Former President Donald Trump in a speech to business leaders on Thursday called for the creation of a U.S. sovereign wealth fund, a government-owned investment fund, to finance “great national endeavors.”
While offering few details, Trump said the fund would would yield a “gigantic profit” that could help “pay down the national debt” — an unmet goal from his 2016 campaign.
Sovereign wealth funds are prevalent throughout the industrialized and developing world, with the largest ones residing in oil-rich states like Norway, Saudi Arabia and other Persian Gulf nations as well as China, Singapore and Hong Kong.
