Breaking News: MPF breaks through $1.70 trillion for the 1st time ever

3rd September 2026

Earnings of major providers drive MPF to record size as history suggests system should end the year positively

MPF Ratings’ 2026 August MPF Performance Survey is now available.

Key points are as follows:

An August investment gain of 1.46% (as measured by the MPFR All Fund Performance Index as at 31st August) sees the MPF system record its 6th positive monthly return in 2026 to take year-to-date returns to 7.79%. (See table 1)
Historically, MPF has produced 6 positive monthly returns by the end of August on 6 previous occasions, and only once (in 2021) has the system ended the year with a loss.
Asian equities continued its strong 2026 run in August. This year’s best performing asset class ranked 1^st for August with a return of 3.53%, taking its year-to-date return to 25.58% (as measured by MPF Ratings’ MPFR Index – Equity Fund (Asia)). (See table 1)
In absolute dollar terms, MPF’s August investment gain of approximately $24.4bn (or $4,917 per MPF’s 4.97m members) takes year-to-date investment gains to $122.1bn, the system’s 2^nd best on record.
Total MPF assets inclusive of contributions end August at an all-time record high of $1.71tr (up $27.4bn from July and up $152.3bn year-to-date), and equivalent to an average MPF account balance of $343,420 (up $5,521 from July, and up $19,303 year-to-date).

Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, insights, and education, today released MPF Ratings’ 2026 August MPF Performance Survey by revealing the MPF system reached a new all-time high in August, breaking through $1.70tr mark for the first time since the system’s inception in December 2000. August saw MPF add approximately $24.4bn in investment gains to take MPF’s annual earnings to $122.1bn, equivalent to an average of approximately $4,917 for the month per MPF’s 4.97m members, and $25,221 year-to-date. The combination of investment gains and contributions sees the system end August at an asset size of $1.71tr, equivalent to an average account balance of approximately $343,420 per member, and up 7.79% since the end of 2025.

Quotes:

MPF smashes through the $1.70tr barrier – MPF’s largest size.

“MPF added 1.46% of investment returns in August to take year-to-date return to 7.79% and in doing so, helped the MPF system grow to $1.71tr in size. MPF’s new highest level surpasses the $1.69tr achieved in May of this year. MPF average account balances are now at $343,420 per MPF’s 4.97m members.”

Superior investment earnings of major insurance MPF providers drive MPF’s record total asset size.

“Investment earnings have played a critical part in MPF reaching a new all-time high with major insurance scheme providers, AIA, Manulife and Sun Life generating a large majority of MPF’s $122.1bn year-to-date investment earnings.”

History favours MPF to continue its record run.

“History is on MPF’s side to end the year positively. The system has produced 6 positive monthly returns by the end of August on 6 previous occasions and only once, in 2021, has the system ended the year with a loss. That said, we remind members not to be complacent. Financial markets continue to experience volatility as they navigate an ever-changing Middle East, tariff, and general global economic situation, and it is for this reason we reinforce the importance of diversification and the critical role the MPFA mandated low Default Investment Strategy (DIS) funds play in helping MPF members achieve their saving, investing and retirement goals.”

Table 1: MPF Ratings’ MPFR Index returns by asset class (as of 31^st August 2026)