Revision for “Sovereign Wealth Funds” created on May 10, 2013 @ 03:08:33

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Sovereign Wealth Funds
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A <b>sovereign wealth fund</b> (<b>SWF</b>) is a state-owned <a title="Investment fund" href="http://en.wikipedia.org/wiki/Investment_fund">investment fund</a> composed of <a title="Finance" href="http://en.wikipedia.org/wiki/Finance">financial</a> <a title="Asset" href="http://en.wikipedia.org/wiki/Asset">assets</a> such as <a title="Stock" href="http://en.wikipedia.org/wiki/Stock">stocks</a>, <a title="Bond (finance)" href="http://en.wikipedia.org/wiki/Bond_(finance)">bonds</a>, <a title="Property" href="http://en.wikipedia.org/wiki/Property">property</a>, <a title="Precious metal" href="http://en.wikipedia.org/wiki/Precious_metal">precious metals</a>, or other <a title="Financial instruments" href="http://en.wikipedia.org/wiki/Financial_instruments">financial instruments</a>. Sovereign wealth funds invest globally. Most SWFs are funded by foreign exchange assets.

Some sovereign wealth funds may be held by a <a title="Central bank" href="http://en.wikipedia.org/wiki/Central_bank">central bank</a>, which accumulates the funds in the course of its management of a nation’s banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management.

The accumulated funds may have their origin in, or may represent, foreign <a title="Currency" href="http://en.wikipedia.org/wiki/Currency">currency</a> deposits, <a title="Gold" href="http://en.wikipedia.org/wiki/Gold">gold</a>, <a title="Special drawing rights" href="http://en.wikipedia.org/wiki/Special_drawing_rights">special drawing rights</a> (SDRs) and <a title="International Monetary Fund" href="http://en.wikipedia.org/wiki/International_Monetary_Fund">International Monetary Fund</a> (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are<a title="Asset" href="http://en.wikipedia.org/wiki/Asset">assets</a> of the sovereign nations that are typically held in domestic and different <a title="Reserve currency" href="http://en.wikipedia.org/wiki/Reserve_currency">reserve currencies</a> (such as the <a title="United States dollar" href="http://en.wikipedia.org/wiki/United_States_dollar">dollar</a>, <a title="Euro" href="http://en.wikipedia.org/wiki/Euro">euro</a>, <a title="Pound (currency)" href="http://en.wikipedia.org/wiki/Pound_(currency)">pound</a>, and <a title="Yen" href="http://en.wikipedia.org/wiki/Yen">yen</a>). Such <a title="Investment management" href="http://en.wikipedia.org/wiki/Investment_management">investment management</a> entities may be set up as official investment companies, state pension funds, or sovereign oil funds, among others.

There have been attempts to distinguish funds held by sovereign entities from <a title="Foreign-exchange reserves" href="http://en.wikipedia.org/wiki/Foreign-exchange_reserves">foreign-exchange reserves</a> held by central banks. Sovereign wealth funds can be characterized as<i>maximizing long-term return</i>, with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion. Some central banks have even begun buying equities, or derivatives of differing ilk (even if fairly safe ones, like overnight <a title="Interest rate swap" href="http://en.wikipedia.org/wiki/Interest_rate_swap">interest rate swaps</a>).<sup>[<i><a title="Wikipedia:Citation needed" href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed">citation needed</a></i>]</sup>
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<h2>Contents</h2>
[<a id="togglelink" href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#">hide</a>]

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<ul>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#History">1 History</a>
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<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Early_SWFs">1.1 Early SWFs</a></li>
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<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Nature_and_purpose">2 Nature and purpose</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Concerns_about_SWFs">3 Concerns about SWFs</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Asset_classes_and_investment_policy">4 Asset classes and investment policy</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Developments_in_2008">5 Developments in 2008</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Size_of_SWFs">6 Size of SWFs</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Largest_sovereign_wealth_funds">7 Largest sovereign wealth funds</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#See_also">8 See also</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#References">9 References</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#Further_reading">10 Further reading</a></li>
<li><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#External_links">11 External links</a></li>
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<h2>[<a title="Edit section: History" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=1">edit</a>]History</h2>
The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the <i>Central Banking Journal</i>.<sup id="cite_ref-1"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-1">[1]</a></sup> The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.

Some of them have grabbed attention making bad investments in several Wall Street financial firms such as <a title="Citigroup" href="http://en.wikipedia.org/wiki/Citigroup">Citigroup</a>, <a title="Morgan Stanley" href="http://en.wikipedia.org/wiki/Morgan_Stanley">Morgan Stanley</a>, and <a title="Merrill Lynch" href="http://en.wikipedia.org/wiki/Merrill_Lynch">Merrill Lynch</a>. These firms needed a cash infusion due to losses resulting from mismanagement and the <a title="Subprime mortgage crisis" href="http://en.wikipedia.org/wiki/Subprime_mortgage_crisis">subprime mortgage crisis</a>.
<h3>[<a title="Edit section: Early SWFs" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=2">edit</a>]Early SWFs</h3>
Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were created by the U.S. state of <a title="Texas" href="http://en.wikipedia.org/wiki/Texas">Texas</a> in the last half of the 19th century to fund public education. The <a title="Permanent School Fund" href="http://en.wikipedia.org/wiki/Permanent_School_Fund">Permanent School Fund</a> (PSF) was created in 1854 to benefit primary and secondary schools, with the <a title="Permanent University Fund" href="http://en.wikipedia.org/wiki/Permanent_University_Fund">Permanent University Fund</a> (PUF) following in 1876 to benefit universities. The PUF was originally endowed with public lands, of which the state retained ownership by terms of the 1845 annexation treaty between the <a title="Republic of Texas" href="http://en.wikipedia.org/wiki/Republic_of_Texas">Republic of Texas</a> and the U.S. While the PSF was first funded by an appropriation from the state legislature, it also received public lands at the same time that the PUF was created. The first SWF established for a sovereign state is the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before <a title="Kuwait" href="http://en.wikipedia.org/wiki/Kuwait">Kuwait</a> even gained independence from the <a title="United Kingdom" href="http://en.wikipedia.org/wiki/United_Kingdom">United Kingdom</a>. According to many estimates, Kuwait’s fund is now worth approximately $300 billion.

Another of the first registered SWFs is the <a title="Revenue Equalization Reserve Fund" href="http://en.wikipedia.org/wiki/Revenue_Equalization_Reserve_Fund">Revenue Equalization Reserve Fund</a> of <a title="Kiribati" href="http://en.wikipedia.org/wiki/Kiribati">Kiribati</a>. Created in 1956, when the British administration of the <a title="Gilbert Islands" href="http://en.wikipedia.org/wiki/Gilbert_Islands">Gilbert Islands</a> in <a title="Micronesia" href="http://en.wikipedia.org/wiki/Micronesia">Micronesia</a> put a levy on the export of <a title="Phosphates" href="http://en.wikipedia.org/wiki/Phosphates">phosphates</a> used in<a title="Fertilizer" href="http://en.wikipedia.org/wiki/Fertilizer">fertilizer</a>, the fund has since then grown to $520 million.<sup id="cite_ref-2"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-2">[2]</a></sup>
<h2>[<a title="Edit section: Nature and purpose" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=3">edit</a>]Nature and purpose</h2>
SWFs are typically created when governments have budgetary surpluses and have little or no international debt. This excess <a title="Liquidity" href="http://en.wikipedia.org/wiki/Liquidity">liquidity</a> is not always possible or desirable to hold as money or to channel into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.

There are two types of funds: saving funds and stabilization funds. Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles’ adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations. One such fund is the Government Pension Fund of Norway. It is believed that SWFs in resource-rich countries can help avoid resource curse, but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g., in <a title="Hugo Chávez" href="http://en.wikipedia.org/wiki/Hugo_Ch%C3%A1vez">Hugo Chávez</a>’s Venezuela or Shah-era Iran. In such circumstances, saving the money to spend during a period of low inflation is often desirable.

