Top pension funds reach all-time global record

Rhea-AI Summary

WTW's Thinking Ahead Institute reports that the world's top 300 pension funds have reached a new record of US$ 24.4 trillion in total assets under management, surpassing the previous 2021 record of US$ 23.6 trillion. Growth slowed to 7.8% in 2024 compared to 10% the previous year.

The top 20 pension funds now control US$ 10.3 trillion (42.4% of total assets), growing 8.5% year-over-year. Norway's Government Pension Fund (US$ 1.77 trillion) has overtaken Japan's GPIF as the world's largest pension fund. Defined benefit schemes represent 59.4% of total assets, while defined contribution plans grew 14.3% to reach 27.7% of assets.

Key trends include increased focus on artificial intelligence, with half of top funds citing technology adoption as a strategic priority, while concerns about volatility, uncertainty, and inflation shape the investment outlook.

Positive

• Record-breaking total assets of US$ 24.4 trillion for top 300 pension funds
• Top 20 funds grew faster than average, reaching US$ 10.3 trillion in assets
• DC fund assets showed strong growth of 14.3% in 2024
• Increased adoption of AI and technology in portfolio management

Negative

• Growth rate slowed to 7.8% in 2024 from 10% the previous year
• Increasing concentration of assets among top funds (42.4% held by top 20)
• Rising concerns about market volatility and inflation risks
• Declining proportion of DB schemes, falling below 60% of total assets

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NEW YORK, Sept. 08, 2025 (GLOBE NEWSWIRE) -- The world’s largest 300 pension funds reached a new US$ 24.4 trillion record in terms of their total assets under management, according to this year’s Global Top 300 Pension Funds report by leading global advisory, broking and solutions company, WTW’s 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.

This year’s total breaks the record that was previously set in 2021 at US$ 23.6 trillion before a market correction in 2022. However, as the recent recovery reached record territory, growth slowed slightly, up 7.8% in 2024, compared to 10% growth the previous year.

Concentration also continues. For the first time, the combined assets of the world’s top 20 pension funds exceeded US$ 10 trillion, increasing by 8.5% from the previous year to reach US$ 10.3 trillion. These top 20 funds increased at a faster pace than the top 300 pension funds and now account for 42.4% of the top 300 as a whole by assets.

Of these top funds, ten reported strengthening their expertise in artificial intelligence, with nine highlighting technology adoption in portfolio management as a strategic priority and recognising AI as both a risk and an opportunity. At the same time, nine pension funds cited volatility and uncertainty as major concerns, with inflation also highlighted as a key factor shaping the outlook for the year.

At the very top of the table, Japan’s Government Pension Investment Fund (GPIF) was overtaken by Norway’s Government Pension Fund after more than 20 years at the top. Norway’s Government Pension Fund boasts US$ 1.77 trillion in total assets and is 6.9% larger by assets than the former global frontrunner. The Government Pension Fund of Norway is a sovereign wealth fund with a mandate to preserve and grow national savings to help finance future pension expenditures and ensure intergenerational financial security.

Jessica Gao, director at the Thinking Ahead Institute, reflects on key insights from the research: “The past year saw pension assets reach their highest levels yet, coming off several years of slowed growth following the previous record achieved in 2021.

“The world’s largest pension funds are navigating an increasingly complex landscape. Macroeconomic volatility, geopolitical shifts and concentrated market risks are reshaping return expectations. The current backdrop has tested even well-diversified portfolios, highlighting the difficulty of today’s investment environment. At the same time, funds face more demanding relationships with stakeholders, from regulators to sponsors to members, all of whom are raising expectations on how pensions are managed. These intersecting challenges are heightening the responsibilities of fiduciaries, making strong governance more important than ever.”

While DB schemes remain the largest share of disclosed assets, the proportion fell below 60% in 2024, now accounting for 59.4% of total assets. DC fund assets, alternatively, grew at a faster pace in 2024, increasing by 14.3% and formed 27.7% by share of assets. DB funds accounted for a majority share of assets in North America (69%), Asia-Pacific (62%) and Europe (43%) in 2024, while DC plans dominate other regions (64%), particularly in Latin America.

Defined contribution funds continue to grow, yet the challenge of turning savings into secure lifetime income remains. Many funds are exploring new pathways, but stability, adequacy and affordability are difficult to balance across different regulatory and social contexts.

Technology is another defining force. Many funds are raising budgets for digital solutions to strengthen oversight, risk management and long-term decision-making. AI in particular is emerging as a powerful enabler and a new source of risk that requires careful governance and strong controls.

“With growing complexity and challenges, more funds are exploring the Total Portfolio Approach (TPA). By aligning purpose, capital and decision-making, and by taking a holistic view of the fund as a whole, TPA is helping organizations strengthen their ability to deliver long-term outcomes,” concluded Gao.

Top 20 pension funds (US$ millions)

Rank	Fund	Market	Total Assets
1	Government Pension Fund	Norway	$1,767,951
2	Government Pension Investment Fund	Japan	$1,645,550
3	Federal Retirement Thrift	U.S.	$954,255
4	National Pension	South Korea	$820,799
5	ABP	Netherlands	$560,056
6	California Public Employees	U.S.	$541,965
7	Canada Pension	Canada	$496,935
8	Central Provident Fund	Singapore	$446,248
9	National Social Security	China	$366,747
10	California State Teachers	U.S.	$354,170
11	New York City Retirement	U.S.	$285,522
12	Employees Provident Fund	Malaysia	$279,435
13	New York State Common	U.S.	$274,682
14	PFZW	Netherlands	$267,714
15	Local Government Officials	Japan	$232,587
16	Florida State Board	U.S.	$223,480
17	AustralianSuper	Australia	$212,376
18	Texas Teachers	U.S.	$211,611
19	Employees' Provident	India	$199,447
20	Labor Pension Fund	Taiwan	$197,205

About the Thinking Ahead Institute
The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and asset managers committed to mobilizing capital for a sustainable future. It has 52 members around the world and is an outgrowth of the WTW Investments’ Thinking Ahead Group which was set up in 2002. Learn more at https://www.thinkingaheadinstitute.org/

About WTW

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

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

Stacy Bronstein
sbronstein@meritcomms.com

Ileana Feoli
Ileana.feoli@wtwco.com  

FAQ

What is the total asset value of the world's top 300 pension funds in 2024?

The world's top 300 pension funds reached a new record of US$ 24.4 trillion in total assets under management in 2024, growing 7.8% from the previous year.

Which pension fund is now the world's largest, and how much are its assets?

Norway's Government Pension Fund is now the world's largest, with US$ 1.77 trillion in assets, overtaking Japan's Government Pension Investment Fund after more than 20 years.

How much do the top 20 pension funds control in assets?

The top 20 pension funds control US$ 10.3 trillion in assets, representing 42.4% of the top 300 pension funds' total assets, after growing 8.5% from the previous year.

What is the current split between DB and DC pension schemes?

Defined Benefit (DB) schemes account for 59.4% of total assets, while Defined Contribution (DC) plans represent 27.7% of assets, with DC growing faster at 14.3% in 2024.

How are pension funds adapting to technological changes?

Ten of the top 20 pension funds are strengthening their expertise in artificial intelligence, with nine funds highlighting technology adoption in portfolio management as a strategic priority.

What are the main challenges facing pension funds in 2024?

The main challenges include macroeconomic volatility, geopolitical shifts, concentrated market risks, inflation concerns, and increasing demands from stakeholders and regulators.