Global Pension Fund Statistics 2026: Assets, Top Funds and Returns

Global pension assets reached a record $68.3 trillion in 2025, rising by 9.6% year-on-year across the largest pension markets, according to the Thinking Ahead Institute (TAI). These global pension fund statistics show growth concentrating at the top of the table. The world’s 300 largest pension funds increased assets by 13.4% in 2025 to a record $27.7 trillion, and for the first time, a single fund crossed $2 trillion.

The top 20 funds’ slice of total Top 300 assets has swelled from 33% in 2002 to 42.8%, according to Pensions & Investments and TAI. Across the OECD, the OECD Pension Markets in Focus reports that assets earmarked for retirement totalled $69.8 trillion at end-2024. The figures below cover total assets, the largest funds, regions, plan types, allocation and the first 2026 results from Norway, Japan, Canada and California.

Key Takeaways

• The top 20 grew fastest, as assets rose 14.7% to $11.9 trillion in 2025.
• Sovereign wealth funds’ assets rose 15.6% during 2025, compared to an increase of 18.1% for the sovereign pension funds, according to the Top 300 study.
• Canada has overtaken Japan for the first time to become the second-largest pensions market, due to strong 12% year-on-year growth.
• DC now forms 63% of all assets in the top seven global pensions markets.
• The UK saw weak growth of only 1.4% a year over the last 10 years in USD terms and has fallen to fourth place in the rankings.
• Japan’s currency lost 8.0% a year against the US dollar from December 2020 to December 2025.

Editor’s Choice

• Pension assets in the largest markets, end-2025: $68,274 billion.
• Top 300 pension fund assets, end-2025: $27.7 trillion.
• OECD assets earmarked for retirement, end-2024: $69.8 trillion.
• Government Pension Fund of Norway, end-2025: over $2.1 trillion.
• US retirement assets, June 30, 2026: $51.2 trillion.
• Pension assets as a share of GDP, largest markets: 74%.

Global Pension Fund Statistics: Total Assets in 2025

• Total P22 assets were estimated at $68,274 billion as of year-end 2025, up from $62,313 billion the previous year.
• 2025 culminated in the creation of $6.0 trillion of pension asset value.
• Across the P22 markets, the TAI summary reports that pension assets equal 74% of the GDP of these economies.
• A reference portfolio of 60% global equities and 40% global bonds returned 15.9% in 2025 in USD.
• Per the OECD, OECD assets totalled $69.8 trillion at end-2024, including $63.1 trillion managed by pension providers and $6.7 trillion in public pension reserve funds.
• That OECD total exceeded the previous record of $66.7 trillion set in 2021.
• The top 300 funds hold 40.6% of all global pension assets.

Source: Thinking Ahead Institute Global Pension Assets Study 2026, TAI and Pensions & Investments Global Top 300 2026, OECD Pension Markets in Focus 2025

About This Data

Figures are compiled from 13 sources. Five are pension fund and regulator releases, 3 are OECD and government statistical publications, and 5 are industry research reports from TAI and the Investment Company Institute. Only primary publications and named industry studies qualified, and dollar totals are reported in US dollars unless a fund reports in its home currency. Figures are reviewed on a rolling basis and updated when sources publish new editions.

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How much money is in pension funds worldwide?

Global pension assets reached $68.3 trillion in 2025 across the 22 markets in TAI’s study. The OECD uses a different scope: $69.8 trillion at the end of 2024 in OECD member countries, including public pension reserve funds. The two totals measure different market sets, so they are reported separately rather than combined.

Pension Assets by Country

• The US remains the largest single pensions market, now forming 66% of the Top 22 globally.
• Canada and Japan follow with 5.5% and 5.0% of P22 assets respectively.
• The US, Japan, Canada and UK represent 81.0% of all pension assets in the study.
• Asset growth rates for the US, Japan, Canada and the UK were 9.7%, 4.0%, 12.0% and 3.0%, respectively, in 2025 (in USD).
• Over the past 10 years, Australia grew by 6.6% a year, the US by 7.7% and Canada by 5.3%.
• South Korea, Switzerland and Hong Kong all grew by more than 8% a year over the past decade.
• Having been the second largest pension market in 2015, the UK has now fallen to fourth place.

