Sovereign Wealth Funds (SWFs) are state-owned or affiliated funds. The first type (by far the biggest) invests foreign exchange reserves, driven by trade surpluses and exports of natural resources. Most are from Asia, and especially from the Middle-East. The biggest is from the United Arab Emirates, with $875bn under management. SWFs from Kuwait, Singapore, China, and Russia are also among the largest. The second type, also called Sovereign Pension Funds, explicitly invests money to provide pensions for ageing populations, notably in the U.S. and Japan.