# Learning from the right sovereign wealth funds > Source: > Published: 2026-06-22 01:07:03+00:00 NEW YORK — What’s not to love about a sovereign wealth fund? Gulf states’ sovereign wealth funds(SWF), which control roughly $6 trillion in assets, are no longer mere investment vehicles. They have become tools of statecraft, transforming kingdoms and emirates into power brokers and benefactors. Alongside splashy spending on sports and luxury retail — Saudi Arabia’s Public Investment Fund (PIF) bought the English soccer club Newcastle United, and the Qatar Investment Authority (QIA) owns the department store Harrods — these funds have poured money into strategic sectors such as AI, logistics, and renewables. They also provide economic support to allies, serving as a foreign-policy lever. The Gulf model is so appealing that Canadian Prime Minister Mark Carney recently launched an SWF, and U.S. President Donald Trump signed an executive order to establish one. But neither Canada nor the United States can match the decades of hydrocarbon surpluses that form the backbone of the Gulf model. A more relevant example would be Latin America, which has run this experiment many times