Other reasons for creating SWFs may be economical, or strategic, such as <a title="War chest" href="http://en.wikipedia.org/wiki/War_chest">war chests</a> for uncertain times. For example, the Kuwait Investment Authority during the <a title="Gulf War" href="http://en.wikipedia.org/wiki/Gulf_War">Gulf War</a> managed excess reserves above the level needed for currency reserves (although many central banks do that now). The <a title="Government of Singapore Investment Corporation" href="http://en.wikipedia.org/wiki/Government_of_Singapore_Investment_Corporation">Government of Singapore Investment Corporation</a> and Temasek Holdings are partially the expression of a desire to bolster Singapore’s standing as an international financial centre. The Korea Investment Corporation has since been similarly managed.
<h2>[<a title="Edit section: Concerns about SWFs" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=4">edit</a>]Concerns about SWFs</h2>
There are several reasons why the growth of sovereign wealth funds is attracting close attention.
<ul>
<li>As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.</li>
<li>Some countries worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain. These concerns have led the <a title="European Union" href="http://en.wikipedia.org/wiki/European_Union">European Union</a> (EU) to reconsider whether to allow its members to use "<a title="Golden share" href="http://en.wikipedia.org/wiki/Golden_share">golden shares</a>" to block certain foreign acquisitions.<sup id="cite_ref-3"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-3">[3]</a></sup> This strategy has largely been excluded as a viable option by the EU, for fear it would give rise to a resurgence in international protectionism. In the United States, these concerns are addressed by the <a title="Exon–Florio Amendment" href="http://en.wikipedia.org/wiki/Exon%E2%80%93Florio_Amendment">Exon–Florio Amendment</a> to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the <a title="Committee on Foreign Investment in the United States" href="http://en.wikipedia.org/wiki/Committee_on_Foreign_Investment_in_the_United_States">Committee on Foreign Investment in the United States</a> (CFIUS).</li>
<li>Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds. Many of these concerns have been addressed by the IMF and its <a title="Santiago Principles" href="http://en.wikipedia.org/wiki/Santiago_Principles">Santiago Principles</a>, which set out common standards regarding transparency, independence, and governance.<sup id="cite_ref-4"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-4">[4]</a></sup></li>
<li>SWFs are not nearly as homogeneous as central banks or public <a title="Pension fund" href="http://en.wikipedia.org/wiki/Pension_fund">pension funds</a>.</li>
</ul>
The governments of SWF’s commit to follow certain rules:
<ul>
<li>Accumulation rule (what portion of revenue can be spent/saved)</li>
<li>Withdraw rule (when the Government can withdraw from the fund)</li>
<li>Investment (where revenue can be invested in foreign or domestic assets)</li>
</ul>
<h2>[<a title="Edit section: Asset classes and investment policy" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=5">edit</a>]Asset classes and investment policy</h2>
Think tanks such as the <a title="fr:Forum Mondial des Fonds de Pension" href="http://fr.wikipedia.org/wiki/Forum_Mondial_des_Fonds_de_Pension">World Pensions Council (WPC)</a> have argued that the extended investment horizon of sovereign wealth funds allows them to act as <a title="Long term" href="http://en.wikipedia.org/wiki/Long_term">long term</a> investors in <a title="Market liquidity" href="http://en.wikipedia.org/wiki/Market_liquidity">less liquid assets</a> such as <a title="Publicly unlisted company" href="http://en.wikipedia.org/wiki/Publicly_unlisted_company">unlisted companies</a>,<a title="Commodity" href="http://en.wikipedia.org/wiki/Commodity">commodities</a>, <a title="Real estate" href="http://en.wikipedia.org/wiki/Real_estate">real estate</a> and <a title="Infrastructure" href="http://en.wikipedia.org/wiki/Infrastructure">infrastructure</a> assets, a trend likely to develop further as <a title="Bank" href="http://en.wikipedia.org/wiki/Bank">banks</a> and <a title="Insurance" href="http://en.wikipedia.org/wiki/Insurance">insurance companies</a> decrease their exposure to these asset classes in the context of the <a title="Basel 2" href="http://en.wikipedia.org/wiki/Basel_2">Basel 2</a> and <a title="Solvency 2" href="http://en.wikipedia.org/wiki/Solvency_2">Solvency 2</a> regulatory constraints.<sup id="cite_ref-5"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-5">[5]</a></sup>
<h2>[<a title="Edit section: Developments in 2008" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=6">edit</a>]Developments in 2008</h2>
<ul>
<li>On 5 March 2008, a joint sub-committee of the <a title="United States House Committee on Financial Services" href="http://en.wikipedia.org/wiki/United_States_House_Committee_on_Financial_Services">U.S. House Financial Services Committee</a> held a hearing to discuss the role of "Foreign Government Investment in the U.S. Economy and Financial Sector". The hearing was attended by representatives of the <a title="United States Department of the Treasury" href="http://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury">U.S. Department of Treasury</a>, the <a title="U.S. Securities and Exchange Commission" href="http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission">U.S. Securities and Exchange Commission</a>, the <a title="Federal Reserve Board" href="http://en.wikipedia.org/wiki/Federal_Reserve_Board">Federal Reserve Board</a>, Norway’s Ministry of Finance, Singapore’s Temasek Holdings, and the Canada Pension Plan Investment Board.</li>
<li>On August 20, 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. To be specific, it will affect acquisitions of more than 25% of a German company’s voting shares by non-European investors; but the economics minister <a title="Michael Glos" href="http://en.wikipedia.org/wiki/Michael_Glos">Michael Glos</a> has pledged that investment reviews would be "extremely rare".<sup id="cite_ref-6"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-6">[6]</a></sup> The legislation is loosely modelled on a similar one by the U.S. Committee on Foreign Investments.</li>
<li>On September 2–3, 2008, at a summit in Chile, the International Working Group of Sovereign Wealth Funds—consisting of the world’s main SWFs—agreed to a voluntary code of conduct first drafted by IMF. They also considered a standing committee to represent them in international policy debates.<sup id="cite_ref-7"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-7">[7]</a></sup> The 24 principles in the draft (the Santiago Principles) were made public after being presented to the IMF governing council on October 11, 2008.</li>
</ul>
<h2>[<a title="Edit section: Size of SWFs" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=7">edit</a>]Size of SWFs</h2>
<a title="Assets under management" href="http://en.wikipedia.org/wiki/Assets_under_management">Assets under management</a> of SWFs increased for the third year running in 2011 to a record $4.8 trillion.<sup id="cite_ref-8"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-8">[8]</a></sup> There was an additional $7.2 trillion held in other sovereign investment vehicles, such as pension reserve funds, development funds and state-owned corporations’ funds and $8.1 trillion in other official foreign exchange reserves. Taken together, governments of SWFs, largely those in emerging economies, have access to a pool of funds totalling $20 trillion. Some of these funds could in future be channelled towards funding development of infrastructure for which there is global demand.

Countries with SWFs funded by commodities’ exports, primarily oil and gas exports, totalled $2.7 trillion at the end of 2011. Non-commodity SWFs totalled $2.1 trillion. Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatisation revenue. Asian countries account for the bulk of such funds.

