There is a difference between saving for a rainy day and building something that will stand for generations. In Alberta, we are choosing the latter.
Nearly 50 years ago, Premier Peter Lougheed made a decision that still shapes our province. He set aside a portion of resource revenues — not to spend or chase short-term priorities, but to build a lasting foundation for the future. That foresight created the Alberta Heritage Savings Trust Fund.
It was built on a principle Albertans understand. When times are good, you do not spend everything. You save, invest, and ensure your kids and grandkids are better off because of it.
That principle guides us today — but it has not always.
Lougheed’s vision for the fund was forgotten for decades. Previous governments from multiple parties withdrew from the fund to manage short-term pressures, pay down deficits, and meet immediate needs. Those decisions slowed the fund’s growth and limited what it could have been today.
Now, we are on a different path.
Under Premier Danielle Smith’s leadership, Alberta has renewed its commitment to grow the Heritage Fund to $250 billion by 2050. We are retaining all investment income and adding to the fund when we have surplus cash.
We are already seeing significant results.
By the end of 2019–20, the year we took office, the Heritage Fund had a net asset value of $16.3 billion (fair market value). Over the years, our government committed $753 million in 2022–23, $2 billion in 2024–25, and $2.8 billion in 2025–26. Between these significant surplus cash contributions, strong net investment income, and reinvesting earnings, the fund has grown to be worth over $31.9 billion as of December 31, 2025.
We intend to keep that momentum.
Investment income stays in the fund and is reinvested to further accelerate the fund’s growth over time. When we have cash, we add to it. When we run deficits, we leave our earnings alone. That is how lasting value is built.
If government stays true to this commitment, by 2050 the fund will provide a stable source of income that will help fund our public services and infrastructure. It will help provide long-term tax stability, and reduce our reliance on volatile resource revenues.
This week, the federal government announced the Canada Strong Fund – what they are calling a national sovereign wealth fund intended to invest in major projects across Canada. Any effort to grow the economy deserves consideration, but not all funds are built the same.
Alberta’s Heritage Fund is a savings fund first, and its number one goal is growth.
It is designed to grow wealth through disciplined investment over time. It is globally diversified across equities, bonds, real estate, and other assets. It is structured to maximize returns, protect capital, and manage risk, with clear benchmarks and professional oversight. And its mandate is to invest where returns are greatest, whether that is in Alberta, Canada, or the rest of the world.
