Country GDP vs. Investor Assets Under Management (AUM)



Japan 3,784 BlackRock 3,844 USA AM
UK 2,426 Vanguard Asset Management 2,577 USA AM
India 2,051 State Street Global Advisors 2,023 US/UK AM
Russia 1,530 Fidelity Investments 1,595 USA AM
Canada 1,468 BNY Mellon Investment Management EMEA 1,407 USA AM
Australia 1,186 J.P. Morgan Asset Management 1,266 USA AM
South Korea 1,160 Capital Group 1,167 USA AM
South Korea 1,160 PIMCO 1,162 USA AM
Mexico 1,062 Government Pension Investment Fund 1,032 Japan PF
Mexico 1,062 Pramerica Investment Management 968 USA AM
Indonesia 731 Amundi 865 France AM
Indonesia 731 Goldman Sachs Asset Management International 846 USA AM
Indonesia 731 Norway Government Pension Fund Global 810 Norway PF
Indonesia 731 Northern Trust Asset Management 771 USA AM
Indonesia 731 Wellington Management 755 USA AM
Indonesia 731 Natixis Global Asset Management 735 France AM
Netherlands 724 Franklin Templeton Investments 727 USA AM
Netherlands 724 Deutsche Asset & Wealth Management 721 Germany AM
Netherlands 724 TIAA-CREF 703 USA AM
Netherlands 724 Abu Dhabi Investment Authority (ADIA) 694 United Arab Emirates SWF
Turkey 656 China Investment Corporation (CIC) 670 China SWF
Turkey 656 Invesco 654 US/UK AM
Turkey 656 Legal & General Investment Management 643 UK AM
Saudi Arabia 614 AXA Investment Managers 623 France AM
Saudi Arabia 614 T. Rowe Price 617 US/UK AM
Saudi Arabia 614 SAMA Foreign Holdings 603 Saudi Arabia SWF
Switzerland 579 Legg Mason 586 USA AM
Switzerland 579 UBS Global Asset Management 552 Switzerland/UK AM
Switzerland 579 Kuwait Investment Authority (KIA) 531 Kuwait SWF
Nigeria 472 BMP Paribas Investment Partners 513 France AM
Nigeria 472 Affiliated Managers Group 512 US AM
Nigeria 472 Sumitomo Mitsui Trust Bank 512 Japan AM
Nigeria 472 SAFE Investment Company 510 China SWF
Sweden 469 Insight Investment 464 UK AM
Taiwan 435 New York Life Investments 434 USA AM
Norway 411 Columbia Threadneedle Investments 417 USA AM
Norway 411 Aberdeen Asset Management 416 UK AM
Norway 411 Allianz Global Investors 412 Germany AM
Norway 411 National Pension Service of Republic of Korea 408 South Korea PF
Norway 411 APG 399 Netherlands AM
Norway 411 AllianceBernstein 391 USA AM
Norway 411 Schroder Investment Management 386 UK AM
Austria 360 Federal Retirement Thrift 379 USA AM
Austria 360 HSBC Global Asset Management 375 UK AM
Austria 360 Generali Investments Europe 372 Italy AM
Austria 360 Stichting Pensioenfonds ABP 356 Netherlands AM
Austria 360 MFS Investment Management 355 USA AM
Iran 342 Standard Life Investments 343 UK AM
Thailand 333 Morgan Stanley Investment Management 333 USA AM
United Arab Emirates 328 M&G Investments 330 UK AM



  • AM – Asset Managers
  • PF – Pension Funds
  • SWFs – Sovereign Wealth Funds

Data sources: 

  • GDP data comes from the IMF website. To convert the GDP data denominated by USD into EUR, we used the rate of EUR/USD as at the end of 2014 (USD 1 = EUR 0.8222) available on Yahoo Finance.
  • Investor data comes from IPE surveys (Top 1000 pension funds, top 400 asset managers) undertaken in 2015 and the Sovereign Wealth Fund Institute ranking

Research methodology:

This comparison is designed to show the relative influence of countries (which are held accountable for their impact on the climate) with major institutional investors (who are not). We are aware that an assets-to-GDP ratio compares stocks with flows. We use this indicator nonetheless in line with several international institutions (e.g. the OECD and the IMF) to provide a sense of the order of magnitude of the assets that institutional investors manage, and also because the value of financial assets is linked to discounted future cash flows. If readers think there is a better way to compare the size of economies with that of investors, please email us at [email protected]


Kazutaka Kuroda

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