An important point to note is the SWF-to-Foreign Reserve Exchange Ratio, which shows the proportion a government has invested in investments relative to currency reserves. According to the SWF Institute, most oil-producing nations in <a title="Persian Gulf" href="http://en.wikipedia.org/wiki/Persian_Gulf">The Gulf</a> have a higher SWF-to-Foreign Exchange Ratio — for example, the Qatar Investment Authority (5.89 times) compared to the China Investment Corporation (0.12 times) — reflecting a more aggressive stance to seek higher returns.<sup>[<i><a title="Wikipedia:Citation needed" href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed">citation needed</a></i>]</sup>
<h2>[<a title="Edit section: Largest sovereign wealth funds" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=8">edit</a>]Largest sovereign wealth funds</h2>
<div>See also: <a title="List of countries by sovereign wealth funds" href="http://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds">List of countries by sovereign wealth funds</a> and <a title="List of countries by foreign exchange reserves" href="http://en.wikipedia.org/wiki/List_of_countries_by_foreign_exchange_reserves">List of countries by foreign exchange reserves</a></div>
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<th title="Sort ascending">Country</th>
<th title="Sort ascending">Abbreviation</th>
<th title="Sort ascending">Fund</th>
<th title="Sort ascending">Assets $Billion<sup id="cite_ref-9"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-9">[9]</a></sup></th>
<th title="Sort ascending">Inception</th>
<th title="Sort ascending">Origin</th>
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<td><a title="Norway" href="http://en.wikipedia.org/wiki/Norway"><img alt="Norway" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/22px-Flag_of_Norway.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/33px-Flag_of_Norway.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/44px-Flag_of_Norway.svg.png 2x" width="22" height="16" /></a> Norway</td>
<td>GPF</td>
<td><a title="Government Pension Fund of Norway" href="http://en.wikipedia.org/wiki/Government_Pension_Fund_of_Norway">Government Pension Fund – Global</a></td>
<td>715.9</td>
<td>1990</td>
<td>Oil</td>
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<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
<a title="Abu Dhabi (emirate)" href="http://en.wikipedia.org/wiki/Abu_Dhabi_(emirate)"><img alt="Abu Dhabi (emirate)" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/22px-Flag_of_Abu_Dhabi.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/33px-Flag_of_Abu_Dhabi.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/44px-Flag_of_Abu_Dhabi.svg.png 2x" width="22" height="11" /></a> Abu Dhabi</td>
<td>ADIA</td>
<td><a title="Abu Dhabi Investment Authority" href="http://en.wikipedia.org/wiki/Abu_Dhabi_Investment_Authority">Abu Dhabi Investment Authority</a></td>
<td>627</td>
<td>1976</td>
<td>Oil</td>
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<td><a title="China" href="http://en.wikipedia.org/wiki/China"><img alt="China" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/22px-Flag_of_the_People%27s_Republic_of_China.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/33px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/44px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" width="22" height="15" /></a> China</td>
<td>SAFE</td>
<td><a title="State Administration of Foreign Exchange" href="http://en.wikipedia.org/wiki/State_Administration_of_Foreign_Exchange">SAFE Investment Company</a></td>
<td>567.9**</td>
<td>1997</td>
<td>Non-commodity</td>
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<td><a title="Saudi Arabia" href="http://en.wikipedia.org/wiki/Saudi_Arabia"><img alt="Saudi Arabia" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/22px-Flag_of_Saudi_Arabia.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/33px-Flag_of_Saudi_Arabia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/44px-Flag_of_Saudi_Arabia.svg.png 2x" width="22" height="15" /></a> Saudi Arabia</td>
<td>SAMA</td>
<td><a title="Saudi Arabian Monetary Agency" href="http://en.wikipedia.org/wiki/Saudi_Arabian_Monetary_Agency">SAMA Foreign Holdings</a></td>
<td>532.8</td>
<td>n/a</td>
<td>Oil</td>
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<td><a title="China" href="http://en.wikipedia.org/wiki/China"><img alt="China" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/22px-Flag_of_the_People%27s_Republic_of_China.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/33px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/44px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" width="22" height="15" /></a> China</td>
<td>CIC</td>
<td><a title="China Investment Corporation" href="http://en.wikipedia.org/wiki/China_Investment_Corporation">China Investment Corporation</a></td>
<td>482</td>
<td>2007</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Kuwait" href="http://en.wikipedia.org/wiki/Kuwait"><img alt="Kuwait" src="http://upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/22px-Flag_of_Kuwait.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/33px-Flag_of_Kuwait.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/44px-Flag_of_Kuwait.svg.png 2x" width="22" height="11" /></a> Kuwait</td>
<td>KIA</td>
<td><a title="Kuwait Investment Authority" href="http://en.wikipedia.org/wiki/Kuwait_Investment_Authority">Kuwait Investment Authority</a></td>
<td>342</td>
<td>1953</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Hong Kong" href="http://en.wikipedia.org/wiki/Hong_Kong"><img alt="Hong Kong" src="http://upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/22px-Flag_of_Hong_Kong.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/33px-Flag_of_Hong_Kong.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/44px-Flag_of_Hong_Kong.svg.png 2x" width="22" height="15" /></a> Hong Kong</td>
<td>HKMA</td>
<td><a title="Hong Kong Monetary Authority" href="http://en.wikipedia.org/wiki/Hong_Kong_Monetary_Authority">Hong Kong Monetary Authority Investment Portfolio</a></td>
<td>298.7</td>
<td>1993</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Singapore" href="http://en.wikipedia.org/wiki/Singapore"><img alt="Singapore" src="http://upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/22px-Flag_of_Singapore.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/33px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/44px-Flag_of_Singapore.svg.png 2x" width="22" height="15" /></a> Singapore</td>
<td>GIC</td>
<td><a title="Government of Singapore Investment Corporation" href="http://en.wikipedia.org/wiki/Government_of_Singapore_Investment_Corporation">Government of Singapore Investment Corporation</a></td>
<td>247.5</td>
<td>1981</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Russia" href="http://en.wikipedia.org/wiki/Russia"><img alt="Russia" src="http://upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/22px-Flag_of_Russia.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/33px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/44px-Flag_of_Russia.svg.png 2x" width="22" height="15" /></a> Russia</td>
<td>RNWF</td>
<td><a title="Russian National Wealth Fund" href="http://en.wikipedia.org/wiki/Russian_National_Wealth_Fund">National Welfare Fund</a></td>
<td>175.5*</td>
<td>2008</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Singapore" href="http://en.wikipedia.org/wiki/Singapore"><img alt="Singapore" src="http://upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/22px-Flag_of_Singapore.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/33px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/44px-Flag_of_Singapore.svg.png 2x" width="22" height="15" /></a> Singapore</td>
<td>TH</td>
<td><a title="Temasek Holdings" href="http://en.wikipedia.org/wiki/Temasek_Holdings">Temasek Holdings</a></td>
<td>157.5</td>
<td>1974</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="China" href="http://en.wikipedia.org/wiki/China"><img alt="China" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/22px-Flag_of_the_People%27s_Republic_of_China.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/33px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/44px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" width="22" height="15" /></a> China</td>
<td>NSSF</td>
<td><a title="Social Security Fund" href="http://en.wikipedia.org/wiki/Social_Security_Fund">National Social Security Fund</a></td>
<td>134.5</td>
<td>2000</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Qatar" href="http://en.wikipedia.org/wiki/Qatar"><img alt="Qatar" src="http://upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/22px-Flag_of_Qatar.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/33px-Flag_of_Qatar.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/44px-Flag_of_Qatar.svg.png 2x" width="22" height="9" /></a> Qatar</td>
