Alberta Heritage Fund hits $30B, eyes $250B goal by 2050

Alberta’s Heritage Savings Trust Fund has hit a record high of $30 billion after a $2.8-billion deposit from the province’s 2024–25 surplus, the province announced on Friday.

Alberta’s Heritage Savings Trust Fund has hit a record high of $30 billion after a $2.8-billion deposit from the province’s 2024–25 surplus, the province announced on Friday.

“It is a great day for Alberta and for Albertans and for the future,” said Alberta Premier Danielle Smith at Friday’s press conference.

She explained that despite former premier Peter Lougheed’s foresight in establishing the fund, it had barely grown over the last four decades.

The province’s new fiscal framework forces the government to leave the investment income untouched and grow the fund faster.

The United Conservative government plans to grow the Heritage Fund to $250 billion by 2050, positioning it as a stabilizing source of income to weather volatile resource revenues and reduce reliance on taxation.

“As it stands today, we receive around $20 billion a year in resource revenues,” said Smith. “Any additional revenue in the present must have a plan for the future. That is why in January, our government announced an ambitious plan to grow the Heritage Fund to $250 billion by 2050.”

Finance Minister Nate Horner said Alberta’s surplus is being used to both reduce debt and save for future generations.

“With this latest $2.8-billion contribution, we remain firmly on track to grow the Heritage Fund to $250 billion or more by 2050,” said Horner. “Due to the actions taken by our government, we have been able to grow the fund by over 80 per cent in the last five years. Achieving substantial growth for the Heritage Fund will take more than just luck. It will demand planning, responsibility and discipline.”

Former prime minister Stephen Harper previously chaired the Board of the Alberta Investment Management Corporation, which included managing the Heritage Fund. The fund appointed a new board and chair on Friday.

The board members include Joe Lougheed, who is the chair, and various Albertans, some of whom are former MPs. The board also includes someone from Switzerland and another from Finland.

Lougheed said that two or three additional board members will be appointed in the coming weeks.

Smith emphasized the moral responsibility of securing Alberta’s future prosperity through consistent savings.

“The most solemn duty of any government is to ensure that future generations are able to enjoy the same benefits and quality of life that we do today,” said Smith. “Our government has nearly doubled the Heritage Fund in size in six years because we believe in a lasting legacy for our children, their children, and beyond. If the day comes when our resource revenues begin to decline, those future generations will be grateful for the investments made today in the Heritage Fund.

According to the finance ministry, Alberta’s Heritage Fund has grown from $16.3 billion in 2019–20 to $30 billion today, with the province on pace to achieve its long-term goal.

“This historic boost to Alberta’s Heritage Fund isn’t just about the numbers – it’s about building a future where families thrive, communities grow, and Alberta stays strong no matter what comes next,” concludes the province’s press release.

The Alberta separatists realize the importance of the Heritage Savings Trust Fund, too. The Alberta Prosperity Project’s recently released fiscal plan pledged to generate around $1.3 to $1.4 trillion for the fund between 2025 and 2045.