How much money is in the Norwegian oil fund?
As of February 2024, it had over US$1.548 trillion in assets, and held on average 1.5% of all of the world's listed companies, making it the world's largest single sovereign wealth fund in terms of total assets under management. This translates to roughly US$270,000 per Norwegian citizen.
OSLO, Jan 30 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, reported on Tuesday a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks.
The Norwegian government deposited 711 billion kroner ($68 billion) into the fund in 2023. The fund's market value has now ticked up to $1.6 trillion. (Updates with CEO comments in 7th and 15th paragraph.)
Norway's sovereign wealth fund, the world's largest, was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. To date, the fund has put money in more than 8,500 companies in 70 countries around the world.
Norway's oil fund – officially, The Government Pension Fund Global – is the largest sovereign wealth fund in the world, topping 15 trillion Norwegian crowns (NOK) at the end of 2023 and owning 1.5 percent of all stocks worldwide.
Using World Bank data, Norway appears to be very rich: GDP per capita in nominal terms was about $90,000 in 2021. Compare that with $70,000 in the US, which is a very rich country itself.
Further, when it comes to any unforeseen economic problem, Norwegians can always count on their $1.3 trillion sovereign wealth fund, the world's largest. Not only that, unlike many other rich nations, Norway's high per capita GDP figures are a reasonably accurate reflection of the average person's economic well-being.
The fund has generated an annual return of 6.09 percent between 1 January 1998 and the end of 2023. The net annual real return on the fund is 3.83 percent. In 2023, the fund's relative return was 0.18 percentage point lower than the benchmark index the fund is measured against.
The world's biggest single investor in the stock market returned $143 billion in the first half of the year thanks to A.I. and tech. Norway's $1.4 trillion sovereign wealth fund saw a huge boost from the A.I.
Some countries may have more than one SWF. Also, while the United States does not have a federal sovereign wealth fund, several of its states have their own SWFs. The list does not include pension funds that do not meet the SWF criteria.
What is the largest private fund in the world?
Feb 5 (Interfax) - Russia's National Wealth Fund totaled just over 11.922 trillion rubles as of February 1 and was the equivalent of $133.526 billion, or 6.6% of forecast GDP for 2024, the Finance Ministry said in a statement.
The purpose of the fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, mainly from taxes of companies but also payment for licenses to explore for oil as well as the State's Direct Financial Interest and dividends from the partly state-owned Equinor.
On average, the government is to spend only the equivalent of the real return on the fund, which is estimated to be around 3 percent per year. In this way, oil revenue is phased only gradually into the economy. At the same time, only the return on the fund is spent, and not the fund's capital.
The Norwegian state maintains large ownership positions in key industrial sectors concentrated in natural resources and strategic industries such as the strategic petroleum sector (Equinor), hydroelectric energy production (Statkraft), aluminum production (Norsk Hydro), the largest Norwegian bank (DNB) and ...
Do all citizens of Norway get free money from their government every month? Quick answer; No. Longer answer; No, unless you are on welfare, lost your job and receive benefits (66% or so of your last-year salary, but only for a limited time), or in VERY limited cases which I will note after. We pay taxes.
Norway's top rate of 39.5 percent is lower than that of the United States. America's income taxes are highly progressive. The top-earning 20 percent of families pay 92 percent of all federal income taxes and 75 percent of total federal taxes.
Oil, gas, seafood, and products from energy-intensive industry are among our main export commodities. Our sea areas are six times the size of our land area, and our ocean-based industries account for almost 40 % of our total value creation, and 70 % of our exports.
While public healthcare is available across Norway, it is only free for people 16 years and younger. It also free for pregnant and/or nursing women, regardless of coverage. Everyone else must pay an annual deductible equivalent to an average of 2,040 NOK (222 USD).
The fund is for the citizens of Norway. “The aim of the fund is to ensure responsible and long-term management of revenue from Norway's oil and gas resources, so that this wealth benefits both current and future generations.” Today the fund is worth nearly $275,000 for every citizen of Norway.
What is the average household income in Norway?
Norway Annual Household Income per Capita reached 46,675.159 USD in Dec 2022, compared with the previous value of 51,753.964 USD in Dec 2021. Norway Annual Household Income per Capita data is updated yearly, available from Dec 2005 to Dec 2022, with an averaged value of 45,475.083 USD.
After the Norwegian spesidaler gained its par value to silver in 1842, Norway saw a period of significant economic growth up to the mid 1870s. This impressive growth was mirrored in only a few other countries.
Existing sub-national sovereign wealth funds in Canada include the Alberta Heritage Savings Trust Fund, the Quebec Generations Fund, the Newfoundland & Labrador Future Fund, the NWT Heritage Fund, and the Ontario First Nations Sovereign Wealth Fund.
The Public Investment Fund (PIF; Arabic: صندوق الاستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$925 billion (£726.3 billion).
In 2022, Norway's oil reserves stood at 7.57 billion barrels. The country has seen an overall decline in its proved oil reserves since 1990s when proved reserves exceeded 10 billion barrels.