<td>QIA</td>
<td><a title="Qatar Investment Authority" href="http://en.wikipedia.org/wiki/Qatar_Investment_Authority">Qatar Investment Authority</a></td>
<td>115</td>
<td>2003</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Australia" href="http://en.wikipedia.org/wiki/Australia"><img alt="Australia" src="http://upload.wikimedia.org/wikipedia/en/thumb/b/b9/Flag_of_Australia.svg/22px-Flag_of_Australia.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b9/Flag_of_Australia.svg/33px-Flag_of_Australia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b9/Flag_of_Australia.svg/44px-Flag_of_Australia.svg.png 2x" width="22" height="11" /></a> Australia</td>
<td>AFF</td>
<td><a title="Australian Government Future Fund" href="http://en.wikipedia.org/wiki/Australian_Government_Future_Fund">Future Fund</a></td>
<td>83</td>
<td>2004</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
<a title="Dubai" href="http://en.wikipedia.org/wiki/Dubai"><img alt="Dubai" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/07/Flag_of_Dubai.svg/22px-Flag_of_Dubai.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Flag_of_Dubai.svg/33px-Flag_of_Dubai.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/07/Flag_of_Dubai.svg/44px-Flag_of_Dubai.svg.png 2x" width="22" height="11" /></a> Dubai</td>
<td>ICD</td>
<td><a title="Investment Corporation of Dubai" href="http://en.wikipedia.org/wiki/Investment_Corporation_of_Dubai">Investment Corporation of Dubai</a></td>
<td>70</td>
<td>2006</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
<a title="Abu Dhabi (emirate)" href="http://en.wikipedia.org/wiki/Abu_Dhabi_(emirate)"><img alt="Abu Dhabi (emirate)" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/22px-Flag_of_Abu_Dhabi.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/33px-Flag_of_Abu_Dhabi.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/44px-Flag_of_Abu_Dhabi.svg.png 2x" width="22" height="11" /></a> Abu Dhabi</td>
<td>IPIC</td>
<td><a title="International Petroleum Investment Company" href="http://en.wikipedia.org/wiki/International_Petroleum_Investment_Company">International Petroleum Investment Company</a></td>
<td>65.3</td>
<td>1984</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Libya" href="http://en.wikipedia.org/wiki/Libya"><img alt="Libya" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/22px-Flag_of_Libya.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/33px-Flag_of_Libya.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/44px-Flag_of_Libya.svg.png 2x" width="22" height="11" /></a> Libya</td>
<td>LIA</td>
<td><a title="Libyan Investment Authority" href="http://en.wikipedia.org/wiki/Libyan_Investment_Authority">Libyan Investment Authority</a></td>
<td>65</td>
<td>2006</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Kazakhstan" href="http://en.wikipedia.org/wiki/Kazakhstan"><img alt="Kazakhstan" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/22px-Flag_of_Kazakhstan.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/33px-Flag_of_Kazakhstan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/44px-Flag_of_Kazakhstan.svg.png 2x" width="22" height="11" /></a> Kazakhstan</td>
<td>KNF</td>
<td><a title="Kazakhstan National Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Kazakhstan_National_Fund&amp;action=edit&amp;redlink=1">Kazakhstan National Fund</a></td>
<td>61.8</td>
<td>2000</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Algeria" href="http://en.wikipedia.org/wiki/Algeria"><img alt="Algeria" src="http://upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Algeria.svg/22px-Flag_of_Algeria.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Algeria.svg/33px-Flag_of_Algeria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Algeria.svg/44px-Flag_of_Algeria.svg.png 2x" width="22" height="15" /></a> Algeria</td>
<td>RRF</td>
<td><a title="Revenue Regulation Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Revenue_Regulation_Fund&amp;action=edit&amp;redlink=1">Revenue Regulation Fund</a></td>
<td>56.7</td>
<td>2000</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="South Korea" href="http://en.wikipedia.org/wiki/South_Korea"><img alt="South Korea" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/22px-Flag_of_South_Korea.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/33px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/44px-Flag_of_South_Korea.svg.png 2x" width="22" height="15" /></a> South Korea</td>
<td>KIC</td>
<td><a title="Korea Investment Corporation" href="http://en.wikipedia.org/wiki/Korea_Investment_Corporation">Korea Investment Corporation</a></td>
<td>56.6</td>
<td>2005</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
<a title="Abu Dhabi (emirate)" href="http://en.wikipedia.org/wiki/Abu_Dhabi_(emirate)"><img alt="Abu Dhabi (emirate)" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/22px-Flag_of_Abu_Dhabi.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/33px-Flag_of_Abu_Dhabi.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/44px-Flag_of_Abu_Dhabi.svg.png 2x" width="22" height="11" /></a> Abu Dhabi</td>
<td>MDC</td>
<td><a title="Mubadala Development Company" href="http://en.wikipedia.org/wiki/Mubadala_Development_Company">Mubadala Development Company</a></td>
<td>53.1</td>
<td>2002</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="Alaska" href="http://en.wikipedia.org/wiki/Alaska"><img alt="Alaska" src="http://upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Alaska.svg/22px-Flag_of_Alaska.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Alaska.svg/33px-Flag_of_Alaska.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Alaska.svg/44px-Flag_of_Alaska.svg.png 2x" width="22" height="16" /></a> Alaska</td>
<td>APF</td>
<td><a title="Alaska Permanent Fund" href="http://en.wikipedia.org/wiki/Alaska_Permanent_Fund">Alaska Permanent Fund</a><sup id="cite_ref-10"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-10">[10]</a></sup></td>
<td>45</td>
<td>1976</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Iran" href="http://en.wikipedia.org/wiki/Iran"><img alt="Iran" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/22px-Flag_of_Iran.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/33px-Flag_of_Iran.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/44px-Flag_of_Iran.svg.png 2x" width="22" height="13" /></a> Iran</td>
<td>NDF</td>
<td><a title="National Development Fund" href="http://en.wikipedia.org/wiki/National_Development_Fund">National Development Fund</a></td>
<td>42<sup id="cite_ref-11"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-11">[11]</a></sup></td>
<td>1999</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Malaysia" href="http://en.wikipedia.org/wiki/Malaysia"><img alt="Malaysia" src="http://upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/22px-Flag_of_Malaysia.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/33px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/44px-Flag_of_Malaysia.svg.png 2x" width="22" height="11" /></a> Malaysia</td>
<td>KN</td>
<td><a title="Khazanah Nasional" href="http://en.wikipedia.org/wiki/Khazanah_Nasional">Khazanah Nasional</a></td>
<td>39.1</td>
<td>1993</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Azerbaijan" href="http://en.wikipedia.org/wiki/Azerbaijan"><img alt="Azerbaijan" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/22px-Flag_of_Azerbaijan.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/33px-Flag_of_Azerbaijan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/44px-Flag_of_Azerbaijan.svg.png 2x" width="22" height="11" /></a> Azerbaijan</td>
<td>SOFAZ</td>
<td><a href="http://www.oilfund.az/en" rel="nofollow">State Oil Fund of the Republic of Azerbaijan</a></td>
<td>32.7</td>
<td>1999</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Brunei" href="http://en.wikipedia.org/wiki/Brunei"><img alt="Brunei" src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/22px-Flag_of_Brunei.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/33px-Flag_of_Brunei.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/44px-Flag_of_Brunei.svg.png 2x" width="22" height="11" /></a> Brunei</td>
<td>BIA</td>
<td><a title="Brunei Investment Agency (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Brunei_Investment_Agency&amp;action=edit&amp;redlink=1">Brunei Investment Agency</a></td>
<td>30</td>
<td>1983</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="France" href="http://en.wikipedia.org/wiki/France"><img alt="France" src="http://upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/22px-Flag_of_France.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/33px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/44px-Flag_of_France.svg.png 2x" width="22" height="15" /></a> France</td>
