Norway’s sovereign wealth fund hits $1 trillion valuation for first time ever
The value of the fund has been bolstered by rising global stocks and a strong performance of the euro. Norway’s sovereign wealth fund owns about 1.3 per cent of all stocks listed globally and around 2.3 per cent of all those listed in Europe. It was established in 1998 as a means of saving revenues generated from the oil and gas industry for future generations. Today it is worth more than 2.5 times Norway’s annual gross domestic product, which is equivalent to around $185,000 per capita. It’s bound by an ethical charter, under which it cannot invest in companies that produce tobacco, nuclear weapons or anti-personnel land mines.
- Independent -