The world’s 300 largest pension funds reached a record US$27.7 trillion in assets under management in 2025, growing 13.4 per cent year over year, according to a new report from WTW’s Thinking Ahead Institute.

It found the world’s 20 largest pension funds increased their assets by 14.7 per cent to $11.9 trillion. Norway’s Government Pension Fund remained the world’s largest pension fund with more than $2.1 trillion in assets, followed by Japan’s Government Pension Investment Fund at $1.87 trillion. CPP Investments was the only Canadian pension fund to crack the top 20, ranking No. 6 globally with $578.4 billion in assets.

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