Saudi's Is Now World's 11th Largest Sovereign Wealth Fund

Saudi Arabia’s Public Investment Fund (PIF) has raised $9.83 billion in 2024, elevating its position to 11th among the world’s largest sovereign wealth funds. The announcement, made by PIF Governor Yasir Al-Rumayyan, highlights the fund’s growing role in both regional and international markets.

The PIF’s latest capital raise is part of its ongoing strategy to diversify Saudi Arabia’s economy and expand its global investment portfolio. The fund’s assets under management now stand at USD 940.26 billion, according to the Sovereign Wealth Fund Institute’s latest rankings. This places PIF just behind Norway’s Government Pension Fund Global and China Investment Corporation.

Since its transformation in 2015, the PIF has become a central pillar of Saudi Arabia’s Vision 2030, investing in sectors ranging from technology and renewable energy to entertainment and tourism. The fund’s international investments include stakes in major companies and projects across the United States, Europe, and Asia, as well as high-profile ventures such as NEOM and the Red Sea Project within the Kingdom.