Juneau, Alaska, may seem like an unlikely centre for a growing sovereign wealth fund worth nearly $40bn (£20bn, €29bn). But for more than 30 years Juneau, the state capital, has been home to Alaska’s Permanent Fund, an investment vehicle financed by the US state’s oil wealth that delivers a handsome, though fluctuating, dividend to its citizens every year.

“We’re trying to turn non-renewable mineral wealth to renewable financial wealth, and we’ve been at it for quite some time,” says Michael Burns, executive director at the fund.