Publication Type

Sovereign wealth funds are growing more slowly, and governance issues remain

Julien Maire (former PIIE), Adnan Mazarei (PIIE) and Edwin M. Truman (Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School)

Policy Briefs 21-3


In the last two decades, sovereign wealth funds (SWFs)—funds accumulated by a government that are invested in whole or in part abroad to benefit the country in the future—have faced increased public scrutiny over their investment patterns, financial results, and governance. This Policy Brief updates and expands a prototype scoreboard rating the transparency and accountability of SWFs, which Truman established in 2007. This fifth edition of the scoreboard shows that the average scores continued to improve for the 64 SWFs examined, but governance issues remain. New funds have emerged—many of them government holding companies or strategic investment funds—but the growth of assets under management by SWFs has slowed, in some cases partly because of withdrawals to help finance expenses related to the COVID-19 pandemic, raising questions about their future role.

Data Disclosure:

The data underlying this analysis are available here [zip].

More From