Tracing the U.S. dollar’s role as a safe-haven currency – part III: Key findings from Google Gemini

Düsseldorf, 15 April 2025

Insight EU is actively exploring and training the capabilities of AI models by engaging them with data-driven questions of contemporary relevance. This analysis was conducted using the “Deep Research / Deep Think” mode across five different models. While the initial prompt was identical for all, the interactions and outcomes varied significantly.

We are publishing the results as part of an ongoing series of reports. Readers should note that the data may contain inaccuracies, and the findings should not be interpreted as investment advice. As we will be repeating this research monthly, we aim to track how these issues and insights evolve over time.

Part III: Findings of Google Gemini

The Enduring Status of the USD as a Safe Haven Currency

Executive Summary

This report examines the role of the United States dollar (USD) as a safe haven currency in the contemporary global financial system and analyzes potential future developments. The analysis incorporates data on central bank reserve holdings, the asset allocation strategies of major sovereign wealth funds, the perspectives of BRICS nations, and the evolving landscape of alternative reserve assets. Key findings indicate that while the USD remains the dominant safe haven currency, holding the largest share of global central bank reserves, there are discernible trends towards diversification by some nations and a growing interest in alternative assets like gold. Despite these shifts, the USD’s entrenched position, underpinned by the strength and liquidity of the US economy and financial markets, suggests its continued prominence in the foreseeable future, albeit potentially facing gradual erosion over the long term.

Global Landscape of USD Reserves

The total volume of foreign exchange reserves held by central banks globally experienced a decrease in the fourth quarter of 2024, falling to $12.36 trillion from $12.75 trillion in the preceding quarter.1 This contraction was primarily attributed to the depreciation of other reserve currencies against the USD.1 This dynamic suggests that while the aggregate value of reserves declined, the relative strength of the USD played a significant role in this movement. For central banks holding currencies that weakened against the USD, the USD equivalent of their reserves would naturally decrease, contributing to the overall reduction in the total USD value of global reserves. This does not necessarily signify a broad shift away from the USD but rather reflects fluctuations in exchange rates.

The International Monetary Fund (IMF) manages the Currency Composition of Official Foreign Exchange Reserves (COFER) database, a crucial resource for understanding the distribution of global USD holdings.2 This database compiles end-of-period quarterly data on the currency composition of foreign exchange reserves reported by monetary authorities.2 It is important to note that the IMF decided to cease publishing separate data for advanced countries and emerging/developing economies starting in 2015Q2.3 This change was implemented to prevent the potential indirect disclosure of individual country data following the publication of a list of COFER participants.3 This aggregation of data means that granular analysis of currency preferences between these two economic groups becomes more challenging, potentially obscuring differing trends in USD adoption or diversification strategies that might be specific to one group over the other.

Despite the decrease in the overall volume of global reserves, the share of USD holdings in allocated reserves actually increased to 57.80 percent in the fourth quarter of 2024, up from 57.30 percent in the previous quarter.1 This increase occurred even as total reserves contracted, which suggests a reinforcement of the USD’s role as a safe haven during periods of currency depreciation. When other major currencies lose value against the USD, central banks might choose to maintain or even increase their USD holdings to ensure a stable proportion of their reserves are held in the strongest currency. This behavior points towards a preference for the USD during times of global economic uncertainty or volatility in currency markets.

In comparison, the share of Euro holdings in allocated reserves decreased to 19.83 percent from 20.03 percent in the third quarter of 2024.1 This slight decline indicates potential challenges or a relative strengthening of the USD compared to the Euro. The share of Chinese Renminbi holdings remained unchanged at 2.18 percent over the same period.1 This lack of growth in the Renminbi’s share suggests that its progress towards becoming a major reserve currency might be occurring at a slower pace than some expectations.

The Bank for International Settlements (BIS) also provides statistics on foreign exchange reserves, offering a broader perspective on the total reserves held by various countries.5 While the BIS data in the provided material does not specify the currency breakdown, it does highlight the substantial reserve holdings of nations such as Japan and China.5 These large total reserve volumes underscore the potential scale of any future shifts in global currency allocation should these major players decide to significantly alter their USD holdings.