<td>SIF</td>
<td><a title="Strategic Investment Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Strategic_Investment_Fund&amp;action=edit&amp;redlink=1">Strategic Investment Fund</a></td>
<td>25.5</td>
<td>2008</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="Texas" href="http://en.wikipedia.org/wiki/Texas"><img alt="Texas" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/f7/Flag_of_Texas.svg/22px-Flag_of_Texas.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f7/Flag_of_Texas.svg/33px-Flag_of_Texas.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f7/Flag_of_Texas.svg/44px-Flag_of_Texas.svg.png 2x" width="22" height="15" /></a> Texas</td>
<td>PSF</td>
<td><a title="Permanent School Fund" href="http://en.wikipedia.org/wiki/Permanent_School_Fund">Permanent School Fund</a></td>
<td>25.5<sup id="cite_ref-TEA_PSF_12-0"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-TEA_PSF-12">[12]</a></sup> <sup id="cite_ref-PUF_2010_Valuation_13-0"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-PUF_2010_Valuation-13">[13]</a></sup></td>
<td>1854</td>
<td>Public Lands</td>
</tr>
<tr valign="top">
<td><a title="Republic of Ireland" href="http://en.wikipedia.org/wiki/Republic_of_Ireland"><img alt="Republic of Ireland" src="http://upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/22px-Flag_of_Ireland.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/33px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/44px-Flag_of_Ireland.svg.png 2x" width="22" height="11" /></a> Ireland</td>
<td>NPRF</td>
<td><a title="National Pensions Reserve Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=National_Pensions_Reserve_Fund&amp;action=edit&amp;redlink=1">National Pensions Reserve Fund</a></td>
<td>19.4</td>
<td>2001</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="New Zealand" href="http://en.wikipedia.org/wiki/New_Zealand"><img alt="New Zealand" src="http://upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/22px-Flag_of_New_Zealand.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/33px-Flag_of_New_Zealand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/44px-Flag_of_New_Zealand.svg.png 2x" width="22" height="11" /></a> New Zealand</td>
<td>NZSF</td>
<td><a title="New Zealand Superannuation Fund" href="http://en.wikipedia.org/wiki/New_Zealand_Superannuation_Fund">New Zealand Superannuation Fund</a></td>
<td>16.6</td>
<td>2003</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Canada" href="http://en.wikipedia.org/wiki/Canada"><img alt="Canada" src="http://upload.wikimedia.org/wikipedia/en/thumb/c/cf/Flag_of_Canada.svg/22px-Flag_of_Canada.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/cf/Flag_of_Canada.svg/33px-Flag_of_Canada.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/cf/Flag_of_Canada.svg/44px-Flag_of_Canada.svg.png 2x" width="22" height="11" /></a> Canada
<a title="Alberta" href="http://en.wikipedia.org/wiki/Alberta"><img alt="Alberta" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Flag_of_Alberta.svg/22px-Flag_of_Alberta.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Flag_of_Alberta.svg/33px-Flag_of_Alberta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Flag_of_Alberta.svg/44px-Flag_of_Alberta.svg.png 2x" width="22" height="11" /></a> Alberta</td>
<td>AHSTF</td>
<td><a title="Alberta Investment Management Corporation" href="http://en.wikipedia.org/wiki/Alberta_Investment_Management_Corporation#Clients">Alberta’s Heritage Savings Trust Fund</a><sup id="cite_ref-14"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-14">[14]</a></sup></td>
<td>16.4</td>
<td>1976</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="New Mexico" href="http://en.wikipedia.org/wiki/New_Mexico"><img alt="New Mexico" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/c3/Flag_of_New_Mexico.svg/22px-Flag_of_New_Mexico.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c3/Flag_of_New_Mexico.svg/33px-Flag_of_New_Mexico.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c3/Flag_of_New_Mexico.svg/44px-Flag_of_New_Mexico.svg.png 2x" width="22" height="15" /></a> New Mexico</td>
<td>NMSIOT</td>
<td><a title="New Mexico State Investment Office Trust (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=New_Mexico_State_Investment_Office_Trust&amp;action=edit&amp;redlink=1">New Mexico State Investment Office Trust</a></td>
<td>16.3</td>
<td>1958</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Chile" href="http://en.wikipedia.org/wiki/Chile"><img alt="Chile" src="http://upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/22px-Flag_of_Chile.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/33px-Flag_of_Chile.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/44px-Flag_of_Chile.svg.png 2x" width="22" height="15" /></a> Chile</td>
<td>SESF</td>
<td><a title="Social and Economic Stabilization Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Social_and_Economic_Stabilization_Fund&amp;action=edit&amp;redlink=1">Social and Economic Stabilization Fund</a></td>
<td>15</td>
<td>2007</td>
<td>Copper</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="Texas" href="http://en.wikipedia.org/wiki/Texas"><img alt="Texas" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/f7/Flag_of_Texas.svg/22px-Flag_of_Texas.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f7/Flag_of_Texas.svg/33px-Flag_of_Texas.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f7/Flag_of_Texas.svg/44px-Flag_of_Texas.svg.png 2x" width="22" height="15" /></a> Texas</td>
<td>PUF</td>
<td><a title="Permanent University Fund" href="http://en.wikipedia.org/wiki/Permanent_University_Fund">Permanent University Fund</a></td>
<td>12.8<sup id="cite_ref-Illegal_Theft_of_Taxpayer_Resources_15-0"><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_note-Illegal_Theft_of_Taxpayer_Resources-15">[15]</a></sup></td>
<td>1876</td>
<td>Public Lands</td>
</tr>
<tr valign="top">
<td><a title="East Timor" href="http://en.wikipedia.org/wiki/East_Timor"><img alt="East Timor" src="http://upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/22px-Flag_of_East_Timor.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/33px-Flag_of_East_Timor.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/44px-Flag_of_East_Timor.svg.png 2x" width="22" height="11" /></a> Timor Leste</td>
<td>TLPF</td>
<td><a title="Timor-Leste Petroleum Fund" href="http://en.wikipedia.org/wiki/Timor-Leste_Petroleum_Fund">Timor-Leste Petroleum Fund</a></td>
<td>11.8</td>
<td>2005</td>
<td>Oil &amp; Gas</td>
</tr>
<tr valign="top">
<td><a title="Russia" href="http://en.wikipedia.org/wiki/Russia"><img alt="Russia" src="http://upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/22px-Flag_of_Russia.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/33px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/44px-Flag_of_Russia.svg.png 2x" width="22" height="15" /></a> Russia</td>
<td>RDIF</td>
<td>Russian Direct Investment Fund</td>
<td>11.5</td>
<td>2011</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Brazil" href="http://en.wikipedia.org/wiki/Brazil"><img alt="Brazil" src="http://upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/44px-Flag_of_Brazil.svg.png 2x" width="22" height="15" /></a> Brazil</td>
<td>SFB</td>
<td><a title="Sovereign Fund of Brazil" href="http://en.wikipedia.org/wiki/Sovereign_Fund_of_Brazil">Sovereign Fund of Brazil</a></td>
<td>11.3</td>
<td>2009</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Oman" href="http://en.wikipedia.org/wiki/Oman"><img alt="Oman" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/22px-Flag_of_Oman.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/33px-Flag_of_Oman.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/44px-Flag_of_Oman.svg.png 2x" width="22" height="11" /></a> Oman</td>
<td>SGRF</td>
<td><a title="State General Reserve Fund" href="http://en.wikipedia.org/wiki/State_General_Reserve_Fund">State General Reserve Fund</a></td>
<td>8.2</td>
<td>1980</td>
<td>Oil &amp; Gas</td>
</tr>
<tr valign="top">
<td><a title="Bahrain" href="http://en.wikipedia.org/wiki/Bahrain"><img alt="Bahrain" src="http://upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/22px-Flag_of_Bahrain.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/33px-Flag_of_Bahrain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/44px-Flag_of_Bahrain.svg.png 2x" width="22" height="13" /></a> Bahrain</td>
<td>MHC</td>
<td><a title="Mumtalakat Holding Company (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Mumtalakat_Holding_Company&amp;action=edit&amp;redlink=1">Mumtalakat Holding Company</a></td>
<td>7.1</td>
