US drew bulk of state-owned investments in 2025: Global SWF report

Sovereign wealth and public pension fund investors poured $132 billion — roughly half of their investments last year — into the US in 2025, while big emerging markets drew in almost a third less than in 2024, an annual report showed Thursday. 

These huge investors together with central banks notched a record $60 trillion in assets under management last year, the report from Global SWF showed, with sovere-ign wealth funds accounting for two-thirds of the money invested in the US in the year. 

Funneling investments to the US came at the expense of emerging markets, however — despite their outsized performance in 2025.  “The big losers were emerging markets, especially China, India, Indonesia, and Saudi Arabia, which received in 2025 disappointing levels of investment: a 28 per cent drop from 2024, and only 15 per cent of the total,” Global SWF managing director Diego Lopez wrote in the report.  

Sovereign wealth fund assets alone hit a fresh record - $15 trillion - according to the report, which uses a combination of public data and official reports to monitor the assets and spending of the world's state-owned investors, including wealth and pension funds and central banks.

 

Overall, sovereign wealth fund investments grew by 35 per cent to $179.3 billion.