ON paper and in theory, there is nothing wrong with a sovereign wealth fund or a state-owned investment fund like the Maharlika Investment Fund.

However, as James Guild wrote in The Diplomat, "typically, sovereign wealth funds are found in countries that run trade or current account surpluses." Thus, the most outstanding examples of countries that have a sovereign wealth fund are those either resource-rich countries like Norway or Qatar, or countries like Singapore that are not resource-rich, but maintain a substantial current account surplus.

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