Source Pravda.Ru

Russian Wealth and Reserve Funds hit top 15 largest world funds

The Russian National Wealth Fund and Reserve Fund have hit the top 15 largest world funds of 2014.

As the World Bank reported, they gathered $174.5 billion reserves. According to the document, Norway has the largest reserve fund. The assets made up $878 billion by the end of 2014.

If looking at the counties' indices, China ranks first, as four of its funds comprise $1.65 trillion. The second place goes to Norway, while the Arab Emirates round up the top three with $863 billion.

The Russian reserve funds are among the youngest, as they were created in 2008. The UAE have the oldest fund, which was created in 1976.

The Russian Reserve Fund grew 397.35 billion rubles in August. Its total volume made up $73.76 billion on 1 September.

Also read: Russia to create $100bn competitor to the IMF

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