A recent report by the Organisation for Economic Co-operation and Development (OECD) has shown that global pension fund assets grew by over 10% to $38.5 trillion in 2021. The report focused specifically on pension fund assets in 68 countries or reporting jurisdictions, consisting of 38 OECD countries and 30 non-OECD countries in Eastern Europe, Asia and Africa. According to The Balance, pension funds are investment pools that accumulate wealth for the purpose of paying for workers’ retirement. Typically, pension funds are contributed by both workers and their employers, especially so in African countries where compulsory pension schemes exist. Egypt’s pension fund asset grew by 8.0% to $6.2 billion, representing 1.5% of the country’s 2021 GDP. Ghana’s pension fund asset grew by 27.2% to $4.7 billion, representing 6.3% of the country’s GDP in 2021. Kenya’s pension fund asset grew by 10.6% to $13.7 billion, resenting 12.9% of the country’s 2021 GDP. Namibia’s pension fund assets grew by 17.6% to $11.8 billion, representing 103.0% of the country’s 2021 GDP. Nigeria’s pension fund assets grew by 9.1% to $32.6 billion, representing 7.6% of the country’s GDP. Uganda’s pension fund assets grew by 15.8% to $5.3 billion, representing 12.4% of the country’s GDP. Finally, Zimbabwe’s pension fund assets grew by 285.8% to $2 billion, representing 7.6% of GDP.
SOURCE: BUSINESS INSIDER