Sovereign wealth funds set to expand AI and infrastructure role by 2030
State-backed investors are increasing their influence across artificial intelligence and infrastructure as their asset base continues to grow. A PwC report says sovereign wealth fund assets are set to reach $22.4 trillion by 2030, with the largest institutions becoming more concentrated and more active in shaping the real economy.
Highlights
- Sovereign wealth fund assets will rise from about $15.2 trillion to $22.4 trillion by 2030 as investors take more direct control.
- The top 10 institutions now hold 41% of combined sovereign wealth fund and pension assets, concentrating influence among a small group.
- In 2025, about $66 billion from state investors targets AI and digitisation mainly in the U.S., while China receives just $4 billion.
PwC sees larger and more active state investors
As reported by Reuters, citing PwC, the world's 350 largest public investors are moving beyond passive allocations and increasingly taking direct, controlling stakes with operational roles. The report says sovereign wealth fund assets are set to rise to $22.4 trillion by 2030 from about $15.2 trillion, while public pension assets are projected to increase to $36.3 trillion from about $27.6 trillion, and central bank assets to about $20.9 trillion from about $17.3 trillion.Eric Janson, PwC's global private equity and principal investors leader, says these investors no longer rely solely on external managers and are instead originating transactions themselves. The report adds that funds are now more likely to own and operate assets directly and to create entirely new infrastructure projects.
The capital base is also becoming more concentrated. PwC says the top 10 institutions hold around 41% of combined sovereign wealth fund and pension assets, while the top 50 account for 77%, leaving a relatively small group in position to influence how major economic themes develop.
U.S. attracts most AI flows as Gulf funds shift focus
In 2025, most of the roughly $66 billion that state investors channel to AI and digitisation goes to the U.S., while flows to China slip to around $4 billion, the report says. PwC says Gulf state funds in particular are tilting strongly toward the U.S., citing investment pledges from Qatar's QIA and Abu Dhabi's MGX and ADIA.Saudi Arabia's Public Investment Fund stands out as an exception, cutting foreign allocations to roughly 20% from a peak near 30%. PwC says that reflects an emerging domestic focus and portfolio-wide spending discipline, highlighting how some large state investors are balancing global technology exposure with national investment priorities.
This adds to earlier discussion around sovereign ratings pressure from geopolitical shocks and elevated fiscal spending as funding costs stay high.
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