Key figures
- Public pension funds around the world hold about $25 trillion in assets, according to the graphic, which uses Global SWF data from January 2025.
- The United States holds $11.8 trillion, about 47% of the total and more than five times Japan, the next largest.
- Japan ($2.1 trillion) and Canada ($1.8 trillion) come next, followed by the Netherlands and Australia at $1.1 trillion each.
- By region (our sums of the named countries): North America $13.6 trillion (54%), Asia $5.0 trillion (20%), Europe $3.8 trillion (15%), Oceania $1.1 trillion (4%), Middle East $0.5 trillion (2%), Africa $0.2 trillion (1%).
Pension fund assets by country, in text
Title: “$25 Trillion in Public Pension Assets”. The graphic is a treemap in which each rectangle’s area is proportional to a country’s public pension assets, coloured by region: dark teal for North America, lavender for Asia, blue for Europe, light aqua for Oceania, dark purple for the Middle East, yellow for Africa and grey for other countries. The graphic prints rounded values; the exact figures come from the table in Visual Capitalist’s article [1].
| Rank | Country | Region | Label on graphic | Exact value (VC table) | Share of total (our arithmetic) |
|---|---|---|---|---|---|
| 1 | USA | North America | $11.8T | $11,760B | 47.0% |
| 2 | Japan | Asia | $2.1T | $2,066B | 8.3% |
| 3 | Canada | North America | $1.8T | $1,804B | 7.2% |
| 4 | Netherlands | Europe | $1.1T | $1,131B | 4.5% |
| 5 | Australia | Oceania | $1.1T | $1,121B | 4.5% |
| 6 | South Korea | Asia | $948B | $948B | 3.8% |
| 7 | UK | Europe | $610B | $610B | 2.4% |
| 8 | China | Asia | $588B | $588B | 2.4% |
| 9 | Denmark | Europe | $569B | $569B | 2.3% |
| 10 | Sweden | Europe | $489B | $489B | 2.0% |
| 11 | Singapore | Asia | $413B | $413B | 1.7% |
| 12 | Saudi Arabia | Middle East | $349B | $349B | 1.4% |
| 13 | Malaysia | Asia | $318B | $318B | 1.3% |
| 14 | India | Asia | $305B | $305B | 1.2% |
| 15 | Finland | Europe | $256B | $256B | 1.0% |
| 16 | Taiwan | Asia | $241B | $241B | 1.0% |
| 17 | Germany | Europe | $224B | $224B | 0.9% |
| 18 | France | Europe | $218B | $218B | 0.9% |
| 19 | South Africa | Africa | $187B | $187B | 0.7% |
| 20 | Switzerland | Europe | $149B | $149B | 0.6% |
| 21 | Kuwait | Middle East | $137B | $137B | 0.5% |
| 22 | Norway | Europe | $117B | $117B | 0.5% |
| 23 | Thailand | Asia | $107B | $107B | 0.4% |
| Other (36 countries) | Various | $913B | $913B | 3.6% |
The exact values add up to $25.02 trillion (our sum). Footer: Visual Capitalist logo, “Source: Global SWF (Jan 2025)”.
What counts as a public pension
Visual Capitalist describes public pension plans as schemes that “provide retirement and disability benefits to workers, and are regulated by public sector law”. They are typically defined benefit plans, where workers make mandatory contributions and then receive monthly benefits for life after retiring, set by a formula usually based on a percentage of average salary over their highest earning years [1].
The article notes that although the US has the most pension wealth, the world’s largest single pension fund is Japan’s Government Pension Investment Fund (GPIF), set up in 2006, which invests in a 50/50 mix of stocks and bonds. America’s largest public pensions are the Federal Retirement Thrift Investment Board, which runs the Thrift Savings Plan for federal employees, and two Californian plans, CalPERS and CalSTRS [1].
It also cites an Equable Institute estimate that US public pensions had a funding shortfall of $1.6 trillion in 2023, and says ageing populations make it harder for pension funds to meet future benefit payments [1].
Notes on this infographic
- Norway. Norway’s figure is $117 billion. The graphic does not say whether this includes the Government Pension Fund Global, the fund Norway created to invest its oil and gas revenue abroad [2], which Visual Capitalist does not mention.
- Rounding. Values of $1 trillion or more are rounded to one decimal place on the graphic, so the Netherlands ($1,131 billion) and Australia ($1,121 billion) both show as $1.1T.
- No percentages. The graphic shows dollar values only. Shares and regional totals on this page are our arithmetic.
- Data date. Global SWF data as of January 2025. Visual Capitalist published the chart on 20 January 2025 [1].
Questions about public pension assets by country
Which country has the most public pension assets?
The United States has the most public pension assets, $11.8 trillion according to Global SWF data from January 2025. That is about 47% of the roughly $25 trillion held by public pension funds worldwide, and more than five times Japan, the next largest at $2.1 trillion. Canada is third with $1.8 trillion, followed by the Netherlands and Australia at $1.1 trillion each.
What is the largest pension fund in the world?
Japan's Government Pension Investment Fund (GPIF) is the world's largest single pension fund, even though the US has the most pension wealth overall [1]. It was set up in 2006 and invests in a 50/50 mix of stocks and bonds [1]. America's largest public pensions are the Federal Retirement Thrift Investment Board, which runs the Thrift Savings Plan for federal employees, and two Californian plans, CalPERS and CalSTRS [1].
How big is the US public pension funding shortfall?
US public pensions had a funding shortfall of $1.6 trillion in 2023, according to an Equable Institute estimate cited by Visual Capitalist [1]. The article says ageing populations make it harder for pension funds to meet future benefit payments [1]. Public pension plans are typically defined benefit plans, which pay monthly benefits for life set by a formula usually based on a percentage of average salary over a worker's highest earning years [1].
How much is in Norway's public pension funds?
Norway's public pension assets are $117 billion on the graphic, 22nd of the 23 countries named, using Global SWF data from January 2025. The graphic does not say whether this includes the Government Pension Fund Global, the fund Norway created to invest its oil and gas revenue abroad [2]. Visual Capitalist does not mention that fund.
Sources
- Visual Capitalist, Countries With the Most Pension Wealth in 2025, Marcus Lu (design Miranda Smith), 20 January 2025. The creator’s post of this graphic, with the full data table.
- Norges Bank Investment Management, About the fund.
Last reviewed 30 October 2026
