Norway’s sovereign wealth fund has surpassed one trillion US dollars in value for the first time.
That’s some achievement for the world’s biggest sovereign wealth fund, universally known as the ‘oil fund’ that only received its first capital injection in 1996 from the Norwegian government as a means of securing wealth for the country’s future generations.
As said on the fund’s website: “The Government Pension Fund Global is saving for future generations in Norway. One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.”
The fund has investments in thousands of companies and industries around the world.
“I don’t think anyone expected the fund to ever reach one trillion dollars when the first transfer of oil revenue was made in May 1996. Reaching one trillion dollars is a milestone, and the growth in the fund’s market value has been stunning”, said Yngve Slyngstad, Chief Executive Officer in Norges Bank Investment Management.