Saudi Arabia's sovereign wealth fund spent $31.5 billion in 2023, almost a quarter of the world's $124 billion total sovereign wealth funds, according to the Global SWF platform, which tracks more than 400 sovereign wealth funds around the world. Reuters writes about this.
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Assets sovereign wealth funds rose
Strong growth in global equity prices last year helped boost assets managed by sovereign wealth funds around the world to a record $11.2 trillion, it said.
Total spending by sovereign wealth funds on the energy transition—everything from green hydrogen to lithium mining—also reached a record $25.9 billion in 2023.
Despite this data, however, total spending by sovereign wealth funds in the world last year were 21% lower than in 2022.
What is a sovereign fund
This is a government fund that invests in real and financial assets, such as shares, bonds , real estate, precious metals, or in alternative investments such as private equity funds or hedge funds.
The largest sovereign wealth fund in the world is the Norwegian Wealth Fund, valued at $1.5 trillion.