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Kuwait wealth fund worth $261 billion in March 2012

  • A wealth fund managed by Kuwait Investment Authority (KIA) had assets worth more than $261 billion at the end of March last year, local media reported on Sunday.

    Oil-producing Kuwait is one of the world's richest countries per capita and puts away a percentage of its annual revenues into the Future Generations Fund, a fund for when oil supplies run out or if the economy suffers any crisis.

    Citing a government audit, the daily al-Qabas said 47 percent of the fund was invested in stocks.

    Last September, Kuwait started to put 25 percent of revenues into the fund, up from 10 percent previously.

    The fund was set up in 1976 and all investment income is reinvested. It was set up to provide for future generations in a country where more than half its 2.8 million citizens under the age of 25.