Norway’s Sovereign Wealth Fund Hits a Whopping $1 Trillion

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Norway pensioners are well-positioned to head to their retirement as the company’s sovereign wealth fund has reached $1 trillion.

Norway
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The Scandinavian country is a major oil producer worldwide, which has allowed it to inject earnings from the business into the nation’s pension fund, as well as to pay other government expenses. This is the first time Norway’s sovereign wealth fund has reached $1 trillion.

“The growth in the fund’s market value has been stunning,” fund chief Yngve Slyngstad said in a statement. “I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996.”

The fund is run by Norges Bank, which reported that the country’s forecast never predicted a sum so large for its pension. Slyngstad said that the figure is astounding, and far beyond’s anyone’s expectations when the nation had its first transfer of oil revenue back in May 1996.

The figure was reached Tuesday morning at 2:01 a.m. local time. The back has a stake in various of the top tech companies in the world, including Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL).

The Norway fund also holds a considerable real estate portfolio, including stakes in buildings located in New York’s Time Square, London’s Regent Street and Paris’ Champs Elysees.

If divided evenly, the fund’s value amounts to $190,000 a piece for the nation’s 5.2 million citizens.


Article printed from InvestorPlace Media, https://investorplace.com/2017/09/norway/.

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