<td>2006</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Peru" href="http://en.wikipedia.org/wiki/Peru"><img alt="Peru" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/22px-Flag_of_Peru.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/33px-Flag_of_Peru.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/44px-Flag_of_Peru.svg.png 2x" width="22" height="15" /></a> Peru</td>
<td>FSF</td>
<td>Fiscal Stabilization Fund</td>
<td>7.1</td>
<td>1999</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Botswana" href="http://en.wikipedia.org/wiki/Botswana"><img alt="Botswana" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/22px-Flag_of_Botswana.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/33px-Flag_of_Botswana.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/44px-Flag_of_Botswana.svg.png 2x" width="22" height="15" /></a> Botswana</td>
<td>PF</td>
<td><a title="Pula Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Pula_Fund&amp;action=edit&amp;redlink=1">Pula Fund</a></td>
<td>6.9</td>
<td>1996</td>
<td>Diamonds &amp; Minerals</td>
</tr>
<tr valign="top">
<td><a title="Mexico" href="http://en.wikipedia.org/wiki/Mexico"><img alt="Mexico" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/22px-Flag_of_Mexico.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/33px-Flag_of_Mexico.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/44px-Flag_of_Mexico.svg.png 2x" width="22" height="13" /></a> Mexico</td>
<td>ORSFM</td>
<td>Oil Revenues Stabilization Fund of Mexico</td>
<td>6</td>
<td>2000</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Chile" href="http://en.wikipedia.org/wiki/Chile"><img alt="Chile" src="http://upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/22px-Flag_of_Chile.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/33px-Flag_of_Chile.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/44px-Flag_of_Chile.svg.png 2x" width="22" height="15" /></a> Chile</td>
<td>PRF</td>
<td>Pension Reserve Fund</td>
<td>5.9</td>
<td>2006</td>
<td>Copper</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="Wyoming" href="http://en.wikipedia.org/wiki/Wyoming"><img alt="Wyoming" src="http://upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Wyoming.svg/22px-Flag_of_Wyoming.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Wyoming.svg/33px-Flag_of_Wyoming.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Wyoming.svg/44px-Flag_of_Wyoming.svg.png 2x" width="22" height="15" /></a> Wyoming</td>
<td>PWMTF</td>
<td><a title="Permanent Wyoming Mineral Trust Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Permanent_Wyoming_Mineral_Trust_Fund&amp;action=edit&amp;redlink=1">Permanent Wyoming Mineral Trust Fund</a></td>
<td>5.6</td>
<td>1974</td>
<td>Minerals</td>
</tr>
<tr valign="top">
<td><a title="Saudi Arabia" href="http://en.wikipedia.org/wiki/Saudi_Arabia"><img alt="Saudi Arabia" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/22px-Flag_of_Saudi_Arabia.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/33px-Flag_of_Saudi_Arabia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/44px-Flag_of_Saudi_Arabia.svg.png 2x" width="22" height="15" /></a> Saudi Arabia</td>
<td>PIF</td>
<td><a title="Public Investment Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Public_Investment_Fund&amp;action=edit&amp;redlink=1">Public Investment Fund</a></td>
<td>5.3</td>
<td>2008</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="China" href="http://en.wikipedia.org/wiki/China"><img alt="China" src="http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/22px-Flag_of_the_People%27s_Republic_of_China.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/33px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/44px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" width="22" height="15" /></a> China</td>
<td>CADF</td>
<td><a title="China-Africa Development Fund" href="http://en.wikipedia.org/wiki/China-Africa_Development_Fund">China-Africa Development Fund</a></td>
<td>5.0</td>
<td>2007</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Angola" href="http://en.wikipedia.org/wiki/Angola"><img alt="Angola" src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/22px-Flag_of_Angola.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/33px-Flag_of_Angola.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/44px-Flag_of_Angola.svg.png 2x" width="22" height="15" /></a> Angola</td>
<td>FSDEA</td>
<td>Fundo Soberano de Angola</td>
<td>5.0</td>
<td>2012</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Trinidad and Tobago" href="http://en.wikipedia.org/wiki/Trinidad_and_Tobago"><img alt="Trinidad and Tobago" src="http://upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/22px-Flag_of_Trinidad_and_Tobago.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/33px-Flag_of_Trinidad_and_Tobago.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/44px-Flag_of_Trinidad_and_Tobago.svg.png 2x" width="22" height="13" /></a> Trinidad &amp; Tobago</td>
<td>HSF</td>
<td><a title="Heritage and Stabilization Fund (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Heritage_and_Stabilization_Fund&amp;action=edit&amp;redlink=1">Heritage and Stabilization Fund</a></td>
<td>2.9</td>
<td>2000</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="Alabama" href="http://en.wikipedia.org/wiki/Alabama"><img alt="Alabama" src="http://upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Alabama.svg/22px-Flag_of_Alabama.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Alabama.svg/33px-Flag_of_Alabama.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Alabama.svg/44px-Flag_of_Alabama.svg.png 2x" width="22" height="15" /></a> Alabama</td>
<td>ATF</td>
<td><a title="Alabama Trust Fund" href="http://en.wikipedia.org/wiki/Alabama_Trust_Fund">Alabama Trust Fund</a></td>
<td>2.5</td>
<td>1985</td>
<td>Oil &amp; Gas</td>
</tr>
<tr valign="top">
<td><a title="Italy" href="http://en.wikipedia.org/wiki/Italy"><img alt="Italy" src="http://upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/22px-Flag_of_Italy.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/33px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/44px-Flag_of_Italy.svg.png 2x" width="22" height="15" /></a> Italy</td>
<td>ISF</td>
<td><a title="Italian Strategic Fund" href="http://en.wikipedia.org/wiki/Italian_Strategic_Fund">Italian Strategic Fund</a></td>
<td>1.4</td>
<td>2011</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
<a title="Ras al-Khaimah" href="http://en.wikipedia.org/wiki/Ras_al-Khaimah"><img alt="Ras al-Khaimah" src="http://upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Flag_of_Sharjah.svg/22px-Flag_of_Sharjah.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Flag_of_Sharjah.svg/33px-Flag_of_Sharjah.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Flag_of_Sharjah.svg/44px-Flag_of_Sharjah.svg.png 2x" width="22" height="11" /></a> Ra’s al Khaymah</td>
<td>RIA</td>
<td><a title="RAK Investment Authority (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=RAK_Investment_Authority&amp;action=edit&amp;redlink=1">RAK Investment Authority</a></td>
<td>1.2</td>
<td>2005</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Nigeria" href="http://en.wikipedia.org/wiki/Nigeria"><img alt="Nigeria" src="http://upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/22px-Flag_of_Nigeria.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/33px-Flag_of_Nigeria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/44px-Flag_of_Nigeria.svg.png 2x" width="22" height="11" /></a> Nigeria</td>
<td>NSIA</td>
<td><a title="Nigerian Sovereign Investment Authority (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Nigerian_Sovereign_Investment_Authority&amp;action=edit&amp;redlink=1">Nigerian Sovereign Investment Authority</a></td>
<td>1</td>
<td>2011</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="State of Palestine" href="http://en.wikipedia.org/wiki/State_of_Palestine"><img alt="State of Palestine" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Palestine.svg/22px-Flag_of_Palestine.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Palestine.svg/33px-Flag_of_Palestine.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Palestine.svg/44px-Flag_of_Palestine.svg.png 2x" width="22" height="11" /></a> Palestine</td>
<td>PIF</td>
<td><a title="Palestine Investment Fund" href="http://en.wikipedia.org/wiki/Palestine_Investment_Fund">Palestine Investment Fund</a></td>
<td>0.8</td>
<td>2003</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Venezuela" href="http://en.wikipedia.org/wiki/Venezuela"><img alt="Venezuela" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/22px-Flag_of_Venezuela.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/33px-Flag_of_Venezuela.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/44px-Flag_of_Venezuela.svg.png 2x" width="22" height="15" /></a> Venezuela</td>
<td>FEM</td>
<td>FEM – Macroeconomic Stabilization Fund</td>