Which country has the largest pension assets?

The US is the largest market, with a share of 65.8% of P22 assets. Canada has overtaken Japan to become the second-largest pension market, while the UK has fallen to fourth place in the rankings. Rankings in dollars also reflect currency moves, which the table below isolates.

Currency Effects on Pension Rankings

• Japan’s currency fell 8.0% a year against the US dollar from December 2020 to December 2025, while South Korea’s fell 5.6%, Norway’s 3.2% and Canada’s 1.5%.
• Switzerland’s currency gained 2.2% a year against the US dollar over the same period.
• Currencies that experienced the most depreciation against the US dollar over the five-year period will show lower compound annual growth in US dollar terms compared to local currency.
• A weaker yen shrinks Japanese pension assets once they are converted to dollars, which is one reason Canada could pass Japan in a dollar-based ranking.

Recent Developments

• September 17, 2026: The Investment Company Institute reported that total US retirement assets were $51.2 trillion as of June 30, 2026, up 7.9% from March.
• Global Top 300 study, 2026: The study reported that the Government Pension Fund of Norway is now the first-ever fund to cross $2 trillion, leading Japan’s GPIF by 12.7%.
• August 31, 2026: APRA reported that total superannuation assets were $4,767.2 billion in June 2026, up 9.5% from $4,353.9 billion in June 2025, in Australian dollars (A$).
• CPP Investments, first quarter of fiscal 2027: CPP Investments ended its first quarter of fiscal 2027 on June 30, 2026, with net assets of $863.6 billion, compared to $793.3 billion at the end of the previous quarter, in Canadian dollars.
• NBIM, first half of 2026: Norges Bank Investment Management reported that the investments of the Government Pension Fund Global returned 9.4% in the first half of 2026.
• July 13, 2026: CalPERS achieved a preliminary net investment return of 14.8% for the 12-month period ending June 30, 2026.

World’s Largest Pension Funds

• Norway’s Government Pension Fund remains the largest pension fund, with AUM of over $2.1 trillion in 2025.
• Japan’s Government Pension Investment Fund (GPIF) is ranked second with an AUM of $1.9 trillion, 11.3% smaller than the leader.
• Australian Retirement Trust was the one new entrant in the top 20 funds during 2025.
• ABP in the Netherlands held $624,712 million and the Canada Pension Plan $578,391 million at the end of 2025.
• California Public Employees held $576,177 million and California State Teachers $385,591 million.
• Texas Teachers held $229,352 million, the 21st-largest total in the ranking.
• The AUM of the top 20 funds increased by 14.7% in 2025.

Source: Pensions & Investments and Thinking Ahead Institute Top 300 ranking, 2026

What is the largest pension fund in the world?

Norway’s Government Pension Fund is the largest pension fund, with AUM of over $2.1 trillion in 2025. It is the first-ever fund to cross $2 trillion. Japan’s GPIF ranks second at $1.9 trillion.

Top 300 Pension Fund Concentration

• The top 20 pension funds made up 42.8% of total AUM in 2025, up from 42.3% in 2024.
• AUM in the top 300 funds increased by 13.4% in 2025, compared to an increase of 7.9% in 2024.
• The top 20 funds experienced the largest CAGR during the five-year period 2020-2025, at 5.5% against 5.0% for funds 1-300.
• Funds ranked 21-50 and 151-300 each grew 4.8% a year, while funds ranked 51-150 grew 4.4%.
• The top 20 held 41.8% of Top 300 assets in 2020, a share that dipped before climbing to its 2025 level.

By the numbers: The top 20 funds grew 14.7% in 2025, driving their share of the Top 300 to a record 42.8%, and their slice has swelled from 33% in 2002, according to TAI. The pattern mirrors wider asset management industry data, where scale keeps compounding for the largest managers.

