Kuwait's sovereign fund has grown at a record rate of about $700 billion, qualifying it as one of the three largest sovereign funds around the world in terms of assets, Bloomberg quoted a source as saying early Saturday. Kuwait views the Future Generations Reserve Fund as a national project designed to prepare for post-oil life. Kuwait Sovereign Fund is the oldest sovereign fund in the world and dates back to before the founding of the modern State of Kuwait, the agency said.

Norway's sovereign fund is the largest in the world with $1.3 trillion in assets, followed by the $1 trillion Chinese Fund, according to the SWF Institute.

Kuwait announced at the beginning of July that the fund's revenues grew by 33 percent in the past fiscal year.