Table 1: Global Currency Composition of Official Foreign Exchange Reserves (2024/Q4)

Note: Data for Japanese Yen is not explicitly provided in snippet.1

USD Holdings of Key Central Banks

The United States Federal Reserve manages its foreign currency reserves, which are held in Euros and Japanese Yen.6 These holdings are passively managed, with the goal of matching the risk and return characteristics of the US Treasury Exchange Stabilization Fund’s (ESF) foreign currency reserves.6 As of December 31, 2024, the Federal Reserve System Open Market Account (SOMA) held €11,525.0 million in Euro-denominated assets and ¥5,942.4 million in Japanese-yen-denominated assets.6 The US Federal Reserve’s focus on holding reserves in the currencies of major trading partners suggests a strategic approach towards potential foreign exchange interventions, rather than holding significant amounts of its own currency, the USD, as reserves. Typically, a central bank does not need to hold large reserves of its own currency. The Fed’s holdings of EUR and JPY indicate a focus on managing exchange rates with these key economic regions if necessary.

The European Central Bank (ECB) also maintains foreign reserves to ensure sufficient liquidity for potential foreign exchange operations.7 As of February 2025, the Euro Area’s foreign exchange reserves totaled USD 104.31 billion.8 The ECB’s foreign reserve portfolio is diversified and includes US dollars, Japanese yen, Chinese renminbi (CNY), gold, and special drawing rights (SDRs).7 This multi-faceted approach to reserve management reflects a strategy to balance liquidity, security, and potential returns. The inclusion of the CNY in the ECB’s reserves indicates a recognition of China’s increasing economic significance on the global stage. Holding a mix of reserve assets allows the ECB to mitigate risks associated with relying on any single currency or asset class. The inclusion of CNY, despite its relatively smaller share in global reserves compared to the USD and EUR, suggests a forward-looking perspective on the evolving international monetary system.

Japan’s international reserves totaled $1,230,715 million as of the end of December 2024.9 A significant portion of these reserves is held in foreign currency reserves, amounting to $1,077,137 million, with $917,567 million held in securities and $159,570 million in deposits.9 More recent data indicates that Japan’s foreign exchange reserves were $1,108.4 billion in February 2025 10 and $1,272.5 billion in March 2025.11 Japan’s preference for holding a substantial amount of its foreign reserves in securities suggests a strategy to earn returns on these assets while maintaining adequate liquidity. The consistent reporting and the large volume of Japan’s reserves underscore its importance within the global financial system. Investing in securities, particularly government bonds of reserve currencies, is a common practice for central banks to generate income from their reserve holdings. Japan’s substantial reserve levels reflect its history as a major exporting nation and its cautious approach to economic management.

Brazil’s international reserves have shown some fluctuation. In 2022, they were worth USD 325 billion 12, increasing to USD 355 billion in 2023 but then decreasing to USD 330 billion in 2024.12 More recent data indicates reserves of USD 298,464.5 million in February 2025 13 and USD 335,662.06 million in March 2025.14 This volatility in Brazil’s international reserves might be indicative of its economic cycles and its approach to managing currency stability in response to global economic shifts. Emerging market economies like Brazil often experience greater volatility in their currencies and may need to actively manage their reserves to stabilize their exchange rates and maintain investor confidence.

Russia’s international reserves have also seen changes. At the end of 2019, they stood at $540,917 million, with gold reserves accounting for $107,903 million.15 More recent data shows reserves of $582 billion in 2022 16, $631 billion in 2023 16, and fluctuating between $632.4 billion and $658.0 billion in March and April 2025.17 Russia’s significant holdings of gold and the recent fluctuations in its total foreign exchange reserves likely reflect its geopolitical situation and its efforts to diversify away from traditional reserve currencies. The increase in gold holdings could be a strategic move to reduce reliance on currencies potentially subject to sanctions. Geopolitical factors can significantly influence a country’s reserve management strategy, and Russia’s focus on gold suggests a desire for a more independent and potentially less vulnerable reserve asset.

India’s foreign exchange reserves have been on an upward trend. They reached around US$704.89 billion on September 27, 2024 18, and further increased to $654.27 billion for the week ending March 14, 2025 19, and surged to over $676.2 billion in the week ending April 4, 2025.20 This increase includes a rise in foreign currency assets to over $574 billion and gold reserves to $79.36 billion.20 India’s growing foreign exchange reserves indicate a strengthening external position and the Reserve Bank of India’s active management of the currency market. The significant increase in gold reserves also aligns with a global trend of diversification. A growing economy and prudent monetary policy often lead to an accumulation of foreign exchange reserves, providing a buffer against external shocks and supporting the stability of the Rupee.

