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Democracy Index
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The Economist has in a study examined the state of democracy in 167 countries and rated those with an Economist Intelligence Unit Index of Democracy which focused on five general categories:
free and fair election process, civil liberties, functioning of government, political participation and political culture.
This is not the full democracy index, only countries that have SWFs and countries of interest in our studies.
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| Rank |
Country |
Index |
Category |
Funds |
| 1 |
Norway |
9.55 |
Functioning democracy |
Government Pension Fund – Global |
| 2 |
Australia |
9.09 |
Functioning democracy |
Future Fund |
| 3 |
Canada |
9.07 |
Functioning democracy |
Heritage Fund |
| 4 |
Ireland |
9.01 |
Functioning democracy |
NPRF |
| 5 |
New Zealand |
9.01 |
Functioning democracy |
NZSF |
| 6 |
United States |
8.22 |
Functioning democracy |
Alaska Permanent Fund |
| 7 |
Japan |
8.15 |
Functioning democracy |
Potential SWF |
| 8 |
United Kingdom |
8.08 |
Functioning democracy |
|
| 9 |
Chile |
7.89 |
Flawed democracy |
Social and Economic Stabilization Fund |
| 10 |
South Korea |
7.88 |
Flawed democracy |
Korea Investment Corporation |
| 11 |
Taiwan |
7.82 |
Flawed democracy |
National Stabilisation Fund |
| 12 |
India |
7.68 |
Flawed democracy |
Potential SWF |
| 13 |
Botswana |
7.60 |
Flawed democracy |
Pula Fund |
| 14 |
Trinidad & Tobago |
7.18 |
Flawed democracy |
Revenue Stabilisation Fund |
| 15 |
Timor-Leste |
6.41 |
Flawed democracy |
TLP Fund |
| 16 |
Colombia |
6.40 |
Flawed democracy |
|
| 17 |
Hong Kong |
6.03 |
Flawed democracy |
HKMA |
| 18 |
Malaysia |
5.98 |
Flawed democracy |
Khazanah Nasional |
| 19 |
Singapore |
5.89 |
Hybrid regime |
GICS, Temasek |
| 20 |
Venezuela |
5.42 |
Hybrid regime |
FIEM |
| 21 |
Uganda |
5.14 |
Hybrid regime |
|
| 22 |
Russia |
5.02 |
Hybrid regime |
NWF |
| 23 |
Jordan |
3.92 |
Authoritarian regime |
|
| 24 |
Morocco |
3.90 |
Authoritarian regime |
|
| 25 |
Egypt |
3.90 |
Authoritarian regime |
|
| 26 |
Kazakhstan |
3.62 |
Authoritarian regime |
KNF |
| 27 |
Niger |
3.54 |
Authoritarian regime |
|
| 28 |
Bahrain |
3.53 |
Authoritarian regime |
Mumtalakat |
| 29 |
Nigeria |
3.52 |
Authoritarian regime |
Excess Crude Account |
| 30 |
Azerbaijan |
3.31 |
Authoritarian regime |
SOFAZ |
| 31 |
Algeria |
3.17 |
Authoritarian regime |
Revenue Regulation Fund |
| 32 |
Mauritania |
3.12 |
Authoritarian regime |
NFHR |
| 33 |
Kuwait |
3.09 |
Authoritarian regime |
KIA |
| 34 |
Tunisia |
3.06 |
Authoritarian regime |
|
| 35 |
Yemen |
2.98 |
Authoritarian regime |
|
| 36 |
China |
2.97 |
Authoritarian regime |
CIC |
| 37 |
Iran |
2.93 |
Authoritarian regime |
Oil Stabilisation Fund |
| 38 |
Sudan |
2.90 |
Authoritarian regime |
|
| 39 |
Qatar |
2.78 |
Authoritarian regime |
QIA |
| 40 |
Oman |
2.77 |
Authoritarian regime |
State General Reserve Fund |
| 41 |
United Arab Emirates |
2.42 |
Authoritarian regime |
ADIA |
| 42 |
Guinea |
2.02 |
Authoritarian regime |
|
| 43 |
Saudi Arabia |
1.92 |
Authoritarian regime |
SAMA Foreign Holdings |
| 44 |
Uzbekistan |
1.85 |
Authoritarian regime |
|
| 45 |
Libya |
1.84 |
Authoritarian regime |
LAFICO |
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Source: Sovereign Wealth Fund Institute, The Economist
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