Pension Fund Assets by Region

• North America fell to a 44.7% share of Top 300 assets in 2025.
• Asia-Pacific (26.6%) and Europe (24.6%) both gained.
• North America posted the largest annualised growth during the last five years (6.4%), followed by Asia-Pacific (4.3%) and Europe (2.6%).
• North America held 47.1% of Top 300 assets in 2024 and 41.7% in 2020.

Source: Thinking Ahead Institute, Global Top 300 Pension Funds 2026

Top 300 Pension Funds by Country

• The US has the most funds in the top 300, with 149 funds covering 38.9% of total AUM.
• Japan holds 9.5% of Top 300 assets through 11 funds, and Norway 7.9% through 2 funds.
• The UK has 18 funds in the ranking, holding 2.6% of assets.
• The US experienced significant movements in the period 2020-2025, with 23 newcomers and 12 funds leaving the ranking.

Source: Pensions & Investments and Thinking Ahead Institute Top 300 ranking, 2026

Defined Benefit vs Defined Contribution Pension Assets

• DB fund assets account for the majority of disclosed total AUM at 57.8%, decreasing from 59.4% in 2024.
• DB assets increased by 9.4% in 2025, while DC assets increased by 15.8%.
• Reserve fund assets increased by 20.4% and hybrid plan assets by 19.2% in 2025.
• Australia and the US skew strongly towards DC asset allocation at 90% and 72%, respectively, followed by Canada at 44%.
• DC now represents around 40% of UK pension assets, up from 18% in 2020.

Worth noting: Disclosure by type of fund was available for 277 funds, accounting for 94% of the AUM in the TAI/P&I 300 study. The plan-type split therefore covers nearly all Top 300 assets, though not every fund, and defined benefit still dominates even as defined contribution grows faster.

Pension Fund Asset Allocation

• Across the seven largest pension markets, overall allocation to equities has fallen nine percentage points over 20 years to 48% of total assets, while bonds and other asset classes rose to 31% and 19%.
• On average, the top 20 funds invested approximately 46.2% of their assets in equities, 27.6% in fixed income securities, 23.9% in alternatives and 2.2% in cash.
• Asia-Pacific funds have predominantly invested in equities (51.4%), followed by allocation to bonds (36.4%).
• North American funds hold 42.6% in equities, followed by alternatives at 36.3%.
• Complete disclosure on asset allocation was available for 183 funds, accounting for 74% of the AUM in the study.

North America’s heavy alternatives weight makes its pension funds major backers of the alternative investment industry. European and Asia-Pacific funds still lean on listed stocks and bonds.

Sovereign and Public Pension Fund Statistics

• As of December 2025, sovereign wealth funds accounted for $16.6 trillion in assets, while sovereign pension funds totalled $8.6 trillion.
• Sovereign pension funds represent 31.0% of total assets in the ranking, up from last year’s share of 29.8%.
• Sovereign and public sector pension funds accounted for 151 funds in the top 300 and represent 71.1% of total assets.
• Public sector funds held $11,108 billion across 127 funds.
• Sovereign wealth funds hold about 1.9 times the assets of sovereign pension funds.

Source: Pensions & Investments and Thinking Ahead Institute Top 300 ranking, 2026

Why it matters: Sovereign wealth funds’ assets soared by 15.6% during 2025, compared to an increase of 18.1% for the sovereign pension funds, the Top 300 study found. Sovereign pension funds are now growing faster than the sovereign wealth fund pool they are often grouped with.

OECD Pension Assets and Returns

• OECD assets grew by 11.6% in 2023 and 7.1% in 2024.
• Growth was significant in Canada (12.1%) and the United States (10.9%) in 2024.
• North America recorded $48.2 trillion in assets under management of pension providers, over 70% of the total accumulated globally in 87 jurisdictions.
• Europe had the second largest pool of assets ($9.7 trillion), and pension providers in Asia managed $4.3 trillion, or 12.5% of combined GDP.
• In Europe, pension provider assets range from less than 1% of GDP in Albania to 206% in Denmark.
• Pension providers achieved an average nominal return of 9.1% in the OECD and 11.7% in non-OECD jurisdictions in 2024.
• Average real returns were 5% in the OECD, against 1.2% in non-OECD jurisdictions.
• Pension providers failed to achieve positive real investment returns in only 7 out of 69 reporting jurisdictions.

