Riyadh: According to the most recent data, Saudi Arabia's Public Investment Fund has maintained its sixth place among the world's top sovereign wealth funds with assets worth $607.42 billion.

According to data provided by the Sovereign Wealth Fund Institute, China Investment Corp. is at the top of the list with $1.350 trillion in assets, followed by Abu Dhabi Investment Authority and Norway Government Pension Fund Global, which have $1.13 trillion and $790 billion in assets, respectively.

Kuwait Investment Authority comes in at number four with assets of $750 billion, followed by Singapore's GIC Private Limited at number five with $690 billion.

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According to data from the SWF Institute, global sovereign wealth funds' total assets reached $10.30 trillion by the end of 2022, up from $10.12 trillion in September 2022.

The PIF is currently driving Saudi Arabia's economic diversification process and is essential to achieving the objectives set forth in the Vision 2030 of the Kingdom.

The PIF currently owns more than 54 businesses across ten different industries, and it has produced more than 500,000 direct and indirect jobs.

PIF Governor Yasir Al-Rumayyan stated earlier in November that the fund intends to expand employment opportunities.

"We intend to generate 1.8 million high-quality jobs. The quality of these figures and the jobs we are looking at are just as important, according to Al-Rumayyan.

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By the end of this decade, PIF's assets are expected to total between $2 and $3 trillion, according to Al-statement Rumayyan's from October.

"By 2025, we hope to reach $1 trillion. And since our assets are currently less than $700 billion, we still need to raise another $400 billion, according to Al-Rumayyan, who spoke with the Thmanyah podcast.

"Crown Prince Mohammed bin Salman is determined to reach it," he continued. "We have a complete plan from now until 2030 on how to reach a trillion and reach between $2 and $3 trillion."

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PIF also established the Saudi Coffee Co. and the Halal Products Development Co. in 2022.

The HPDC wants to turn the Kingdom into a leading global halal hub, while Saudi Coffee Co. wants to develop sustainable coffee production in the southern Jazan region, which is home to the renowned Coffea Arabica.