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September 06, 2021 12:00 AM

The world's largest retirement funds in 2021

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    Ranked by total assets, in millions. U.S. fund data are as of Sept. 30, 2020, from the P&I 1,000, published Feb. 8, 2021; non-U.S. fund data are as of Dec. 31, 2020, unless otherwise noted. Defined benefit and defined contribution breakouts were not available or applicable to all non-U.S. funds.
    RankFundMarketTotal assetsDB assetsDC assets
    1Government Pension InvestmentJapan$1,719,987$1,719,987
    2Government Pension FundNorway$1,305,920
    3National PensionSouth Korea$765,446$765,446
    4Federal Retirement ThriftU.S.$651,124$651,124
    5ABPNetherlands$607,367$607,367
    6National Social Security1China$448,427
    7California Public EmployeesU.S.$426,247$424,306$1,941
    8Canada Pension2Canada$390,503$390,503
    9Central Provident FundSingapore$349,787$349,787
    10PFZW2Netherlands$306,893$306,893
    11California State TeachersU.S.$259,246$257,856$1,390
    12Employees Provident FundMalaysia$248,203$248,203
    13Local Government OfficialsJapan$248,094$248,094
    14New York State CommonU.S.$226,400$226,400
    15New York City RetirementU.S.$225,450$225,450
    16Employees’ Provident1India$193,801$193,801
    17National Wealth Fund3Russia$183,002
    18Florida State BoardU.S.$180,221$168,002$12,219
    19ATPDenmark$176,606$176,606
    20Ontario TeachersCanada$173,741$173,741
    21Texas TeachersU.S.$162,656$162,656
    22AustralianSuperAustralia$156,265
    23Labor Pension FundTaiwan$146,277$36,626$109,651
    24Boeing1U.S.$133,688$64,172$69,516
    25Future FundAustralia$131,475
    26Washington State BoardU.S.$128,897$107,257$21,640
    27AlectaSweden$127,381$127,381
    28AT&T1U.S.$127,365$58,822$68,543
    29BouwnijverheidNetherlands$124,902$124,902
    30Wisconsin Investment BoardU.S.$124,508$118,029$6,479
    31New York State TeachersU.S.$122,767$122,767
    32Pension Fund Association2Japan$121,292$121,292
    33North CarolinaU.S.$120,727$107,497$13,230
    34Metaal/tech. BedrijvenNetherlands$118,931$118,931
    35Bayerische VersorgungskammerGermany$118,740$118,740
    36National Federation of Mutual AidJapan$118,015$118,015
    37GEPF4South Africa$109,574$109,574
    38IBMU.S.$109,027$53,421$55,606
    39Aware SuperAustralia$106,947
    40Ohio Public EmployeesU.S.$104,307$102,410$1,897
    41PFA PensionDenmark$103,733$103,733
    42California UniversityU.S.$103,107$74,514$28,593
    43Raytheon TechnologiesU.S.$99,717$51,442$48,275
    44Public Service Pension Plan4Canada$96,979
    45Universities Superannuation4U.K.$90,906$90,906
    46Virginia RetirementU.S.$90,111$85,136$4,975
    47General Motors1U.S.$87,325$61,602$25,723
    48Public Institute for Social Security1Kuwait$86,895
    49Michigan RetirementU.S.$86,659$76,416$10,243
    50Lockheed Martin1U.S.$86,317$39,365$46,952
    51Royal Dutch Shell5Netherlands$85,813$85,813
    52Minnesota State BoardU.S.$85,722$74,762$10,960
    53Georgia TeachersU.S.$85,027$85,027
    54New JerseyU.S.$83,126$78,354$4,772
    55Ontario Municipal EmployeesCanada$82,908$82,908
    56Oregon Public EmployeesU.S.$82,860$80,251$2,609
    57KaiserU.S.$82,516$51,980$30,536
    58Healthcare of OntarioCanada$81,658$81,658
    59National Public ServiceJapan$80,798$80,798
    60General ElectricU.S.$80,699$56,351$24,348
    61Ohio State TeachersU.S.$80,108$78,179$1,929
    62Massachusetts PRIMU.S.$79,525$79,525
    63QSuperAustralia$79,248
