RIYADH: Saudi Arabia’s Public Investment Fund has advanced from sixth to fifth place among the largest sovereign funds in the world for the first time, with assets valued at SR2.3 trillion ($620 billion).

The fund’s share of the world’s sovereign wealth has increased to 6.2 percent, up from 5.9 percent, data from the Sovereign Wealth Fund Institute showed.

Since the launch of Saudi Vision 2030 in 2016, PIF’s assets have increased in value by 308 percent. They amounted to $152 billion at the end of 2015.

Elsewhere, Norway’s Government Pension Fund Global maintained its top position in the list, with assets standing at $1.47 trillion, followed by the China Investment Corporation, with assets of $1.2 trillion.

Third in the ranking is Kuwait Investment Authority, with assets of $737 billion, then the Abu Dhabi Investment Authority with assets of $697 billion.

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