From Sovereign Wealth Fund to National Fund for Children: Resource Wealth Redistribution and Social Policy Innovation in Kazakhstan

Abstract

Many resource-rich countries in the Global South face a development paradox in which natural wealth fails to generate broad-based social progress, a challenge often explained by the resource curse. This paper examines Kazakhstan's National Fund for Children (NFC), a universal child savings account policy financed by natural resource revenues. Launched in 2024, the NFC provides savings accounts for all 7 million children, with funds accessible for education and housing in adulthood. Using a qualitative case study based on desk research and secondary data, the study analyzes the policy's design, implementation, and early usage patterns. The findings illustrate how future-oriented social policy can transform resource wealth into intergenerational human development.