    64Royal Bank of Scotland Group6U.K.$78,259$78,259
    65AP Fonden 7Sweden$77,120
    66United Parcel ServiceU.S.$75,438$49,388$26,050
    67BT Group2U.K.$74,655$74,655
    68PMENetherlands$74,490$74,490
    69United Nations Joint StaffU.S.$73,750$73,750
    70UniSuperAustralia$70,162
    71Lloyds Banking Group6U.K.$69,891$69,891
    72Quebec PensionCanada$68,731$68,731
    73Ford Motor1U.S.$65,755$46,655$19,100
    74Tennessee ConsolidatedU.S.$65,692$55,940$9,752
    75KevaFinland$65,643$65,643
    76IlmarinenFinland$65,092$65,092
    77Quebec Government & PublicCanada$64,948$64,948
    78Bank of AmericaU.S.$63,730$21,135$42,595
    79Northrop GrummanU.S.$62,731$32,129$30,602
    80AMF PensionSweden$61,726$61,726
    81SunsuperAustralia$61,475
    82VarmaFinland$61,271$61,271
    83AFP HabitatChile$60,703$60,703
    84Los Angeles County EmployeesU.S.$60,459$60,459
    85Organization for WorkersJapan$60,373$60,373
    86Pennsylvania School EmployeesU.S.$58,741$58,721$20
    87Wells Fargo1U.S.$58,709$11,279$47,430
    88Colorado EmployeesU.S.$58,113$53,068$5,045
    89Maryland State RetirementU.S.$57,343$57,343
    90Electricity Supply Pension1U.K.$54,862
    91VerizonU.S.$54,477$18,853$35,624
    92AP Fonden 4Sweden$53,917
    93Illinois TeachersU.S.$53,470$53,470
    94Afore XXI Banorte7Mexico$52,728$52,728
    95FedExU.S.$52,395$26,978$25,417
    96B.C. MunicipalCanada$52,207$52,207
    97AP Fonden 3Sweden$51,589
    98AFP ProvidaChile$50,093$50,093
    99VervoerNetherlands$49,863$49,863
    100SampensionDenmark$49,668
    101Public School EmployeesJapan$49,521$49,521
    102Nevada Public EmployeesU.S.$48,995$48,995
    103J.P. Morgan Chase1U.S.$48,263$17,401$30,862
    104Bundes PensionskasseSwitzerland$48,011
    105Missouri Schools & EducationU.S.$47,490$47,490
    106AP Fonden 1Sweden$47,039
    107Barclays Bank U.K.U.K.$46,362$46,362
    108AP Fonden 2Sweden$46,240
    109PensionDanmarkDenmark$46,063$46,063
    110RESTAustralia$46,056$46,056
    111Social Insurance Funds1Vietnam$46,020
    112CbusAustralia$45,472$45,472
    113PreviBrazil$45,186$45,186
    114Illinois MunicipalU.S.$45,179$45,179
    115State Farm1U.S.$44,675$30,442$14,233
    116HESTAAustralia$44,641$44,641
    117Teamsters, Western ConferenceU.S.$44,102$44,102
    118ABN AMRO PensioenfondsNetherlands$43,833$43,833
    119RabobankNetherlands$43,619$539$43,081
    120Utah State Retirement1U.S.$43,025$36,224$6,801
    121BVK des Kantons ZurichSwitzerland$42,912$42,912
    122Johnson & Johnson1U.S.$42,752$22,457$20,295
    123Delta Air Lines1U.S.$42,748$16,111$26,637
    124Railways Pensions1U.K.$42,717
    125HSBC BankU.K.$42,505$42,505
    126Arizona State RetirementU.S.$42,192$42,192
    127Alberta Local AuthoritiesCanada$41,768$41,768
    128AFP CapitalChile$41,742$41,742
    129BPU.K.$41,463$41,463
    130Alabama RetirementU.S.$41,418$38,964$2,454
    131Afore Citibanamex7Mexico$41,319$41,319
    132HOSTPLUSAustralia$41,163$41,163
    133National Pension Association1Japan$40,916$40,916
    134AFP CuprumChile$40,437$40,437
    135CSCAustralia$40,117$40,117
    136South Carolina Public EmployeesU.S.$40,013$32,491$7,522
    137PorvenirColombia$40,012$40,012
    138Grafische BedrijvenNetherlands$39,614$39,614
    139Afore Profuturo GNP7Mexico$39,293$39,293
    140ING PensioenfondsNetherlands$39,218$39,218
    141British AirwaysU.K.$38,709$38,205$504
    142Indiana Public RetirementU.S.$38,591$32,250$6,341
    143Private Schools EmployeesJapan$38,315$38,315
    144Nokia USA1U.S.$38,261$29,461$8,800
    145BVVGermany$37,927$37,927
