Saudi sovereign wealth fund’s lucrative spending spree in 2023

Saudi Arabia’s Public Investment Fund Leads Sovereign Wealth Fund Spending in 2023

According to a report published on January 1, 2024, Saudi Arabia’s Public Investment Fund (PIF) accounted for about a quarter of the nearly $124 billion spent by sovereign wealth funds worldwide in 2023. PIF’s massive $31.5 billion expenditure last year surpassed the total spending of all sovereign wealth funds, which amounted to $123.8 billion. This data comes from Global SWF, an industry specialist that tracks sovereign investment funds. It is important to note that not all sovereign funds release annual reports, and some of the top funds do not disclose their total assets under management.