Will Norway Eventually Be Overtaken as World’s Largest SWF?


Could Norway’s cash-rich sovereign wealth fund be supplanted by Saudi Arabia in 2018? Prolonged low oil prices have accelerated the push for Saudi Arabia to try a new strategy. Despite historic attempts to diversify the Kingdom’s economy, the country remains highly dependent on oil revenues – they are at an inflection point. Bloomberg’s John Micklethwait secured a five-hour conversation with Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman, son of King Salman and a key political powerbroker. A number of game-changing proposals were revealed in Micklethwait’s meeting, including plans to inherently transform the Kingdom’s Public Investment Fund (PIF). Currently, PIF is small state-owned vehicle when sized against the mammoth-like reserves of the Saudi Arabian Monetary Agency (SAMA). The Deputy Crown Prince has alternative plans for PIF, which will eventually manage a pool of assets that could be worth more than an estimated US$ 2 trillion in assets.

Institutional Investor Profile of PIF

The 2 Trillion Estimate

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