    146ERAFP1France$37,726
    147Connecticut RetirementU.S.$37,717$37,717
    148Afore Sura7Mexico$37,122$37,122
    149Retirement Fund-KWAP1Malaysia$36,639$36,639
    150Greater ManchesterU.K.$36,499$36,499
    151State Super1Australia$35,943
    152Alaska RetirementU.S.$35,567$27,975$7,592
    153Pennsylvania EmployeesU.S.$35,477$31,464$4,013
    154HoneywellU.S.$35,396$20,416$14,980
    155Strathclyde Pension FundU.K.$34,804$34,804
    156Government PensionThailand$34,552$34,552
    157Exxon Mobil1U.S.$34,219$14,180$20,039
    158BAE SystemsU.K.$34,215$34,215
    159Mitsubishi UFJ Financial2Japan$34,071
    160Iowa Public EmployeesU.S.$34,006$34,006
    161Walmart1U.S.$33,930$33,930
    162American AirlinesU.S.$33,748$12,223$21,525
    163Pfizer1U.S.$33,605$16,409$17,196
    164VBL1Germany$33,540$33,540
    165Federal Reserve EmployeesU.S.$33,516$22,835$10,681
    166Industriens PensionDenmark$33,457$33,457
    167ProteccionColombia$33,138$33,138
    168Texas EmployeesU.S.$32,906$29,076$3,830
    169UBSSwitzerland$32,590$32,590
    170Texas County & DistrictU.S.$32,368$32,368
    171San Francisco City & CountyU.S.$32,235$28,198$4,037
    172FRRFrance$32,128
    173Mississippi EmployeesU.S.$31,874$29,872$2,002
    174Japan Police Personnel Mutual AidJapan$31,825$31,825
    175Elo Mutual Pension InsuranceFinland$31,637$31,637
    176Migros-Genossenschafts-BundSwitzerland$31,104
    177DaimlerGermany$31,029$31,029
    178SpoorwegpensioenfondsNetherlands$30,707$30,707
    179Chevron1U.S.$30,408$10,974$19,434
    180General Dynamics1U.S.$30,169$13,703$16,466
    181Texas Municipal RetirementU.S.$29,989$29,989
    182CVS Health1U.S.$29,731$6,986$22,745
    183CaterpillarU.S.$29,582$16,620$12,962
    184Government Service Insurance1Philippines$29,472
    185ENPAMItaly$29,341
    186Shell Oil1U.S.$29,012$16,865$12,147
    187ExelonU.S.$28,910$19,282$9,628
    188New York State Deferred Comp.U.S.$28,804$28,804
    189New Zealand Superannuation8New Zealand$28,367
    190CitigroupU.S.$28,324$12,869$15,455
    191Nestle6Switzerland$27,998$27,998
    192Labor Insurance FundTaiwan$27,944$27,944
    1933M1U.S.$27,709$17,016$10,693
    194Microsoft1U.S.$27,668$27,668
    195Tesco6, 9U.K.$27,452$27,452
    196British Coal Pension Schemes10U.K.$27,313$27,313
    197PKADenmark$27,060
    198FCA US1U.S.$27,024$18,818$8,206
    199B.C. TeachersCanada$26,904$26,904
    200United Airlines HoldingsU.S.$26,600$3,700$22,900
    201FEFSSPortugal$26,583
    202PepsiCo1U.S.$26,558$14,872$11,686
    203Walt DisneyU.S.$26,420$15,216$11,204
    204Dow1U.S.$26,418$15,098$11,320
    205B.C. Public Service4Canada$26,404$26,404
    206PG&E1U.S.$26,322$19,435$6,887
    207Fonds de Comp./Securite SocialeLuxembourg$26,255
    208AvivaU.K.$25,857$25,857
    209ESSSuper1Australia$25,806
    210National ElectricU.S.$25,610$15,416$10,194
    211State PensionFinland$25,609$25,609
    212Super SAAustralia$25,352$25,352
    213Los Angeles Fire & PoliceU.S.$25,319$25,319
    214GESBAustralia$24,605$24,605
    215BBC1U.K.$24,569$24,569
    216Illinois State BoardU.S.$24,561$19,803$4,758
    217ASGASwitzerland$24,553
    218National Railroad1U.S.$24,508$24,500$8
    219IntelU.S.$24,438$1,602$22,836
    220Ontario Pension BoardCanada$24,344$24,344
    221New York City Deferred Comp.U.S.$24,191$24,191
    222Magistrenes PensionskasseDenmark$24,040$24,040
    223CortevaU.S.$23,939$16,874$7,065
    224Procter & Gamble1U.S.$23,883$1,886$21,997
    225World BankU.S.$23,814$23,814
    226Public Service Pension Fund1Taiwan$23,666$23,666