China holds the largest foreign exchange reserves globally, reaching nearly $3.23 trillion at the end of February 2025.21 This represents an increase of $18.2 billion compared to the end of January.21 As of March 2025, China’s reserves totaled US $3.240 trillion.23 While China maintains the largest foreign exchange reserves globally, it has gradually reduced its holdings of US Treasury securities, falling to $782 billion as of 2024.23 This trend, down from 59% of its total foreign exchange in 2016 to 25% in 2023, suggests a potential diversification strategy or a response to geopolitical tensions.23 However, the overall volume of reserves still signifies a strong reliance on USD assets. China’s massive reserves provide it with significant influence in global financial markets, and the decision to reduce US Treasury holdings, even if gradual, could have long-term implications for the demand and yield of US debt.

South Africa’s official gold and foreign exchange reserves stood at US$65,876 million as of January 31, 2025.24 Foreign exchange reserves specifically amounted to US$48,376 million, while gold reserves were US$11,315 million.24 Compared to other major economies, South Africa’s foreign exchange reserves are relatively modest.25 The detailed breakdown provided by the South African Reserve Bank indicates a standard approach to reserve management for a developing economy, including holdings in gold and SDRs. The level of a country’s reserves is often related to the size and nature of its economy, and South Africa’s reserve levels are typical for an emerging market, providing a buffer against balance of payments issues and exchange rate volatility.

Table 2: Foreign Exchange Reserves of Key Central Banks (Latest Available Data)

Note: The US Federal Reserve primarily holds reserves in EUR and JPY; the USD equivalent is not directly provided in the snippets.

USD Allocation in Major Sovereign Wealth Funds

The Qatar Investment Authority (QIA) is Qatar’s sovereign wealth fund, with an estimated $526 billion of assets under management as of November 2024.26 QIA’s investment strategy focuses on diversifying Qatar’s economy by investing in new asset classes, predominantly in international markets across the United States, Europe, and Asia-Pacific, as well as within Qatar outside the energy sector.26 While the provided information highlights QIA’s significant asset base and its broad diversification strategy, specific data on the percentage of its holdings denominated in USD is not available in these sources. However, given QIA’s substantial investments in international markets, particularly in the US, it is reasonable to infer a significant, though unspecified, allocation to USD-denominated assets within its portfolio. Sovereign wealth funds like QIA typically invest globally to diversify risk and maximize returns, and the size and importance of the US market make it highly probable that a considerable portion of their investments are in USD, even if the precise figure is not publicly disclosed in these general overviews.

The Public Investment Fund (PIF) of Saudi Arabia has become a central player in the kingdom’s post-oil diversification agenda under Vision 2030.29 PIF’s assets under management have grown significantly, reaching $925 billion in 2023, with an ambitious target of $2 trillion by 2030.29 PIF’s asset allocation includes 45% in Equities, 35% in Alternatives, and 20% in Short-Term Securities and Fixed Income.30 While this breakdown provides a general overview, it does not explicitly state the proportion of USD holdings within these categories. Nevertheless, PIF has made significant international investments, including stakes in major US companies like Amazon and London’s Heathrow Airport.29 These international investments, particularly in equities and fixed income, suggest a considerable exposure to USD-denominated assets within PIF’s portfolio. Similar to QIA, PIF’s investment strategy, while focusing on domestic diversification, inherently involves substantial holdings in USD due to the dominance of the US market in global finance.

The Norway Government Pension Fund Global, managed by Norges Bank Investment Management, is one of the world’s largest sovereign wealth funds, with its value exceeding 20,000 billion kroner (approximately USD 1.9 trillion based on current exchange rates) in 2024.31 As of the end of 2024, the fund’s investments comprised 71.4 percent equities, 26.6 percent fixed income, 1.8 percent unlisted real estate, and 0.1 percent unlisted renewable energy infrastructure.32 While the fund invests in a wide range of currencies across approximately 9,000 companies worldwide 31, the specific allocation to USD is not detailed in the provided snippets. However, given the significant allocation to global equities and the dominance of US companies in global equity markets, it is highly probable that a substantial portion of the Norway Government Pension Fund Global’s assets is denominated in USD. Although the fund aims for broad diversification across currencies, the sheer size and influence of the US equity market would naturally lead to a significant USD exposure within its equity holdings.

The absence of explicit USD allocation data for these major sovereign wealth funds in the provided snippets suggests that this level of detail is either not publicly disclosed or requires more specialized research beyond the scope of these general overviews. However, their stated investment strategies, with a strong emphasis on international markets and significant investments in the US, strongly imply a substantial reliance on USD-denominated assets.

