Top pension funds grow at fastest rate since 2017

Global top 300 pension funds hit $27.7 trillion in assets in 2025, led by rapid growth among the largest funds and in Europe and Asia-Pacific.

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WTW (WTW) reports that the world’s top 300 pension funds grew assets under management by 13.4% in 2025 to a record $27.7 trillion, the fastest annual increase since 2017. The top 20 funds expanded even faster, with assets rising 14.7% to $11.9 trillion.

North America still holds the largest share of top‑300 assets at 44.7%, but its portion declined from 47.2%, while Asia‑Pacific and Europe increased their shares to 26.6% and 24.6% respectively. Norway’s Government Pension Fund surpassed $2.1 trillion, remaining the world’s largest pension fund at 12.7% bigger than Japan’s Government Pension Investment Fund. The UK and Netherlands were the only markets with negative five‑year asset growth. The report also notes growing scale and consolidation, and highlights AI as a major, but still under‑implemented, enabler.

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NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- The world’s top 300 pension funds grew total assets under management (AUM) by 13.4% in 2025, the fastest annual growth since 2017, to a record $ 27.7 trillion. This is according to the Global Top 300 Pension Funds report by the Thinking Ahead Institute.

The research highlights high-level trends in the pension fund industry and provides information on the changing composition of the top 300 list of pension funds globally, including the characteristics and investment allocations of these pension funds.

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

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

Meanwhile, the Asia-Pacific region grew its share of assets among the top 300 from 25.5% to 26.6% year-over-year. Funds in the region allocated 51.4% to equities, the highest portion among the major regions, alongside 36.4% to bonds and 10.5% to alternatives. Likewise, Europe expanded its share of the top 300 assets in 2025 to 24.6% compared with 23.7% in the previous year. Europe’s growth has been significantly bolstered by the Government Pension Fund of Norway, which crossed the $2 trillion milestone for the first time. It overtook the Government Pension Investment Fund of Japan in 2024 as the world’s biggest pension fund and has strengthened that lead even further, being 12.7% bigger than its closest peer.

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

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

“Scale and consolidation are among the defining industry themes of the moment. Not only are the largest funds getting larger, but organizations are also increasingly pursuing growth beyond traditional M&A through strategic partnerships, which provide access to additional expertise, technology, and specialized capabilities,” said Jessica Gao, director at the Thinking Ahead Institute.

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

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

Top 20 pension funds ($ millions)

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

Notes to editors
* U.S. funds’ asset data is as of September 30, 2025. Non-U.S. funds’ asset data is as of December 31, 2025.

About the Thinking Ahead Institute at WTW
The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers, wealth providers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 150 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organization at https://www.thinkingaheadinstitute.org/.

About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com

Media contacts

Arnelle Sullivan
Arnelle.sullivan@wtwco.com

Ileana Feoli
Ileana.feoli@wtwco.com

FAQ

Which regions currently hold the largest shares of assets among the top 300 pension funds?

North America holds the largest share of assets among the top 300 pension funds at 44.7%, although this is down from 47.2% a year earlier. Asia‑Pacific’s share rose year‑over‑year from 25.5% to 26.6%, and Europe’s share increased from 23.7% to 24.6%.

How do asset allocations differ in the Asia-Pacific region among the top 300 pension funds?

Among the top 300 pension funds, Asia‑Pacific funds allocate 51.4% of assets to equities, 36.4% to bonds, and 10.5% to alternatives, giving the region the highest equity allocation share among the major regions.

What does the report say about defined contribution versus defined benefit assets by region?

Europe has the lowest proportion of defined contribution assets at 13.2%, compared with 30.7% in Asia‑Pacific and 31.6% in North America. The UK and Netherlands are highlighted as mature markets with large defined benefit legacies and negative five‑year asset growth.

Which are the largest pension funds globally by assets, and how large are they?

The largest pension fund is Norway’s Government Pension Fund with assets of $2,109,484 million, followed by Japan’s Government Pension Investment Fund at $1,872,068 million. The next three are the U.S. Federal Retirement Thrift with $1,057,257 million, South Korea’s National Pension with $1,005,541 million, and Dutch fund ABP with $624,712 million.

How is artificial intelligence expected to affect pension funds, according to the report?

The report states that AI is expected to be an important tool to improve investment decisions and organizational effectiveness for pension funds. However, the company notes that ambition is ahead of readiness, as many funds are still building the data, processes, and infrastructure needed to apply AI at scale.