Feb 09 2012 |
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Abu Dhabi's ADIA Tops List Of Biggest Sovereign Wealth Funds
Thursday, Feb 09, 2012
DUBAI (Zawya Dow Jones)--The Abu Dhabi Investment Authority topped a new list of the world's largest sovereign wealth funds with an estimated $627 billion of assets in its coffers.
The list, compiled by the U.S.-based Sovereign Wealth Fund Institute and updated this month, puts China's main sovereign fund second, with $567.9 billion of assets. Norway's government pension fund came in third with $560 billion in assets.
Sovereign wealth funds invest on behalf of governments, and have gained prominence in the past decade as their assets ballooned thanks to surging oil prices and rising state wealth in China.
According to the research, oil and gas-related activities provided the majority of funding to sovereign wealth funds.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
09-02-12 1210GMT
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