BRICS Nations and the USD

The provided research material does not contain specific official statements or reports directly from recent BRICS meetings concerning the role of the USD. To accurately assess the BRICS perspective on this matter, it would be necessary to consult official BRICS communication channels, such as summit declarations, press releases from member state leaders, or reports issued by BRICS-affiliated institutions. These sources would provide direct insights into any discussions or policy stances regarding the USD’s role in international trade and financial transactions.

Evolution of Alternative Reserve Assets

The Euro (EUR) remains the second most widely held reserve currency globally. However, its share of allocated reserves experienced a slight decrease to 19.83 percent in the fourth quarter of 2024.1 This marginal decline suggests a period of relative stability or a slight weakening of the Euro compared to the USD. Despite this, the Euro’s continued significant share in global reserves underscores its importance in the international financial system, reflecting the economic size and influence of the Eurozone.

The Swiss Franc (CHF) and Japanese Yen (JPY) are also recognized as reserve currencies, as indicated by their inclusion in the IMF’s COFER data.2 The US Federal Reserve 6 and the European Central Bank 7 both hold reserves in JPY, highlighting its status as an established safe haven currency. However, the most recent COFER report 1 does not provide specific share data for CHF and JPY, making it difficult to determine their current trends in global reserve holdings based solely on this information. Historically, both Switzerland and Japan have been considered safe havens due to their stable economies and financial systems, contributing to the demand for their currencies as reserve assets.

The Chinese Yuan (CNY) has seen its share in global allocated reserves remain unchanged at 2.18 percent in the fourth quarter of 2024.1 The ECB’s holding of CNY reserves 7 indicates a gradual, albeit slow, recognition of the Renminbi’s increasing importance in the global economy. The lack of significant growth in the CNY’s share of global reserves, despite China’s substantial economic influence, suggests that its wider adoption as a major reserve currency faces ongoing challenges. These challenges may be related to factors such as capital controls and the limited convertibility of the Renminbi. While China’s economic size would logically imply a larger role for its currency in global reserves, these structural factors might be hindering its broader acceptance by central banks.

Bitcoin (BTC) is not mentioned as being held in the official foreign exchange reserves of any central bank within the provided research material. This suggests that Bitcoin is not yet considered a mainstream reserve asset by monetary authorities. The reasons for this likely include Bitcoin’s inherent price volatility, the evolving and often uncertain regulatory landscape surrounding cryptocurrencies, and the current lack of widespread acceptance of Bitcoin for international settlements. Central banks typically prioritize stability and security when managing their reserves, and Bitcoin’s characteristics currently pose too many risks for most monetary authorities to consider it a significant reserve asset.

Gold continues to play an enduring role as a reserve asset for many central banks. The central banks of Japan 9, Russia 15, India 20, and China 21 all report holding significant gold reserves. Additionally, the South African Reserve Bank 24 and the European Central Bank 7 also include gold as part of their foreign reserves. This widespread holding of gold underscores its historical significance as a safe haven asset and a store of value, particularly during times of economic uncertainty or geopolitical instability. The trend of increasing gold holdings by several central banks suggests a desire to diversify away from fiat currencies and hold an asset that is not subject to the monetary policies of any single nation.

USD in Circulation vs. Bitcoin Market Capitalization

The provided research snippets do not contain data on the total global volume of USD in circulation or the total market capitalization of Bitcoin. To address this aspect of the user’s query, external data sources would be necessary to obtain the current figures. A comparison between these two figures would provide a sense of the relative scale of the traditional dominant reserve currency and the leading cryptocurrency. It is anticipated that the total value of USD in circulation would significantly outweigh the market capitalization of Bitcoin, reflecting the USD’s established role in global commerce and finance over many decades.

Bilateral Currency Reserve Dynamics: China and the United States

China has notably reduced the percentage share of USD in its foreign exchange reserves over the past decade. As of 2023, USD reserves accounted for approximately 25% of China’s total foreign exchange holdings, a significant decrease from 59% in 2016.23 This trend indicates a clear strategy of diversification away from the US dollar. In contrast, the provided research material does not explicitly state the percentage share of CNY in the foreign exchange reserves of the United States. Snippet 6 indicates that the US Federal Reserve holds reserves primarily in EUR and JPY. The absence of information on significant CNY holdings by the US suggests that the share is likely very small, reflecting the limited role of the Renminbi in international transactions and reserve holdings compared to the USD. This asymmetry in bilateral currency reserve shares highlights the current imbalance in the international monetary system, where the USD remains the dominant global currency held by most nations, including China, even as diversification efforts are underway.

