How big is Norway's sovereign wealth fund?
After all, an SWF is a tool that must support the development goals a country has set for itself. Norway has one of the largest SWFs in the world, with total assets reaching approximately US$0.5 trillion.
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 is home to the biggest sovereign wealth fund globally, valued at nearly $1.4 trillion. In 2023, the fund posted record profits, bolstered by tech holdings that include Microsoft, Apple, and Nvidia.
As of March 2024, it had over US$1.62 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 over US$295,000 per Norwegian citizen.
Related information about Norway Government Debt: % of GDP
In the latest reports, Norway National Government Debt reached 224.4 USD bn in Dec 2023. The country's Nominal GDP reached 128.6 USD bn in Mar 2023.
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 budgetary rule (Norwegian: handlingsregelen) is a rule concerning the usage of capital gains from The Government Pension Fund - Global of Norway. The rule states that a maximum of 3% of the fund's value should be allocated to the yearly government budget.
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.
National debt in Norway
The government debt in the period from 2000 to 2022 was between 47.4 billion and 229.5 billion USD. The highest level of the last years at 229 billion US Dollar was reached in 2022. Based on the number of inhabitants, this is a debt of 42,050 USD per person.
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.
Does China have a sovereign wealth fund?
China is home to one of the world's largest sovereign funds, China Investment Corporation. CIC's total assets under management reached about $1.24 trillion at the end of 2022, bigger than Saudi Arabia's 2022 GDP (about $1.1 trillion). Saudi Arabia was the 17th largest economy in the world in 2022.
A sovereign wealth fund is owned by the general government, which includes both central government and sub-national governments. Includes investments in foreign financial assets. They invest for financial objectives.
Norway gdp per capita for 2022 was $106,149, a 17.09% increase from 2021. Norway gdp per capita for 2021 was $90,655, a 32.65% increase from 2020. Norway gdp per capita for 2020 was $68,340, a 10.59% decline from 2019.
PIF, which manages more than $700 billion, allocates more than 70% of its investments in Saudi Arabia. It's targeting an allocation of 20% to 25% for international investments, with the absolute number increasing over time, Al-Rumayyan said during the event.
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.
Norway experienced one of the highest growth rates among advanced economies last year, and risks remain balanced. Growth is continuing but at a more modest pace. The country has experienced windfall gains from high petroleum and natural gas prices that have so far countered global headwinds.
| Characteristic | National debt in relation to GDP |
|---|---|
| Macao SAR | 0% |
| Brunei Darussalam | 2.06% |
| Kuwait | 3.08% |
| Hong Kong SAR | 4.27% |
Norway has a very large sovereign wealth fund, which outweighs its public debt by a very large amount. Norway is one of the few countries in the world that doesn't need to borrow any money. Norway is a small country with a small population, but with a very long coastline.
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).
Top Billionaires in Norway with Net Worth
Ivar Tollefsen, leads as the 1st in Norway, with $7.88B in Real Estate sector. Followed by Andreas Halvorsen, 2nd in Norway, making waves in Finance & Investments at 373th globally, and Kjell Inge Rokke, 3rd in Norway, contributing significantly to Logistics at 664th globally.
What is the average income in Norway?
| Country | Average Annual Salary (USD) | Compensation Costs (USD per hour) |
|---|---|---|
| Norway | 56,400 | Approximately 50 |
| Switzerland | 62,283 | 60 |
| United States | 53,490 | 36 |
| Germany | 49,677 | 40 |
To buy wine or beer in Norway, the minimum age is 18 years. For spirits, it is 20 years. Beer can be found in most shops, but is only sold before 8 pm on weekdays or 6 pm on Saturdays. For wine, spirits or strong beer, you must visit one of the Vinmonopolet outlets, found in most large cities and towns.
Individuals who stay in Norway for more than 183 days during the year in which they move to Norway, will be deemed tax resident from the first day of their stay in Norway.
In the old days, Norwegians were identified by their Christian name and their father's name, plus the appropriate suffix. For example, Olav Håkonsen meant that this man was the son of Håkon. (The surname might also be spelled "Håkonsson" or "Håkonsøn.") And Sigrid Håkonsdatter was the daughter of Håkon.
The World Happiness Report
Through many years, Norway has been rated one of the happiest countries in the world!