    227Louisiana TeachersU.S.$23,543$21,146$2,397
    228Illinois State UniversitiesU.S.$23,470$20,450$3,020
    229Canada PostCanada$23,283$23,283
    230CPEGSwitzerland$23,132
    231MerckU.S.$23,108$11,408$11,700
    232Costco WholesaleU.S.$23,000$23,000
    233SUNYU.S.$23,000$23,000
    234Hydro-QuebecCanada$22,979$22,979
    235Mizuho Financial Group2Japan$22,977
    236L3Harris Technologies1U.S.$22,758$8,778$13,980
    237Deloitte1U.S.$22,634$7,186$15,448
    238Prudential FinancialU.S.$22,502$13,649$8,853
    239CommonSpirit HealthU.S.$22,496$9,123$13,373
    240Truist FinancialU.S.$22,389$13,745$8,644
    241Kansas Public Employees1U.S.$22,387$21,135$1,252
    242City of ZurichSwitzerland$22,186
    243AscensionU.S.$21,850$8,183$13,667
    244Bell CanadaCanada$21,820$21,820
    245Duke Energy1U.S.$21,813$12,302$9,511
    246Laegernes PensionskasseDenmark$21,789
    247DeereU.S.$21,710$12,950$8,760
    248Quebec Construction IndustryCanada$21,708
    249Abbott Laboratories1U.S.$21,693$9,934$11,759
    250Kentucky TeachersU.S.$21,647$21,647
    251Southern Co.1U.S.$21,577$13,729$7,848
    252SBB PensionskasseSwitzerland$21,402$21,402
    253Ernst & YoungU.S.$21,377$8,761$12,616
    254National Rural ElectricU.S.$21,298$9,062$12,236
    255Wespath (UMC)U.S.$21,154$9,489$11,665
    256FMR1U.S.$21,026$21,026
    257Siemens10Germany$20,964$20,964
    258West Midlands Metropolitan4U.K.$20,899$20,899
    259Consolidated EdisonU.S.$20,777$16,062$4,715
    260Credit SuisseSwitzerland$20,413
    261Air CanadaCanada$20,329$20,329
    262Hoffmann La Roche6Switzerland$20,305$20,305
    263National Grid2U.K.$20,068$20,068
    264HP1U.S.$20,067$10,463$9,604
    265Operating Engineers InternationalU.S.$20,043$20,043
    266Idaho Public EmployeesU.S.$19,883$18,717$1,166
    267E.ONGermany$19,764$19,764
    268PK PostSwitzerland$19,403
    269Nippon Telegraph & Telephone2Japan$19,350
    270Los Angeles City EmployeesU.S.$19,228$19,228
    271Teachers’ PensionSouth Korea$19,200$19,200
    272Banco Santander (U.K.)U.K.$19,026$19,026
    273PetrosBrazil$18,730$18,730
    274GlaxoSmithKlineU.K.$18,567$18,567
    275OracleU.S.$18,543$18,543
    276BWVAGermany$18,487$18,487
    277Georgia EmployeesU.S.$18,368$16,294$2,074
    278AkzoNobel6U.K.$18,341$18,341
    279HCA HoldingsU.S.$18,277$653$17,624
    280Mass General Brigham1U.S.$18,192$7,405$10,787
    281Government Employees PensionSouth Korea$18,185$18,185
    282Nebraska Investment CouncilU.S.$18,127$17,177$950
    283OPSEUCanada$18,098$18,098
    284MetLifeU.S.$18,072$10,437$7,635
    285West Yorkshire4U.K.$18,064$18,064
    286Hawaii EmployeesU.S.$18,010$18,010
    287Oklahoma TeachersU.S.$17,932$17,778$154
    288Afore Coppel7Mexico$17,929$17,929
    289Alphabet1U.S.$17,894$17,894
    290CenturyLinkU.S.$17,862$10,369$7,493
    291Orange CountyU.S.$17,741$17,741
    292Liberty Mutual1U.S.$17,699$8,954$8,745
    293Telstra SuperAustralia$17,696
    294BASFGermany$17,623$17,623
    295Koch Industries1U.S.$17,508$7,042$10,466
    296Toyota Motor2Japan$17,483
    297International PaperU.S.$17,471$11,277$6,194
    298Nordrheinische Arzteversorgung11Germany$17,319$17,319
    299Eli LillyU.S.$17,293$9,637$7,656
    300Bernische PensionskasseSwitzerland$17,204
    Total$21,716,983
    Notes: 1 Estimate. 2 As of March 31. 3 As of Jan. 1. 4 As of March 31, 2020. 5 Global figure (ex-U.S.). 6 Global figure. 7 As of May 31. 8 As of June 30, 2020. 9 As of Feb. 27. 10 As of Sept. 30, 2020.
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