190620 doha skyline
Qatar Investment Authority has plans to channel more of its funds into Asia and US in the near term. Image Credit: Supplied

Doha: Qatar, the world’s richest country per capita, is considering a plan that would make its $450 billion sovereign wealth fund even bigger.

Officials are discussing a plan to make Qatar Investment Authority the money manager for major state-run companies, consolidating the nation’s assets under one entity. Maximilian Mahringer, a QIA executive and former McKinsey & Co. consultant, is helping spearhead the project.

No final decisions have been made and it wasn’t immediately clear which state firms would be included. A representative for the QIA wasn’t available for comment.

The strategy could help Doha cut costs while significantly boosting the total assets under QIA, which currently ranks as the world’s ninth-largest sovereign wealth fund, according to SWF Institute data. As part of Qatar’s economic diversification push, the fund has vowed to plow more money into Asia and the US following years of substantial investment in Europe.

In the past year, QIA has climbed up the wealth fund rankings, bolstered by surging prices for gas - the nation’s main export. The government also expects a $20 billion economic boost from the World Cup that it will host later this year.