<td>0.8</td>
<td>1998</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United States" href="http://en.wikipedia.org/wiki/United_States"><img alt="United States" src="http://upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/22px-Flag_of_the_United_States.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/33px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/44px-Flag_of_the_United_States.svg.png 2x" width="22" height="12" /></a> United States of America
<a title="North Dakota" href="http://en.wikipedia.org/wiki/North_Dakota"><img alt="North Dakota" src="http://upload.wikimedia.org/wikipedia/commons/thumb/e/ee/Flag_of_North_Dakota.svg/22px-Flag_of_North_Dakota.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ee/Flag_of_North_Dakota.svg/33px-Flag_of_North_Dakota.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ee/Flag_of_North_Dakota.svg/44px-Flag_of_North_Dakota.svg.png 2x" width="22" height="17" /></a> North Dakota</td>
<td>NDLF</td>
<td>North Dakota Legacy Fund</td>
<td>0.7</td>
<td>2011</td>
<td>Oil &amp; Gas</td>
</tr>
<tr valign="top">
<td><a title="Vietnam" href="http://en.wikipedia.org/wiki/Vietnam"><img alt="Vietnam" src="http://upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/22px-Flag_of_Vietnam.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/33px-Flag_of_Vietnam.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/44px-Flag_of_Vietnam.svg.png 2x" width="22" height="15" /></a> Vietnam</td>
<td>SCIC</td>
<td><a title="State Capital Investment Corporation" href="http://en.wikipedia.org/wiki/State_Capital_Investment_Corporation">State Capital Investment Corporation</a></td>
<td>0.5</td>
<td>2006</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Kiribati" href="http://en.wikipedia.org/wiki/Kiribati"><img alt="Kiribati" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kiribati.svg/22px-Flag_of_Kiribati.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kiribati.svg/33px-Flag_of_Kiribati.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kiribati.svg/44px-Flag_of_Kiribati.svg.png 2x" width="22" height="11" /></a> Kiribati</td>
<td>RERF</td>
<td><a title="Revenue Equalization Reserve Fund" href="http://en.wikipedia.org/wiki/Revenue_Equalization_Reserve_Fund">Revenue Equalization Reserve Fund</a></td>
<td>0.4</td>
<td>1956</td>
<td>Phosphates</td>
</tr>
<tr valign="top">
<td><a title="Gabon" href="http://en.wikipedia.org/wiki/Gabon"><img alt="Gabon" src="http://upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/22px-Flag_of_Gabon.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/33px-Flag_of_Gabon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/44px-Flag_of_Gabon.svg.png 2x" width="22" height="17" /></a> Gabon</td>
<td>GSWF</td>
<td>Sovereign Fund of the Gabonese Republic</td>
<td>0.4</td>
<td>1998</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Indonesia" href="http://en.wikipedia.org/wiki/Indonesia"><img alt="Indonesia" src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/22px-Flag_of_Indonesia.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/33px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/44px-Flag_of_Indonesia.svg.png 2x" width="22" height="15" /></a> Indonesia</td>
<td>GIU</td>
<td><a title="Government Investment Unit of Indonesia" href="http://en.wikipedia.org/wiki/Government_Investment_Unit_of_Indonesia">Government Investment Unit of Indonesia</a>
(<a title="Pusat Investasi Pemerintah" href="http://en.wikipedia.org/wiki/Pusat_Investasi_Pemerintah">Pusat Investasi Pemerintah</a> (PIP))</td>
<td>0.3</td>
<td>2006</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Mauritania" href="http://en.wikipedia.org/wiki/Mauritania"><img alt="Mauritania" src="http://upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/22px-Flag_of_Mauritania.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/33px-Flag_of_Mauritania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/44px-Flag_of_Mauritania.svg.png 2x" width="22" height="15" /></a> Mauritania</td>
<td>NFHR</td>
<td><a title="National Fund for Hydrocarbon Reserves (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=National_Fund_for_Hydrocarbon_Reserves&amp;action=edit&amp;redlink=1">National Fund for Hydrocarbon Reserves</a></td>
<td>0.3</td>
<td>2006</td>
<td>Oil &amp; Gas</td>
</tr>
<tr valign="top">
<td><a title="Australia" href="http://en.wikipedia.org/wiki/Australia"><img alt="Australia" src="http://upload.wikimedia.org/wikipedia/en/thumb/b/b9/Flag_of_Australia.svg/22px-Flag_of_Australia.svg.png" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b9/Flag_of_Australia.svg/33px-Flag_of_Australia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b9/Flag_of_Australia.svg/44px-Flag_of_Australia.svg.png 2x" width="22" height="11" /></a> Australia</td>
<td>WAFF</td>
<td>Western Australian Future Fund</td>
<td>0.3</td>
<td>2012</td>
<td>Minerals</td>
</tr>
<tr valign="top">
<td><a title="Panama" href="http://en.wikipedia.org/wiki/Panama"><img alt="Panama" src="http://upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/22px-Flag_of_Panama.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/33px-Flag_of_Panama.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/44px-Flag_of_Panama.svg.png 2x" width="22" height="15" /></a> Panama</td>
<td>FAP</td>
<td>Fondo de Ahorro de Panama</td>
<td>0.3</td>
<td>2012</td>
<td>Non-commodity</td>
</tr>
<tr valign="top">
<td><a title="Equatorial Guinea" href="http://en.wikipedia.org/wiki/Equatorial_Guinea"><img alt="Equatorial Guinea" src="http://upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/22px-Flag_of_Equatorial_Guinea.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/33px-Flag_of_Equatorial_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/44px-Flag_of_Equatorial_Guinea.svg.png 2x" width="22" height="15" /></a> Equatorial Guinea</td>
<td>FFG</td>
<td>Fund for Future Generations</td>
<td>0.08</td>
<td>2002</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
(Federal)</td>
<td>EIA</td>
<td><a title="Emirates Investment Authority" href="http://en.wikipedia.org/wiki/Emirates_Investment_Authority">Emirates Investment Authority</a></td>
<td>X</td>
<td>2007</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Oman" href="http://en.wikipedia.org/wiki/Oman"><img alt="Oman" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/22px-Flag_of_Oman.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/33px-Flag_of_Oman.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/44px-Flag_of_Oman.svg.png 2x" width="22" height="11" /></a> Oman</td>
<td>OIF</td>
<td><a title="Oman Investment Fund" href="http://en.wikipedia.org/wiki/Oman_Investment_Fund">Oman Investment Fund</a></td>
<td>X</td>
<td>2006</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="United Arab Emirates" href="http://en.wikipedia.org/wiki/United_Arab_Emirates"><img alt="United Arab Emirates" src="http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/22px-Flag_of_the_United_Arab_Emirates.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/33px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/44px-Flag_of_the_United_Arab_Emirates.svg.png 2x" width="22" height="11" /></a> United Arab Emirates
<a title="Abu Dhabi (emirate)" href="http://en.wikipedia.org/wiki/Abu_Dhabi_(emirate)"><img alt="Abu Dhabi (emirate)" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/22px-Flag_of_Abu_Dhabi.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/33px-Flag_of_Abu_Dhabi.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Flag_of_Abu_Dhabi.svg/44px-Flag_of_Abu_Dhabi.svg.png 2x" width="22" height="11" /></a> Abu Dhabi</td>
<td>ADIC</td>
<td><a title="Abu Dhabi Investment Council" href="http://en.wikipedia.org/wiki/Abu_Dhabi_Investment_Council">Abu Dhabi Investment Council</a></td>
<td>X</td>
<td>2007</td>
<td>Oil</td>
</tr>
<tr valign="top">
<td><a title="Papua New Guinea" href="http://en.wikipedia.org/wiki/Papua_New_Guinea"><img alt="Papua New Guinea" src="http://upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/22px-Flag_of_Papua_New_Guinea.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/33px-Flag_of_Papua_New_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/44px-Flag_of_Papua_New_Guinea.svg.png 2x" width="22" height="17" /></a> Papua New Guinea</td>
<td>PNGSWF</td>
<td>Papua New Guinea Sovereign Wealth Fund</td>
<td>X</td>
<td>2011</td>
<td>Gas</td>
</tr>
<tr valign="top">
<td><a title="Mongolia" href="http://en.wikipedia.org/wiki/Mongolia"><img alt="Mongolia" src="http://upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/22px-Flag_of_Mongolia.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/33px-Flag_of_Mongolia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/44px-Flag_of_Mongolia.svg.png 2x" width="22" height="11" /></a> Mongolia</td>
<td>FSF</td>
