Alaska's $89 billion idea, explained.
The Alaska Permanent Fund turns oil — a resource that runs out — into savings that don't. This is a plain-English guide to how it works, where it came from, and why protecting and growing it matters for every generation of Alaskans to come.
Figures from the Alaska Permanent Fund Corporation and Alaska Department of Revenue. See News and Resources for sources.
The basics
What is the Permanent Fund?
It's Alaska's savings account — built from the state's oil wealth, owned by the people, and designed to outlast the oil itself.
When the Trans-Alaska Pipeline began pumping in the 1970s, Alaskans faced a once-in-history windfall — and a hard question: spend it now, or save it for good? In 1976 they chose to save. Voters amended the state constitution to require that at least 25% of mineral royalties be set aside in a dedicated fund the Legislature cannot spend on a whim.
Nearly 50 years later, that decision has grown into the largest sovereign wealth fund in the United States. It pays an annual dividend to residents and now supplies a large share of the money that runs state government — schools, troopers, roads, and more.
See how the money flows →Find your starting point
However you come to the Fund, there's a path in
Whether you're an Alaskan who simply gets the check, a student studying the Fund, or a policymaker weighing its future.
Curious Alaskans
You get the dividend every fall — but what is the Fund, really? Start with the basics and the dividend story.
Students & educators
A clear, sourced timeline, a glossary, and an FAQ you can use in the classroom or a research paper.
Policymakers
The fiscal stakes, the POMV math, the sustainability risk, and the case for long-term oversight.
A sense of scale
Big for America — small next to Norway
At roughly $89 billion, Alaska's is the largest sovereign wealth fund in the United States. Globally, though, it's modest: Norway's fund holds over $2.1 trillion — about 26 times larger.
That gap is exactly why the choices ahead matter. Norway saves nearly all of its oil earnings and spends only the returns. How much Alaska saves, protects, and grows its Fund now will decide how it compares — and what it can pay — in another 50 years.
Why this matters now
The Fund is at a turning point
Three forces are colliding at once:
Oil is declining
The royalties that built the Fund are shrinking. The Fund's investment earnings — not oil — are now the state's largest source of general revenue.
The dividend is contested
Since a 2016 veto broke the historic formula, the size of the dividend has been fought over every single legislative session, with no settled rule.
The rules aren't locked in
The Fund's principal is in the constitution, but the spending rule and the dividend live only in statute — they can change with a single vote.
A milestone year
2026 marks the Fund's 50th anniversary. It's a natural moment for Alaskans to understand what they own — and to decide how to protect and grow it for the next 50 years.
It belongs to all of us — let's protect it
The Permanent Fund only stays strong for every Alaskan — today and for generations to come — if we guard its real value by inflation-proofing it and drawing sustainably. New here? Start with how the Fund works, see why it matters, and learn why protecting it from inflation is the key to it all.