$27.7 trillion in assets at the world’s 300 largest pension funds marked the fastest annual growth since 2017, with 2025 assets up 13.4%.
Scale drove much of the gain: the top 20 funds expanded 14.7% to $11.9 trillion as consolidation, partnerships and mergers created bigger investment “hyperscalers,” according to the Thinking Ahead Institute.
Norway’s Government Pension Fund became the first pension fund above $2 trillion, reaching $2.1 trillion and extending its lead over Japan’s $1.87 trillion fund; South Korea’s national fund also crossed $1 trillion.
North America still held the largest regional share at 44.7%, but that fell from 47.2% as Europe rose to 24.6% and Asia-Pacific to 26.6%.
The UK and Netherlands were the only major pension markets to shrink over the past five years, reflecting mature systems with large defined-benefit legacies and lower defined-contribution exposure in Europe.
Why are the world’s largest retirement funds quietly shifting billions into illiquid private markets and foreign assets?
As pension hyperscalers amass record trillions, could their unprecedented market power eventually dictate global financial stability and corporate governance?
With mature European pension systems shrinking despite a global boom, are aging populations facing a hidden retirement crisis?