<td>Fiscal Stability Fund</td>
<td>X</td>
<td>2011</td>
<td>Mining</td>
</tr>
<tr valign="top">
<td><a title="Kazakhstan" href="http://en.wikipedia.org/wiki/Kazakhstan"><img alt="Kazakhstan" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/22px-Flag_of_Kazakhstan.svg.png" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/33px-Flag_of_Kazakhstan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/44px-Flag_of_Kazakhstan.svg.png 2x" width="22" height="11" /></a> Kazakhstan</td>
<td>NIC</td>
<td>National Investment Corporation</td>
<td>X</td>
<td>2012</td>
<td>Oil</td>
</tr>
</tbody>
<tfoot></tfoot>
</table>
</td>
</tr>
</tbody>
</table>
<small>* This includes the oil stabilization fund of Russia.</small>
<small>** This number is a best guess estimation.</small>
<h2>[<a title="Edit section: See also" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=9">edit</a>]See also</h2>
<ul>
<li><a title="Global financial system" href="http://en.wikipedia.org/wiki/Global_financial_system">Global financial system</a></li>
<li><a title="National wealth" href="http://en.wikipedia.org/wiki/National_wealth">National wealth</a></li>
<li><a title="Sovereign investment fund" href="http://en.wikipedia.org/wiki/Sovereign_investment_fund">Sovereign investment fund</a></li>
</ul>
<h2>[<a title="Edit section: References" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=10">edit</a>]References</h2>
<div>
<ol>
<li id="cite_note-1"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-1">^</a></b> <a href="http://web.archive.org/web/20080529122341/http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf" rel="nofollow">"Who holds the wealth of nations?"</a> (PDF). <a title="Central Banking Journal (page does not exist)" href="http://en.wikipedia.org/w/index.php?title=Central_Banking_Journal&amp;action=edit&amp;redlink=1">Central Banking Journal</a> (May 2005, Volume 15, Number 4). Archived from <a href="http://www.ssga.com/library/esps/Who_Holds_Wealth_of_Nations_Andrew_Rozanov_8.15.05REVCCRI1145995576.pdf" rel="nofollow">the original</a> on 2008-05-29. Retrieved 2008-09-02.</li>
<li id="cite_note-2"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-2">^</a></b> <a href="http://www.economist.com/finance/displaystory.cfm?story_id=9230598" rel="nofollow">"The world’s most expensive club"</a>. <a title="The Economist" href="http://en.wikipedia.org/wiki/The_Economist">The Economist</a>. 2007-05-24.</li>
<li id="cite_note-3"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-3">^</a></b> <a href="http://dealbook.blogs.nytimes.com/2007/08/01/sovereign-wealth-funds-the-new-hedge-fund/" rel="nofollow">"Sovereign Wealth Funds: The New Hedge Fund?"</a>. <a title="The New York Times" href="http://en.wikipedia.org/wiki/The_New_York_Times">The New York Times</a>. 2007-08-01.</li>
<li id="cite_note-4"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-4">^</a></b> <a href="http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf" rel="nofollow">Sovereign Wealth Funds: Generally Accepted Principles and Practices (Santiago Principles)</a>, International Working Group of Sovereign Wealth Funds, October 2008</li>
<li id="cite_note-5"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-5">^</a></b> M. Nicolas J. Firzli, "A Critique of the Basel Committee on Banking Supervision" <i>Revue Analyse Financière</i>, Nov. 10 2011 &amp; Q2 2012</li>
<li id="cite_note-6"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-6">^</a></b> <a href="http://www.iht.com/bin/3-col.php?id=15465294" rel="nofollow">"Germany Approves Law Against Some Foreign Investor Actions"</a>. <a title="International Herald Tribune" href="http://en.wikipedia.org/wiki/International_Herald_Tribune">International Herald Tribune</a>. 2008-08-20.</li>
<li id="cite_note-7"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-7">^</a></b> <a href="http://www.ft.com/cms/s/0/fda301e0-7a19-11dd-bb93-000077b07658.html" rel="nofollow">"Sovereign funds sign up to code of conduct"</a>. <a title="Financial Times" href="http://en.wikipedia.org/wiki/Financial_Times">Financial Times</a>. 2008-09-09.</li>
<li id="cite_note-8"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-8">^</a></b> <a href="http://www.thecityuk.com/research/our-work/reports-list/sovereign-wealth-funds-2012/" rel="nofollow">http://www.thecityuk.com/research/our-work/reports-list/sovereign-wealth-funds-2012/</a></li>
<li id="cite_note-9"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-9">^</a></b> <a href="http://www.swfinstitute.org/fund-rankings/" rel="nofollow">Sovereign Wealth Funds Institute</a></li>
<li id="cite_note-10"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-10">^</a></b> <a href="http://www.apfc.org/home/Content/home/index.cfm" rel="nofollow">Alaska Permanent Fund Corporation web site</a></li>
<li id="cite_note-11"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-11">^</a></b> <a href="http://news.yahoo.com/iran-oil-development-fund-could-reach-55-billion-151751670.html" rel="nofollow">http://news.yahoo.com/iran-oil-development-fund-could-reach-55-billion-151751670.html</a></li>
<li id="cite_note-TEA_PSF-12"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-TEA_PSF_12-0">^</a></b> <a href="http://www.tea.state.tx.us/index4.aspx?id=2147485578&amp;menu_id=2147483695" rel="nofollow">"Texas Permanent School Fund"</a>. <i>Texas Education Agency Website</i>. TEA. Retrieved 7 January 2012.</li>
<li id="cite_note-PUF_2010_Valuation-13"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-PUF_2010_Valuation_13-0">^</a></b> <a href="http://www.tea.state.tx.us/news_release.aspx?id=2147496822" rel="nofollow">"Permanent School Funds Hits $25B Level"</a>. <i>Texas Education Agency Website</i>. TEA. Retrieved 7 January 2012.</li>
<li id="cite_note-14"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-14">^</a></b> <a href="http://www.finance.alberta.ca/business/ahstf/index.html" rel="nofollow">Government of Alberta – Finance (AHSTF)</a></li>
<li id="cite_note-Illegal_Theft_of_Taxpayer_Resources-15"><b><a href="http://en.wikipedia.org/wiki/Sovereign_wealth_fund#cite_ref-Illegal_Theft_of_Taxpayer_Resources_15-0">^</a></b> <a href="http://www.utimco.org/Funds/Endowment/PUF/PUFSemiAnnual201106.pdf" rel="nofollow">"Permanent University Fund Semi-Annual Report"</a>. <i>UTIMCO Website</i>. UTIMCO. Retrieved 7 January 2012.</li>
</ol>
</div>
<h2>[<a title="Edit section: Further reading" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=11">edit</a>]Further reading</h2>
<ul>
<li>Saleem H. Ali and Gary Flomenhoft. <a href="http://www.policyinnovations.org/ideas/innovations/data/000186" rel="nofollow">"Innovating Sovereign Wealth Funds"</a>. <i>Policy Innovations</i>, February 17, 2011.</li>
<li>M. Nicolas J. Firzli and Vincent Bazi, “Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective”, USAK/JTW July 30 2011 and <i>Revue Analyse Financière</i>, Q4 2011</li>
<li>Xu Yi-chong and Gawdat Bahgat, eds. <i>The Political Economy of Sovereign Wealth Funds</i> (Palgrave Macmillan; 2011) 272 pages; case studies of SWFs in China, Kuwait, Russia, the United Arab Emirates, and other countries.</li>
<li>Lixia, Loh. "Sovereign Wealth Funds: States Buying the World" (Global Professional Publishing: 2010).</li>
</ul>
<h2>[<a title="Edit section: External links" href="http://en.wikipedia.org/w/index.php?title=Sovereign_wealth_fund&amp;action=edit&amp;section=12">edit</a>]External links</h2>
<dl><dd>
<ul>
<li><a href="http://www.swfinstitute.org/" rel="nofollow">SWF Institute</a> Organization dedicated to Studying Sovereign Wealth Funds</li>
</ul>
</dd></dl>
<ul>
<li><a href="http://www.ifswf.org/" rel="nofollow">International Forum of Sovereign Wealth Funds</a> IFSWF is a voluntary group of SWFs – Set up by IMF</li>
<li><a href="http://www3.interscience.wiley.com/cgi-bin/fulltext/123470883/PDFSTART" rel="nofollow">The impact of the global economic crisis on sovereign wealth funds</a></li>
<li><a href="http://ec.europa.eu/economy_finance/publications/publication15064_en.pdf" rel="nofollow">The so-called "Sovereign Wealth Funds": regulatory issues, financial stability and prudential supervision</a> – European Economy, Economic Papers, April 2009.</li>
<li><a href="http://www.ecb.int/pub/pdf/scpops/ecbocp91.pdf" rel="nofollow">The impact of sovereign wealth funds on global financial markets</a> – European Central Bank, Occasional Paper No 91. July 2008.</li>
<li><a href="http://www.swfinstitute.org/statistics-research/linaburg-maduell-transparency-index/" rel="nofollow">Linaburg-Maduell Transparency Index</a> – Point system on grading sovereign wealth fund transparency</li>
<li><a href="http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf" rel="nofollow">Santiago Principles</a></li>
</ul>
</div>



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