The USD as a Safe Haven: Current Role and Future Developments

The USD continues to function as the primary safe haven currency in the global financial system, evidenced by its high share in global central bank reserves.1 This enduring dominance is underpinned by several factors, including the substantial size and liquidity of the US economy and its highly developed financial markets. The USD remains the established currency for a significant portion of global trade invoicing and financial transactions. Even during periods of global economic uncertainty, as observed in the increase of the USD’s share in allocated reserves during the fourth quarter of 2024 1, the USD tends to attract demand as a store of value and a medium of exchange.

Despite the USD’s strong position, there are observable trends suggesting a gradual shift in the global reserve landscape. Countries like China have been actively diversifying their reserves away from the USD.23 Furthermore, there is a growing interest among central banks in alternative reserve assets, particularly gold.7 This diversification reflects a desire by some nations to reduce their reliance on the USD and potentially mitigate risks associated with holding a single dominant currency. The enduring dominance of the USD, despite these diversification efforts, highlights the deeply embedded structure of the international monetary system and the current absence of a readily available alternative that can match the USD’s level of liquidity and the trust it has garnered over decades.

Looking towards the future, several potential developments could influence the USD’s role as a safe haven currency. China’s ongoing diversification efforts, if sustained and followed by other major reserve holders, could lead to a gradual erosion of the USD’s dominance over the long term. The increasing interest in alternative reserve assets like gold is also likely to continue, providing central banks with a tangible asset that is not subject to the monetary policies of any single nation. Geopolitical factors will undoubtedly play a significant role, and the potential for a more multi-polar currency system to emerge, driven by the economic growth of nations beyond the US, cannot be discounted.

To maintain its status as the preeminent safe haven currency, the United States will need to sustain sound fiscal and monetary policies to preserve global confidence in the USD. Monitoring the pace and scale of diversification by major reserve holders, especially China, will be crucial for understanding potential shifts in the global financial landscape. The development and adoption of digital currencies by other nations could also pose a long-term challenge to the USD’s dominance if these digital currencies gain widespread acceptance for international trade and finance. Ultimately, the USD’s safe haven status will continue to be influenced by geopolitical stability and the US’s role in global affairs.

Conclusion

The analysis of central bank reserve holdings, sovereign wealth fund allocations, and trends in alternative assets indicates that the USD remains the dominant safe haven currency in the global financial system. Its position is supported by the strength and liquidity of the US economy and financial markets. However, trends of diversification by major holders like China and an increasing interest in alternative assets, particularly gold, suggest a potential for a gradual shift in the long term. While the USD’s dominance is likely to persist in the foreseeable future, its long-term trajectory will depend on various economic, geopolitical, and technological factors, including the fiscal and monetary policies of the United States and the emergence of credible alternatives.

