That is Norway’s Sovereign Wealth Fund.
Norway’s sovereign wealth fund gains £140bn in one year – £26,400 for every citizen
Its total value is now equivalent to £160,000 for each of Norway’s 5.3 million people
Norway’s sovereign wealth fund earned a record £140bn, meaning an extra £26,400 for every citizen of the oil-rich nation.
A bumper year saw 19.9 per cent rise in the value of investments held by the fund, taking its total value to more that 10 trillion Norwegian Crowns.
Norway’s fund, set up in 1990 to preserve the nation’s oil and gas wealth for future generations, is the biggest sovereign fund in the world, owning around 1.5 per cent of all shares in listed companies.
The fund helps pay for generous welfare provision and its total value is now equivalent to £160,000 for each of Norway’s 5.3 million people. It hit the 10 trillion-krone landmark in 2019, exactly 50 years since fossil fuels were first discovered beneath Norwegian waters, dramatically altering the nation’s trajectory.
The fund pledged this year to sell its stake in oil and gas exploration firms, although some campaigners say the move does not go far enough. It maintains stakes in Shell, BP and other oil majors.