The Saudi Arabian Monetary Authority’s Foreign Assets Fund maintained its fifth-place ranking globally among the largest sovereign wealth funds, with assets totaling approximately $514 billion, although its assets had declined by about $62.3 billion by the end of June compared to last March.

This was according to updated data from the SWF Institute, which specializes in studying government and sovereign wealth fund investments, in its latest report for June, with the Norwegian Government Pension Fund ranking first as the world’s largest sovereign wealth fund, after its assets rose to $922 billion, followed by the Abu Dhabi Investment Authority, which moved up to second place after its assets rose to $828 billion.

The Kuwait Investment Authority maintained its fourth-place ranking despite a decline in its assets to $524 billion. According to the report, total sovereign wealth fund assets at the end of June stood at approximately $7.33 trillion, Saudi Arabia accounted for 9.5% of the world’s total sovereign wealth, equivalent to $697 billion, while the UAE accounted for 17.7% of the world’s sovereign wealth, equivalent to $1,298.7 billion.