References

1. IMF Data Brief: Currency Composition of Official Foreign Exchange Reserves, Access on April 15, 2025, https://data.imf.org/en/news/4225global%20fx%20reserves%20decreased%20by%203%20percent%20in%202024q4?deliveryName=FCP_7_DM16206
2. IMF/COFER | DBnomics, Access on April 15, 2025, https://db.nomics.world/IMF/COFER
3. Currency Composition of Official Foreign Exchange Reserves (COFER) – IMF Data, Access on April 15, 2025, https://data.imf.org/COFER
4. Currency Composition of Official Foreign Exchange Reserve – IMF Data, Access on April 15, 2025, https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4&ss=1442948906947
5. Bank for International Settlements – Wikipedia, Access on April 15, 2025, https://en.wikipedia.org/wiki/Bank_for_International_Settlements
6. Foreign Reserves Management – FEDERAL RESERVE BANK of NEW YORK, Access on April 15, 2025, https://www.newyorkfed.org/markets/international-market-operations/foreign-reserves-management
7. Foreign reserves and own funds – European Central Bank, Access on April 15, 2025, https://www.ecb.europa.eu/ecb/orga/tasks/reserves/html/index.en.html
8. Euro Area Foreign Exchange Reserves – Trading Economics, Access on April 15, 2025, https://tradingeconomics.com/euro-area/foreign-exchange-reserves
9. International Reserves/Foreign Currency Liquidity (as of the end of December 2024), Access on April 15, 2025, https://www.mof.go.jp/english/policy/international_policy/reference/official_reserve_assets/e0612.html
10. Japan Foreign Exchange Reserves, 2000 – 2025 | CEIC Data, Access on April 15, 2025, https://www.ceicdata.com/en/indicator/japan/foreign-exchange-reserves
11. Japan Foreign Exchange Reserves – Trading Economics, Access on April 15, 2025, https://tradingeconomics.com/japan/foreign-exchange-reserves
12. Brazil International Reserves (USD bn) – FocusEconomics, Access on April 15, 2025, https://www.focus-economics.com/country-indicator/brazil/international-reserves/
13. Brazil Foreign Exchange Reserves, 2000 – 2025 | CEIC Data, Access on April 15, 2025, https://www.ceicdata.com/en/indicator/brazil/foreign-exchange-reserves
14. Brazil Foreign Exchange Reserves – Trading Economics, Access on April 15, 2025, https://tradingeconomics.com/brazil/foreign-exchange-reserves
15. International Reserves of the Russian Federation – Wikipedia, Access on April 15, 2025, https://en.wikipedia.org/wiki/International_Reserves_of_the_Russian_Federation
16. Russia International Reserves (USD bn) – FocusEconomics, Access on April 15, 2025, https://www.focus-economics.com/country-indicator/russia/international-reserves/
17. Russian Federation Central Bank Reserves (USD) – Investing.com, Access on April 15, 2025, https://www.investing.com/economic-calendar/russian-central-bank-reserves-(usd)-969
18. Foreign-exchange reserves of India – Wikipedia, Access on April 15, 2025, https://en.wikipedia.org/wiki/Foreign-exchange_reserves_of_India
19. India’s forex reserves rise to $654.27 billion as of March 14 – The Economic Times, Access on April 15, 2025, https://m.economictimes.com/news/economy/indicators/indias-forex-reserves-rise-to-654-27-billion-as-of-march-14/articleshow/119301316.cms
20. India’s forex reserves surge by 10.8 billion US dollars to 676.26 billion dollars – – Newsonair, Access on April 15, 2025, https://www.newsonair.gov.in/indias-forex-reserves-surge-by-10-8-billion-us-dollars-to-676-26-billion-dollars/
21. China’s foreign exchange reserves rise to 3.23 trln USD, Access on April 15, 2025, https://english.www.gov.cn/archive/statistics/202503/07/content_WS67cadccdc6d0868f4e8f0926.html
22. China’s foreign exchange reserves rise to $3.23 trillion – China Daily, Access on April 15, 2025, https://www.chinadailyhk.com/hk/article/606412
23. Foreign-exchange reserves of China – Wikipedia, Access on April 15, 2025, https://en.wikipedia.org/wiki/Foreign-exchange_reserves_of_China
24. Official gold and foreign exchange reserves of the South African Reserve Bank as at 31 January 2025, Access on April 15, 2025, https://www.resbank.co.za/content/dam/sarb/publications/financial-markets/notices/information-notice/2025/information-notice-gold-and-foreign-exchange-reserves-january-2025.pdf
25. South Africa Foreign Exchange Reserves, 2001 – 2025 | CEIC Data, Access on April 15, 2025, https://www.ceicdata.com/en/indicator/south-africa/foreign-exchange-reserves
26. Qatar Investment Authority – Wikipedia, Access on April 15, 2025, https://en.wikipedia.org/wiki/Qatar_Investment_Authority
27. Qatar’s new value proposition – a wealth of opportunities – Invest Qatar – Financial Times, Access on April 15, 2025, https://investqatar.ft.com/article/qatars-new-value-proposition-a-wealth-of-opportunities
28. Factsheet: QIA’s Key Investments | Global Finance Magazine, Access on April 15, 2025, https://gfmag.com/economics-policy-regulation/qia-key-investments/
29. Diversification Meets Personalization: The Strategic Role of the Public Investment Fund in Saudi Arabia – Middle East & North Africa – Noria Research, Access on April 15, 2025, https://noria-research.com/mena/diversification-meets-personalization-the-strategic-role-of-the-public-investment-fund-in-saudi-arabia/
30. Public Investment Fund/Sanabil Investments (PIF) – Top1000funds.com, Access on April 15, 2025, https://www.top1000funds.com/asset_owner/public-investment-fund-sanabil-investments-pif/
31. About the fund | Norges Bank Investment Management, Access on April 15, 2025, https://www.nbim.no/en/about-us/about-the-fund/
32. Government Pension Fund Global Annual report 2024 – Norges Bank Investment Management, Access on April 15, 2025, https://www.nbim.no/contentassets/490f9f062cfc4694b12c45f4d04ab0a5/annual_report_2024.pdf

Source – Google Gemini, prompted by Insight EU