The Norwegian Government Pension Fund Global (Statens pensjonsfond utland), often called the Norwegian Oil Fund, saw an unprecedented increase in value in 2024. This growth strengthens its position as one of the world’s largest and most influential investment funds.
How large is the Norwegian oil fund?
According to Norges Bank, the fund’s market value rose by an incredible 4 trillion Norwegian kroner (NOK) in 2024. This amount equals about 400 billion euros, making it one of the most significant yearly increases in the fund’s history.
The fund owns shares of major European companies such as Novo Nordisk, but also Meta, Apple, Microsoft and Nvidia, which have grown a lot in the last year, driven by the race for AI
Why is the Norwegian sovereign wealth fund expanding?
Experts link the fund’s rapid expansion to several factors, including strong stock market performance, favorable currency exchange rates, and high oil prices throughout the year. The fund’s continued success highlights Norway’s effective economic strategies and long-term approach to managing oil revenues.
