Top 10 African countries with high sovereign wealth funds

Over 20 African countries have established sovereign wealth funds (SWFs) to manage revenues from natural resources and other income sources. These funds support economic development, stabilise national budgets, and invest in future projects.

According to PwC, African SWFs managed $300 billion in 2020, providing investible capital for the continent. Ethiopia, Algeria, and Zambia are among the leading countries operating SWFs, using them to finance private sector growth and critical development initiatives.

Issa Faye, Director of Sector Economics and Development Impact at the International Finance Corporation (IFC), highlights governance challenges as a key obstacle to the effective deployment of SWF capital in Africa. These issues hinder long-term, sustainable investments needed to transform economies.

Read also: Top 10 African nations with the highest foreign exchange and gold reserves in 2025

Sub-Saharan Africa accounts for the smallest share of global SWF assets due to lower savings rates, tax revenues, and access to fossil fuel income. Despite these constraints, African nations continue to maximise available capital to address development needs.

According to the Global Sovereign Wealth Fund, here are the top 10 African countries with high sovereign wealth funds

1. Ethiopia

Ethiopia leads the continent with a sovereign wealth fund of $46 billion. The country’s fund is managed to support infrastructure projects, economic diversification, and long-term national development.

2. Algeria

Algeria’s sovereign wealth fund holds $13 billion, sourced mainly from hydrocarbon revenues. The fund is structured to stabilise the economy against fluctuations in oil prices and to finance development projects.

3. Zambia

Zambia has accumulated a sovereign wealth fund of $6 billion. The fund is designed to manage resource revenues and support economic sustainability, particularly in the mining sector.

Read also: Top 10 African countries with the highest external reserves

4. Botswana

Botswana’s sovereign wealth fund, valued at $4 billion, is derived from mineral and diamond revenues. It is invested to ensure financial stability and economic growth beyond the mining industry.

5. Morocco

Morocco has established a sovereign wealth fund of $3 billion. The country uses the fund to invest in strategic sectors such as energy, infrastructure, and industrial development.

6. Nigeria

Nigeria’s sovereign wealth fund stands at $3 billion. Managed by the Nigeria Sovereign Investment Authority, the fund is allocated to infrastructure, stabilisation, and future generations.

Read also: Top 10 African countries with the highest external reserves

7. Tunisia

Tunisia’s sovereign wealth fund holds $3 billion. The government uses it to support economic reforms, invest in infrastructure, and stabilise the national budget.

8. South Africa

South Africa has accumulated a sovereign wealth fund of $3 billion. The country focuses on investments that promote long-term economic stability and sustainable growth.

Read also: Africa: Top 10 countries with the largest gold reserves 2023

9. Angola

Angola’s sovereign wealth fund stands at $2 billion, sourced mainly from oil revenues. It is managed to diversify the economy and reduce dependence on the oil sector.

10. Ghana

Ghana has built a sovereign wealth fund worth $2 billion. It is designed to support national development initiatives and stabilise the economy against external shocks.