Norway's sovereign wealth fund hits 1 trillion United States dollars in value

Oil rigs

Norway's sovereign wealth fund, the world's largest of its kind, has hit a milestone value of one trillion U.S. dollars, beating all expectations since its creation over 20 years ago.

"I don't think anyone expected the fund to ever reach 1 trillion dollars when the first transfer of oil revenue was made in May 1996".

The sovereign wealth fund of Norway, officially known as the Government Pension Fund of Norway, is the largest in the world. "One day the oil will run out, but the return of the fund will continue to benefit the population", the fund explains. What's most notable in this situation is that a white paper in April 2011 estimated the fund wouldn't reach the $1 trillion mark until the end of 2019. With stakes in almost 9,000 companies, it owns 1.3 percent of the world's market capitalization, and 2.3 percent in Europe. It started out by investing purely in bonds, but now holds close to 65 percent of its assets in shares.

Did you know the Norwegians through the fund owns part of more than 100 buildings in London, along the Regent Street, from Piccadilly Circus beyond Oxford Street?

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Established in the 1990s to manage the Norwegian state's oil revenues, the fund set the record thanks to the appreciation of the world's major currencies against the dollar and a good stock market health.

However, there are some problems with managing a trillion dollar portfolio, Bloomberg noted.

Theoretically, each of Norway's 5.3 million citizens owns a slice worth about $189,000 in the fund.


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