Saudi Arabia’s Public Investment Fund (PIF) topped the list of highest-spending government sovereign wealth funds (SWFs) in 2023, with an eyewatering $31.6 billion invested into 49 deals over the year, according to a new report.
Global sovereign wealth fund tracker Global SWF wrote in a report released Monday that the PIF made up 25% of the $124.7 billion of global state-owned investments in 2023. This was 33% more than in 2022.
It is the first time in five years that the PIF has led the pack ahead of Singapore’s deep-pocketed GIC.