Saudi Arabia ranked second globally and first in the Arab world in terms of the assets of sovereign wealth funds (SWFs), said a report.

Assets and foreign holdings of the Saudi Arabian Monetary Agency (Sama), or the kingdom’s central bank, stood at $675.9 billion in August compared to $532.8 billion in June, said the Arab News report quoting details released by the US-based SWF Institute.

Norway, represented by the Government Pension Fund, occupied the first rank globally with SWF assets valued at $737.2 billion, the report said.

The UAE, represented by Abu Dhabi Investment Authority (ADIA), came in the third position at $627 billion, followed by China Investment Corporation at $575.2 billion, Safe Investment Company (China) at $567.9 billion, and Kuwait Investment Authority (KIA), in the sixth rank, at $386 billion.

Based on the SWF Institute data, the volume of sovereign wealth funds is approaching $6 trillion in assets where increases in stock markets globally have helped lift the value of sovereign wealth assets, said the report.