The U.S. held the biggest share of assets among the top 300, with 146 organizations that made up 39.3% of the total value of assets. Since 2017, the U.S. has had the highest number of movers, with 26 pension funds that joined the list and 13 that dropped off.
Japan took second place, with 11 funds making up 10.3% of the total value even after a net loss of six funds leaving the ranking since 2017.
The U.K. also had a net loss of six funds in the list, tying with Japan.
Canadian funds made up 6.4% of the ranking with 17 funds after a net loss of one fund during the five-year period.
The top five funds in terms of size remained unchanged, with Japan's Government Pension Investment Fund, Tokyo, retaining its top position with $1.45 trillion in assets, down 16.2% for the year in dollar terms; followed by Norway's Government Pension Fund, Oslo, with $1.3 trillion, down 9.7%; and South Korea's National Pension Fund, Jeonju, with $706.5 billion, down 11.5%.
The Federal Retirement Thrift Fund Board, Washington, remained in fourth position with $689.9 billion, and the Netherlands' Stichting Pensioenfonds ABP, Heerlen, kept in fifth place with $490.4 billion. The California Public Employees' Retirement System, Sacramento, also retained its ranking in sixth place with $432.2 billion.
Elsewhere in the top 10, however, there were a few changes, with Singapore's Central Provident Fund nudging past China's National Social Security Fund, Beijing, to take eighth place with $406.7 billion in assets. China's NSSF had $347.2 billion in assets.
The California State Teachers' Retirement System, West Sacramento, with $290.4 billion, displaced the Pensioenfonds Zorg en Welzijn, Zeist, of the Netherlands to take 10th place. PFZW slipped two places to 12th, with $231.8 billion in assets.
The remainder of top 20 retirement plans remained the same from 2021, except for a new entrant in 20th place, the Employees' Provident Fund of India, New Delhi, which had $158.7 billion in assets in 2022, up 9.4% from $145 billion the previous year. Russia's National Wealth Fund, Moscow, fell out of the top 20 list with $140.4 billion in assets in 2022, down 22.4% from $181 billion in 2021.
These top 20 funds made up 41.5% of the top 300's total asset value in 2022, up from 41% in 2021.
The share of Asia-Pacific funds in the top 20 rose to 43.1% from 41% as asset value fell by 7.3%, while the share of European funds fell to 23.7% from 26.5% as their asset value fell 21.1% during the year. The share of U.S. funds held steady at 26.1%, and asset value fell by 11.8%.
Defined benefit assets accounted for a majority of total assets disclosed by the top 300 funds, but continued a downward trend as defined contribution plans made up a growing proportion of assets. DB assets fell 15.2% to make up 62.2% of total assets, down from a 63.5% share in 2021.
DC assets fell 9.2% and represented 25% of total assets in 2022 compared to 23.8% a year ago, reserve fund assets fell 13.1% and its share remained unchanged at 11.8% of total assets, and hybrid plan assets decreased by 0.7%, making up 1% of total assets compared with 0.9% in 2021.
"Although DB is shrinking, there's a huge legacy within what we already have in the pool ... The DB funds, there are still public pensions in there and a lot of public pension funds remain open," Ms. Gao said. "(But) if we look at our other studies, there is a definite trend that DB is decreasing over the years," she added.