Key finding: Public pension reserve funds recorded an 8.5% nominal return on average in 2024, per the OECD. The reserves of public pension reserve funds also increased in 2024, except in the United Kingdom (-11%) and the United States (-3.9%).

US Retirement Assets Statistics

• Retirement assets accounted for 33% of all household financial assets in the United States at the end of June 2026.
• Assets in individual retirement accounts (IRAs) totaled $19.9 trillion at the end of the second quarter of 2026, an increase of 9.2% from the end of the first quarter.
• Defined contribution (DC) plan assets were $15.0 trillion, up 8.7% from March 31, 2026.
• Government defined benefit (DB) plans held $10.4 trillion, a 5.1% increase from the end of March 2026.
• Private-sector DB plans held $3.2 trillion, and annuity reserves outside of retirement accounts accounted for another $2.7 trillion.

Retirement assets now make up a third of American household financial assets, a share worth comparing with the global household savings picture tracked across our statistics pages.

Pension Fund Investment Returns in 2026

• The return on the Government Pension Fund Global’s equity investments was 13.0%, fixed-income investments 0.9% and unlisted real estate 3.0% in the first half of 2026.
• As of 30 June 2026, the fund had a value of 22,683 billion kroner, with 72.1% in equities, 25.8% in fixed income, 1.6% in unlisted real estate and 0.5% in unlisted renewable energy infrastructure.
• More than half of the fund’s value is return on the investments, which totaled 15,210 billion kroner.
• GPIF earned investment returns of ¥24,089.5 billion in the first quarter of fiscal 2026, and its total assets reached ¥317,759.6 billion.
• GPIF’s cumulative returns since fiscal 2001 reached ¥221,020.1 billion, an annualized 4.95%.
• For the quarter, the Fund’s net return was 7.5%, and CPP Investments generated a 10-year annualized net return of 9.4%.

Source: Norges Bank Investment Management, GPIF, CPP Investments, CalPERS, 2026

Norway’s fund still holds only a small slice in unlisted renewable energy, which shows how early that fund remains in infrastructure investment relative to its listed holdings.

CalPERS Pension Fund Statistics

• The Public Employees’ Retirement Fund (PERF) had $637.1 billion in assets as of June 30 and a funded status of 85%, up from 79% at the end of fiscal year 2024-25.
• The fiscal year return exceeded both last year’s 11.6% performance and the assumed 6.8% rate of return.
• When Chief Executive Officer Marcie Frost arrived at CalPERS in October 2016, the PERF was 68% funded.
• Public equity produced the highest preliminary return with a 24.1% gain, and private equity achieved 17%, a strong year for private equity market holdings.
• Preliminary total fund annualized returns stood at 6.83% for five years, 8.57% for 10 years, and 6.81% for 20 years.

Australian Superannuation Statistics

• Total superannuation assets increased by 6.6% over the quarter to $4.8 trillion as at June 2026, of which $3.4 trillion was in APRA-regulated funds, in Australian dollars.
• Total contributions increased by 12.8% to $236.3 billion in the year ending in June 2026.
• Employer contributions increased to $164.4 billion, and member contributions increased by 21.0% to $71.9 billion.
• Benefit payments increased by 12.1% to $148.2 billion in the year ending in June 2026.

Source: Australian Prudential Regulation Authority, June 2026

Conclusion

Global pension assets reached a record $68.3 trillion in 2025, and the top 20 funds now hold a record 42.8% of Top 300 assets. Scale keeps compounding at the top, sovereign pension funds are growing faster than sovereign wealth funds, and currency moves are reshuffling the national rankings.

The first 2026 results from Norway, Japan, Canada and California point to another strong year so far, though they cover only part of it. The bigger structural story is the steady move to defined contribution plans, which shifts the retirement savings gap from employers to individual savers.