Saudi PIF invested $31.6B in 2023, record in global sovereign wealth funds

Jack Dutton

Jan 2, 2024

People attend the International E-Sport Gamers forum Next World in the Saudi capital, Riyadh, on Sept. 7, 2022. Much like with Formula One and professional golf, Saudi Arabia, the world's biggest oil exporter, has in recent years leveraged its immense wealth to assert itself on the esports stage, hosting glitzy conferences and snapping up established tournament organizers. — FAYEZ NURELDINE/AFP via Getty Images

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.