The size of the SWF industry increased a 6% year-on-year in 2021 and exceeded the $10 trillion mark for the first time in history. This was not only helped by the price of equities, but also by the recovery of oil prices, and to a lesser extent by new funds established during the year. Public pension funds also accomplished a historical milestone after growing past the $20 trillion mark and experienced a higher y-o-y growth of 8.7% due to increased exposure to U.S. stocks, and to rising contributions from pensioners around the world.