Maricá, Brazil, uses sovereign wealth fund to drive local development

The Brazilian city of Maricá has established a sovereign wealth fund and a basic income program following the discovery of offshore oil deposits in 2006. The city, which has become one of the wealthiest in Brazil, uses these resources to fund public services such as free air-conditioned buses and modern infrastructure.

Interest in sovereign wealth funds is growing in North America at various levels of government. In the United States, Senator Bernie Sanders has proposed a fund fueled by taxes on AI companies to provide annual dividends to citizens, while President Donald Trump issued an executive order in February 2025 to explore a national fund aimed at promoting long-term financial health. In Canada, Prime Minister Mark Carney announced the Canada Strong Fund to invest public funds into energy and infrastructure projects.