Institutional Investors' Indicators — Financial liabilities of pension funds by country
The Institutional Investors’ Indicators table shows total financial assets and liabilities of the three types of institutional investor - investment funds, insurance corporations and pension funds - as a percentage of GDP. It also provides a breakdown of the total assets (liabilities) of each type of institutional...
What the numbers show
Institutional Investors' Indicators — Financial liabilities of pension funds is currently reported for 33 countries. The highest value is 179.17 Percentage of GDP in Iceland; the lowest is 0.4119 Percentage of GDP in United Kingdom of Great Britain and Northern Ireland.
The median across all reporting countries is 13.24 Percentage of GDP, and the mean is 39.24 Percentage of GDP.
The gap between the highest and lowest reporting country is a factor of about 435.
Over the past decade 17 countries rose and 15 fell. The largest increase was in Greece (up 481.6%), and the largest decrease in Finland (down 40.1%).
Institutional Investors' Indicators — Financial liabilities of: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Iceland | 179.17 Percentage of GDP | 2025 | up 27.4% | rising |
| 1 | Netherlands | 151.21 Percentage of GDP | 2024 | down 15.3% | rising |
| 2 | Australia | 146.62 Percentage of GDP | 2025 | up 25.7% | rising |
| 2 | Latvia | 25.87 Percentage of GDP | 2025 | up 129.1% | volatile |
| 3 | Switzerland | 126.33 Percentage of GDP | 2025 | up 14.8% | rising |
| 3 | Estonia | 19.58 Percentage of GDP | 2020 | up 118.6% | volatile |
| 4 | Sweden | 106.46 Percentage of GDP | 2025 | up 24.2% | volatile |
| 4 | Lithuania | 13.24 Percentage of GDP | 2025 | up 126.8% | volatile |
| 5 | United States of America | 97.64 Percentage of GDP | 2025 | down 13.2% | rising |
| 5 | Slovenia | 7.81 Percentage of GDP | 2025 | up 21.3% | rising |
| 6 | Canada | 89.25 Percentage of GDP | 2025 | down 0.5% | rising |
| 6 | Poland | 6.59 Percentage of GDP | 2024 | down 25.5% | falling |
| 7 | Chile | 68.53 Percentage of GDP | 2025 | down 5.5% | falling |
| 7 | Türkiye | 4.27 Percentage of GDP | 2025 | down 1.7% | falling |
| 8 | Denmark | 63.73 Percentage of GDP | 2025 | down 26.0% | falling |
| 9 | Costa Rica | 27.82 Percentage of GDP | 2021 | up 97.2% | rising |
| 10 | Mexico | 26.18 Percentage of GDP | 2025 | up 56.3% | rising |
| 11 | Japan | 25.08 Percentage of GDP | 2025 | down 14.0% | falling |
| 12 | Ireland | 23.33 Percentage of GDP | 2025 | down 38.4% | falling |
| 13 | Germany | 15.27 Percentage of GDP | 2025 | down 4.2% | rising |
| 14 | Spain | 10.77 Percentage of GDP | 2025 | down 10.1% | rising |
| 15 | Norway | 10.12 Percentage of GDP | 2025 | up 10.8% | rising |
| 16 | Italy | 8.64 Percentage of GDP | 2025 | up 26.8% | rising |
| 17 | Czechia | 7.91 Percentage of GDP | 2025 | down 1.4% | rising |
| 18 | Belgium | 7.76 Percentage of GDP | 2025 | up 32.0% | rising |
| 19 | France | 7.61 Percentage of GDP | 2025 | — | volatile |
| 20 | Austria | 5.89 Percentage of GDP | 2025 | up 7.2% | rising |
| 21 | Russian Federation | 4.24 Percentage of GDP | 2020 | up 156.1% | rising |
| 22 | Hungary | 3.32 Percentage of GDP | 2025 | down 19.4% | volatile |
| 23 | Luxembourg | 2.05 Percentage of GDP | 2025 | down 39.5% | rising |
| 24 | Greece | 1.14 Percentage of GDP | 2025 | up 481.6% | volatile |
| 25 | Finland | 1.04 Percentage of GDP | 2025 | down 40.1% | volatile |
| 26 | United Kingdom of Great Britain and Northern Ireland | 0.4119 Percentage of GDP | 2024 | up 174.4% | volatile |
Regions and income groups
Aggregates are excluded from the country ranking above so that a region can never outrank a country.
- Korea 20.76 Percentage of GDP
- Slovak Republic 14.23 Percentage of GDP
About this data
The Institutional Investors’ Indicators table shows total financial assets and liabilities of the three types of institutional investor - investment funds, insurance corporations and pension funds - as a percentage of GDP. It also provides a breakdown of the total assets (liabilities) of each type of institutional investor by main financial instrument category: currency and deposits; debt securities; loans; equity and investment fund shares; insurance, pensions and standardised guarantees; financial derivatives and employee stock options; and other accounts receivable/payable. The financial instrument categories are shown as a share (percentage) of the total assets (liabilities) of each type of institutional investor. For investment funds, there is also a breakdown of total assets by type of investment fund: real estate, equity, bond, mixed, hedge and other funds; and a breakdown of total assets and liabilities by whether they belong to money market funds (MMFs) or non-MMFs and to open-ended or closed-ended funds. All the indicators in this dataset are derived from the Institutional Investors' Assets and Liabilities dataset.