirement Trust | Australia | 234.018 |
| 20 | Employees' Provident | India | 230.289 |
Record of assets and greater concentration in large funds
Growth was more intense among the larger funds. The 20 largest increased their assets by 14.7%, up to 11.9 trillion dollars, and now concentrate 42.8% of the total managed by the 300 largest funds in the world.
The sovereign fund of Norway exceeded 2 trillion dollars in assets for the first time and consolidated itself as the largest pension fund in the world, 12.7% above the second classified, the public pension fund of Japan.
North America loses weight against Europe and Asia-Pacific
North America continues to be the region with the most weight in the Top 300, although it reduced it to 44.7% of the assets, compared to 47.2% the previous year. Despite this, it has registered the highest annualized growth of the last five years among the large regions, with 6.4%.
Europe increased its weight to 24.6% of the total, with the Norwegian fund as the main driver, while the United Kingdom and the Netherlands were the only markets with negative asset growth in the last five years. Asia-Pacific increased its share to 26.6%, with the highest exposure to equities among the major regions, 51.4% of its assets.
Europe also maintains the lowest proportion of defined contribution assets, with 13.2%, compared to 30.7% of Asia-Pacific and 31.6% of North America.
Technology and the search for scale set the course
The report notes the growing weight of artificial intelligence in the management of these funds: 56% of participants expect it to generate significant benefits in the next five to ten years, although 81% point to the quality and standardization of data as the main barrier to achieving this.
The study also introduces the concept of hyperscaling, taken from the technology sector, to describe how large funds combine scale, data, capabilities, relationships, and governance to improve their results and expand their capabilities through alliances.
Oriol Ramírez-Monsonis, Director of Investments at WTW Spain
"Large pension funds are growing and, at the same time, are looking for new ways to improve their capabilities. Scale remains important, as is the ability to combine knowledge, technology, data, and good governance to make better investment decisions and respond to an increasingly complex environment. Spain needs to continue promoting the development of solid and efficient complementary social security pillars that reinforce the sustainability of future retirement incomes."
This article is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any financial instrument. The data presented is sourced from third-party reports (Thinking Ahead Institute, WTW, and Pensions & Investments) and, while believed to be accurate at the time of publication, has not been independently verified. Past performance and asset growth are not indicative of future results. Readers should consult a qualified financial advisor before making any investment decisions.
